How the hospitality industry in Saudi Arabia is embracing environmental sustainability

Saudi Arabia is emerging as a hotspot for international investment. Its latest hook? Sustainable hospitality.

The Kingdom led the Middle East and Africa’s hotel-building activity in 2023, with 42,033 hotel rooms constructed. This accounted for 35.1 percent of the 119,505 built in the region over the year, according to data from hotel monitoring firm STR.

Saudi Arabia’s hotel segment is projected to generate $2.51 billion in revenue this year and is expected to reach $3.02 billion by 2027, according to Statista.

One of the Kingdom’s Vision 2030 goals is to champion sustainability across all sectors, and in turn, hotels and plazas across the country have been working to implement more environmental and eco-friendly practices in their facilities.

From 2010 to 2019, Saudi Arabia’s tourism industry has contributed an average of 6.4 percent to the country’s gross domestic product, while recording a decline in greenhouse gas emissions.

In contrast, the global GDP average for travel and tourism over the same period rose 4.3 percent, and emissions by 2.5 percent.

Several of Red Sea Global’s developments are already up and running along the Kingdom’s northwestern coastline, including the Six Senses Southern Dunes, The Red Sea and St. Regis Red Sea Resort.

The company recently announced further projects pillared by environmental sustainability.

The Four Seasons luxury wellness resort, Amaala, Triple Bay, is branded with regeneration and wellness at its core, and is set to feature a one-of-a-kind Corallium marine life institute.

Progress is also being made on a sustainability-focused staff village that will provide housing for those who work at the resort. RSG says that five international operator brands, including Six Senses and Clinique La Prairie, are expected to be confirmed in the coming months.

“Our mission to develop new destinations as beacons of responsible tourism, showcasing the best in sustainable and regenerative development, gains unprecedented urgency as our planet continues to face challenges in relation to the climate crisis and biodiversity loss,” John Pagano, RSG’s group CEO, said in a statement.

The economic zone NEOM recently unveiled three new sustainable hotels in its Leyja oasis, including three flagship Habitas properties, as well as Zardun, a sanctuary resort designed to harmonize with the surrounding ecosystem.

NEOM’s Hotel Development division has also sponsored Hotelschool The Hague to bring about the Sustainable Hospitality Challenge, bolstering a new generation of innovation in the industry.

Many of the resorts across Saudi Arabia are built to blend in with the surrounding environment. Take AlUla’s Habitas, for example, which boasts the city’s serene desert landscape that immerses guests in its untouched backdrop.

The luxury resort brand demonstrates its sustainable ethos, in line with the UN Sustainable Development Goals for 2030, through the offsetting of carbon emissions, waste management and a single-use plastic free policy.

“The AlUla Sustainability Charter is at the core of every hospitality project we develop within the destination,” Phillip Jones, chief tourism officer at the Royal Commission for AlUla, told Arab News.

“From the foundational design and materials of construction to the infrastructure, and the ongoing operations, as we only work with international operators that have a proven track record in sustainability, AlUla’s hotels and resorts each contribute toward delivering on our goals, such as achieving net carbon neutrality for local emissions by 2035.”

As the Arab region demonstrates overall lower environmental sustainability due to water scarcity, harsh climate and biodiversity threats, industry leaders are redefining the buzz term to fit local standards.

There are a number of grassroots projects that examine the existing traces of environmental sustainability awareness throughout the Arab region’s history. The Kingdom’s forefathers exhibited community-centered lifestyles, for example, while Islam advises its followers to conserve food and water consumption.

Chris Nader, CEO and co-founder of luxury ecolodge brand and management company ENVI Lodges, told Arab News: “Sustainability comes from a basis of trying to minimize our negative impacts on the environment. It’s not only nature, or animals — it’s also people.”

ENVI Laguna Bay, a sustainable project developed by Al-Rasim Hotels and Resorts, will occupy a prime Red Sea coast beachfront destination in King Abdullah Economic City, surrounded by mangroves.

“KAEC will host the first eco-friendly coastal resort in the distinguished and captivating laguna area,” Aiad Mushaikh, CEO of Al-Rasim Hotels and Resorts, said in a statement.

The project strongly aligns with Saudi Arabia’s Vision 2030. Its road map for tourism sector growth includes respecting the land, protecting wildlife, supporting local communities, sourcing mindfully, in-house food production, engaging guests and designing a sense of place. These pillars have been built into the technical guidelines of building the lodge.

One common belief is that building necessitates the destruction of land. But through its design principles, ENVI demonstrates different approaches that can be taken to minimize its presence within the natural landscape. The company builds low-impact lodges that blend into the environment.

“We don’t do excavations,” said Nader. “We put our unit on stilts or decks, and we don’t build the units completely on the site so the amount of people and trucks on the site that have to come and go is very limited.”

An important element is also selecting materials from the environment, whether they be wood, rocks or mud, and sourcing materials and products that will maintain durability and integrity over time.

