Month: November 2024

Government ministers and business leaders from the world’s most influential economies gather in Manama, Bahrain for the opening of the second edition of the investment forum, spotlighting strategies for adapting to a fast-evolving economic landscape.

Resilience, innovation, and future-ready strategies took centre stage today at Gateway Gulf 2024, as 250 distinguished attendees, including government ministers and business leaders from around the world, convened for the first day of the investment forum. Hosted in Manama, Kingdom of Bahrain, on November 3 and 4, 2024, by the Bahrain Economic Development Board (Bahrain EDB), the forum brings together regional and global leaders to explore strategies for future-proofing industries and economies while highlighting some of the Gulf Cooperation Council’s (GCC) most exciting high-growth opportunities.

Held under the theme of “Investing for Resilience in a Fast-Changing Global Reality,” day one saw opening remarks delivered by H.E. Shaikh Salman bin Khalifa Al Khalifa, the Minister of Finance and National Economy for the Kingdom of Bahrain. This was followed by high-level discussions focused on addressing challenges in today’s economy, such as inflation and geopolitical tensions, alongside opportunities in digital transformation and the energy transition. Emphasizing the importance of long-term resilience and sustainable growth, the day’s agenda addressed pressing topics such as investing for resilience, adapting to a shifting global trade landscape, readying the workforce for a future economy, and decarbonising industry.

Key sessions included the opening panel discussion “Investing for Resilience in a Fast-Changing Global Reality.” Attended by H.E. Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, Kingdom of Bahrain, alongside H.E. Eng. Khalid bin Abdulaziz Al-Falih, Minister of Investment, Kingdom of Saudi Arabia, and Lord Gerry Grimstone, Former UK Minister for Investment at the Departments for International Trade and Business Energy and Industrial Strategy, the opening session underscored the necessity for growing regional integration, as well as technological innovation to leverage opportunities in the global economy, as well as mitigating current and future risks.

In line with the theme of navigating a rapidly shifting global economy, the panel discussion “Adapting to a Shifting Global Trade Landscape,” spotlighted strategies for nearshore manufacturing, particularly within high–growth, technology-dependent sectors, and examined implications for major trading hubs and global supply chains. Featuring H.E. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, Kingdom of Bahrain, alongside Henadi Al-Saleh, Chair of the Board of Agility, and Keith Svendsen, CEO of APM Terminals, the panellists stressed the need to modernize infrastructure and advance digitization efforts to minimize the bureaucracy related to global trade. The need to diversify trade routes and drive partnerships was also underscored as critical to overcoming potential disruption to global supply chains.

Additional highlights from day one of Gateway Gulf 2024 include the fireside chat “Towards a Future-Ready Workforce,” featuring H.E. Noor bint Ali AlKhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board. In the session, H.E. AlKhulaif highlighted the importance of public and private partnerships for its efforts, the criticality of investing in upskilling for a digitized economy, and the advantages of collaboration across the GCC to enable talent mobility.

Providing a critical platform for governments and industries to explore solutions and strategies for sustainable growth in an uncertain world, Gateway Gulf 2024 not only addresses immediate economic challenges but also uncovers long-term opportunities across Bahrain and the GCC. By fostering collaboration and highlighting the region’s unique advantages—from technological advancements to progressive economic policies—Gateway Gulf reinforces Bahrain’s position as a leading investment destination and underscores the GCC’s pivotal role in the global economy.

Source:https://www.bahrainedb.com/latest-news/resilience-innovation-and-future-ready-strategies-take-centre-stage-at-gateway-gulf-2024

At Gateway Gulf 2024, an investment forum hosted by the Bahrain Economic Development Board (Bahrain EDB), Aluminium Bahrain B.S.C. (Alba) and Daiki Aluminium Industry Company Ltd. reaffirmed their strategic partnership by announcing their intention to form a joint venture ‘Alba-Daiki Sustainable Solutions (ADSS)’ which will establish a cutting-edge, sustainable aluminium dross processing facility in the Kingdom of Bahrain.

This announcement, made during the forum, underscores Bahrain’s commitment to economic diversification and environmental sustainability. Alba will hold a 70% stake in the joint venture and Daiki will have the remaining 30%. Both partners are targeting to commence operations by September 2026, marking a significant milestone to environmental stewardship and technological advancement in the region.

The Forum was attended by Alba’s Chairman of the Board, HE Khalid Al Rumaihi, Alba’s CEO Ali Al Baqali, and Daiki Aluminium Industry Company Ltd.’s Chairman and Representative Director, Yamamoto Takaaki.

HE Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, commented on the partnership: “The strategic alliance between Alba and Daiki Aluminium underscores Bahrain’s growing appeal as a global investment hub. This collaboration showcases how our Kingdom’s advanced infrastructure, innovation-friendly policies, and talented workforce are attracting transformative projects. It’s a clear demonstration of our commitment to sustainable economic diversification and our ability to foster international partnerships that drive long-term prosperity in the Kingdom.’’

Adding further, Alba’s Chairman of the Board, HE Khalid Al Rumaihi stated: “This partnership with Daiki Aluminium marks a pivotal moment in Alba’s history and Bahrain’s industrial landscape. By combining our strengths, we’re not just enhancing our operational efficiency, but also setting new standards for sustainable aluminium production in the Gulf. This venture aligns perfectly with our commitment to innovation and environmental stewardship, while reinforcing Bahrain’s position as a leader in economic diversification. We’re confident that this collaboration will create significant value for our stakeholders and contribute substantially to the Kingdom’s sustainable development goals.”

Yamamoto Takaaki, Chairman and Representative Director of Daiki Aluminium Industry Company Ltd., stated: “Our collaboration with Alba represents a significant milestone in sustainable industrial development, perfectly aligned with the vision showcased at Gateway Gulf 2024. As the GCC region aims to reach a GDP of around USD3 trillion by 2030, this partnership demonstrates how targeted investments can drive both economic growth and environmental progress. By leveraging our century-long expertise in aluminium recycling alongside Alba’s world-class operations, we’re not just creating a more efficient production process – we’re contributing to Bahrain’s impressive 84% non-oil GDP.’’

SOurce:https://www.bahrainedb.com/latest-news/alba-and-daiki-aluminium-reiterate-commitment-to-sustainable-aluminium-production-at-gateway-gulf-2024

Today the Kingdom of Bahrain is delighted to announce J.P. Morgan Payments’ plans to hire software engineers and other technologists in Bahrain to serve its global payments business. This news is the next step in the continued strategic investment the business is making in technology talent globally.

JPMorganChase is one of the world’s largest technology-driven companies with a demonstrated dedication to improving the design, analytics, development, coding, and application programming that goes into creating high-quality software and products.

“Known for its ease of doing business, Bahrain has cemented its reputation as a fast-growing financial and technology center for the region, driven by a digitally empowered financial services sector that continues to underpin Bahrain’s growth and diversification story,” said H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, adding,“This milestone marks a strong endorsement of the trust international investors place in Bahrain’s first-rate offerings and future-ready workforce. We take pride in the fact that as an island nation, we have one of the highest ratios of FDI stock to GDP globally – almost double the global average – a stamp of approval of our recognised global competitiveness and the depth and diversity of services we can offer the world.”

J.P. Morgan Payments combines treasury services, trade & working capital, card and merchant services capabilities to help clients pay customers or employees, in different currencies, around the world. It processes nearly $10 trillion payments daily, operating in over 160 countries and over 120 currencies. In 2023, J.P. Morgan Payments reported $18.3 billion in revenue across the firm, up from approximately $14 billion in 2022, representing a 31 percent increase, excluding the impact of equity investments.

Mike Blandina, Global Head of Payments Technology at J.P. Morgan Payments, added, “We are looking to Bahrain as a strategic partner to grow the pool of technology talent and continue to drive business value both for the region and globally.”

Bahrain’s financial services sector has shown remarkable progress earning its position as the Middle East’s most established financial centre with a diversified portfolio of local, regional and international financial services institutions. The sector, comprising 365 financial institutions and employing over 14,300 people, contributed 17% to GDP in 2023, with a year-on-year growth of 2.4%. In 2023, the sector attracted record foreign direct investment (FDI) flows worth BHD 10.7 billion, accounting for 65.8% of total FDI inflows, marking an impressive increase of 33.4% from 2022.

Source:https://www.bahrainedb.com/latest-news/j-p-morgan-payments-plans-to-hire-technologists-in-bahrain

Edamah, the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), has signed an agreement with Sunset Hospitality Group to operate the upcoming Beach Club at Bilaj Al Jazayer, on the sidelines of Gateway Gulf 2024. This high-end venue will complement attractions like the Bahrain Surf Park, as well as the exclusive Tivoli and Avani hotels and residential suites, adding to Bilaj Al Jazayer’s appeal.

The appointment reflects Edamah’s commitment to transforming Bilaj Al Jazayer into a premier, beachfront tourist destination in Bahrain and the region.

Commenting on the development, His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat and Chairman of Edamah, said: “We are proud of the progress that Edamah has made in realizing the ambitious vision for Bilaj Al Jazayer. This project is a crucial milestone in a series of developments that will significantly enhance Bahrain’s tourism infrastructure, and it is a prime example of how sectoral integration can contribute to sustainable economic growth.”

The Bilaj Al Jazayer project boasts a three-kilometer beachfront and spans over one million square meters. It is set to become a combined destination offering top-tier entertainment, hospitality, and residential facilities, alongside high-end amenities.

Source:https://www.bahrainedb.com/latest-news/edamah-signs-with-sunset-hospitality-group-to-operate-bilaj-al-jazayer-beach-club

A total of 32 landmark announcements and deals over USD 12 billion were announced at the second edition of Gateway Gulf 2024, which ran between 3 – 4 November. Organised by Bahrain Economic Development Board (Bahrain EDB), the forum was attended by 250 ministers and business leaders from around the world and highlighted significant trade and investment opportunities in Bahrain and the wider Gulf, as the region’s economies increasingly drive growth in non-oil sectors.

In finance, Al Salam Bank (ASB) announced the launch of ASB Capital, a newly established Category 3A asset management firm licensed by the Dubai Financial Services Authority (DFSA). Investcorp announced key investment related initiatives, and SICO Bank introduced diversified investment products. J.P. Morgan Payments announced plans to hire technologists in Bahrain. Additionally, Singapore Gulf Bank announced the launch of corporate banking services for the global digital economy.

Highlighting Bahrain’s digital transformation momentum, ARRAY Innovation signed three new partnerships with the National Bank of Bahrain (NBB), Aluminium Bahrain (Alba), and the Labour Fund (Tamkeen) to promote advanced enterprise software, analytics, artificial intelligence, and machine learning solutions. Beyon unveiled its visionary digital city and signed a development agreement with Edamah.

In manufacturing, Alba and Daiki Aluminium reaffirmed their commitment to establishing a sustainable aluminium dross processing facility in the Kingdom of Bahrain. Racing Force Group and Bahrain International Circuit announced the completion of the Bell Racing Helmets factory extension and groundbreaking for its new open manufacturing production (OMP) facility. Meanwhile, Bapco Energies also announced reaching a decisive milestone of expanding its refining capacity in compliance with the latest sustainability regulations under Bapco Modernisation Program (BMP).

Key projects were announced by Edamah, the real estate arm of Bahrain Mumtalakat Holding Company, including the opening of its latest resort Hawar by Mantis. Infracorp, a leading company specialised in infrastructure investment and sustainable development, revealed an agreement with Kempinski to launch Harbour Heights Kempinski Hotel and exclusive branded residences in the heart of Manama’s exclusive Bahrain Harbour.

Government announcements included details from Bahrain’s Ministry of Industry & Commerce about a National Industrial Development Fund and SMEs Development Fund. The Ministry of Housing and Urban Planning outlined plans for the development of 3,000 residential units and apartments in Khalifa City, while Mumtalakat, Bahrain’s sovereign wealth fund, signed several partnership agreements across key verticals of their portfolio.

SOurce:https://www.bahrainedb.com/latest-news/gateway-gulfs-second-edition-concludes-on-a-high-note-with-over-usd-12-billion-of-announcements-and-deal

Bahrain Economic Development Board (Bahrain EDB) today reported at the sidelines of Singapore Fintech Festival 2024 attracting over USD 100 million in investment commitments from Singapore-based companies since November 2023 across key sectors, namely financial services, ICT, and tourism. Marking a new milestone for the Island nation’s investment promotion agency, the results demonstrate the impact of Bahrain EDB’s expansive international footprint, wherein the Singapore office is the first to have been established in the ASEAN region a year ago.

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board said, “Underscoring the established trust of international investors in Bahrain’s value proposition, this milestone achievement is a testament to the impact and agility of our ‘Team Bahrain’ approach, wherein both the public and private sectors work in tandem to ensure Bahrain’s investment environment remains attractive, defined by forward-looking regulatory frameworks and streamlined services, offering a seamless journey for businesses setting up in our island nation,” adding, “We take pride in the steady growth of investments from key markets including Singapore and in witnessing international firms that set up in Bahrain successfully expand and flourish.”

Strategically positioned in the heart of the Arabian Gulf, Bahrain is celebrated for its openness, tolerance, and cultural diversity. The island nation is home to a highly skilled talent pool, where the local workforce is consistently elevated and supported by government grants and subsidised programmes, and thereby equipped to meet the demands of an evolving global market. Women make up 34% of the financial services and insurance sector alone. Several leading firms, including Citi and PwC Middle East, have chosen Bahrain as their base for tech hubs and service centres to cater to their global clientele.

Dalal Buhejji, Executive Director of Financial Services at Bahrain EDB, added, “Bahrain has always been a hub for innovation and financial services. As a singular financial regulator, the Central Bank of Bahrain (CBB) has been a pioneering force in supporting the development of Bahrain’s thriving financial services sector introducing robust regulatory frameworks that include regional-firsts in crypto assets and open banking. Beyond this, businesses operating in Bahrain benefit from a future-ready workforce that combines bi-lingual, driven Bahraini nationals with a diverse expat talent pool offering global perspectives.”

As the first Gulf nation to diversify its economy, Bahrain continues to flourish, with its digitally empowered financial services sector contributing almost 17% to real GDP as of 2023. The sector boasts a diverse mix of prominent international banks, financial institutions, fintechs, and new digital asset players. This includes Singapore-based firms like Whampoa Group’s Singapore Gulf Bank and the recently licensed Crypto.com to provide payment services.

Bahrain EDB’s Singapore-based office serves its headquarters by providing strategic on-ground presence and advisory services to investors and businesses within Singapore seeking to expand or set up in Bahrain, which has cemented itself as a business-friendly gateway to the Middle East and North Africa (MENA). Offering comprehensive services that includes research-led market insights and industry assessments, Bahrain EDB supports investors journey from end-to-end, facilitating connections with key decision-makers across Bahrain’s public and private sector and providing tailored aftercare services long after businesses first embark on their journey.

Source:https://www.bahrainedb.com/latest-news/bahrain-edb-announces-attracting-over-usd-100-million-in-investment-commitments-from-singapore

H.E. Ms. Eman Ahmed Al Doseri, Undersecretary of the Ministry of Industry and Commerce, headed the delegation of the Kingdom of Bahrain in the opening of the 40th Session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), which was held in Istanbul, Turkiye between the 4th and 5th of November, in the presence of H.E. Recep Tayyip Erdogan, Turkish President and Chairman of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC)

During her participation in the dialogue session held within the session, Al Doseri highlighted the Kingdom of Bahrain’s pioneering experience in digital transformation and e-payments, stressing the importance of cooperation among member countries to achieve sustainable development and economic prosperity in the Islamic world.

Source:https://www.moic.gov.bh/en/node/5708