Source:https://arab.news/ypfvu

How Vision 2030 is transforming Saudi Arabia into a globally competitive economy

What extraordinary feats did Saudi Arabia accomplish to see itself ranked ahead of China, Germany and the UK on a global measure of economic competitiveness?

On its eighth anniversary, Saudi Vision 2030 has reached several remarkable milestones and made steady progress since its inception by Crown Prince Mohammed bin Salman, revealing a transformative journey that continues to reshape the Kingdom’s future.

“It is an ambitious yet achievable blueprint, which expresses our long-term goals and expectations and reflects our country’s strengths and capabilities,” the crown prince said at Vision 2030’s launch in 2016.

“All success stories start with a vision and successful visions are based on strong pillars.”

According to a competitiveness report by the Swiss-based International Institute for Management Development, the Kingdom ranks third among G20 nations on this metric, and 17th among all countries.

Just what are the achievements the Kingdom has made to secure this high global ranking among competitive countries?

According to the latest annual Vision 2030 bulletin, Saudi Arabia achieved significant progress in four competitiveness factors evaluated in the report.

It leaped to sixth place in economic performance, advanced to 11th in government efficiency and 13th in business efficiency, while holding steady at 34th in infrastructure ranking.

Other performances include that the Kingdom is third among G20 countries, fifth globally in the financial market index, and second in the cybersecurity indicator.

As the most crucial driver of economic diversification and the revitalization of vital sectors, the Public Investment Fund possesses leading investment portfolios.

These are designed to direct investments toward diversifying the economy, developing infrastructure, stimulating innovation, and strengthening global economic ties.

The fund has broadened its portfolio to encompass promising sectors with significant growth potential, covering everything from tourism and entertainment to financial technology, gaming, and sports.

Its investment competence has swiftly increased, positioning PIF as a global leader in capitalizing on economic opportunities at both national and international levels.

Strides in the logistics sector

Since the launch of Vision 2030, Saudi Arabia has been unlocking the potential of the logistics sector, capitalizing on its strategic location and unique capabilities to become a leading hub.

This focus has begun to bear fruit, with a series of achievements reinforcing the Kingdom’s global status in the logistics arena.

Progress in this arena was underlined when Saudi Arabia leapt 17 places in the World Bank’s Performance Index, advancing from 55 to 38.

Additionally, the Kingdom saw an eight-place advancement in Lloyd’s List Global Ranking for Container Handling Among the World’s Top 100 Ports, from 24 to 16.

Furthermore, the Kingdom made its most significant jump in the International Air Connectivity Index, moving from 27th to 13th place, according to the report by the International Air Transport Association.

Business efficiency

Since March 2020, the Saudi Business Center has delivered 2.5 million services to the private sector through its 17 branches across the Kingdom.

These services aim to streamline business startup processes and offer various related services, following international best practices.

This approach helps attract investments and creates a supportive environment, with high-quality services provided efficiently to the business sector.

The Vision 2030 report noted that the Kingdom moved up in the National Entrepreneurship Context Index from fourth to second place, a result of achieving a top ranking in several sub-indicators, revealing continuous development and a competitive global position in the entrepreneurship sector.

Saudi Arabia also ranked first in several sub-indicators for 2023, including indexes which measure the ease of starting a business, fear of failure, and individuals’ skills and knowledge. The Kingdom was also top for metrics building great wealth, knowing someone who started a new business, and the availability of good opportunities to start one.

Saudi Arabia has made significant progress on the global stage, which means that it has already mastered the smaller-scale challenges.

It led the Middle East and North Africa in venture capital investment by value for 2023, according to a report from the startup investment data platform MAGNiTT.

This top ranking reflects the Kingdom’s efforts over the past several years to create an encouraging and supportive environment for entrepreneurship and investment in startups, fostering the growth of the private sector and providing more economic opportunities.

Transport infrastructure

The transportation sector is crucial for sustainable development and plays a key role in improving safety by enhancing roads and implementing advanced transportation systems.

These efforts help reduce road accidents, injuries, and fatalities, creating a safer environment and boosting overall quality of life — all part of the goals of the National Transport Strategy, within the framework of Vision 2030.

The report outlined traffic safety indicators and highlighted that the road fatality rate dropped from 28.8 per 100,000 people in 2016 to 13.3 by 2022.

It also noted that the injury rate fell to 71.67 injuries per 100,000 individuals in 2022.

Competitive financial market

Saudi Arabia’s financial market has experienced significant growth and activity since Vision 2030 was announced, demonstrating the strength and robustness of the Kingdom’s financial sector.

The Kingdom was ranked fifth globally — and third among G20 countries — in the Financial Markets Index, according to the 2023 International Competitiveness Yearbook by the World Competitiveness Center.

The number of financial technology entities in 2023 reached 216, far exceeding the target of 150. This indicates rapid growth and development in the financial technology sector.

Furthermore, the number of listings in the financial market for 2023 reached 43, surpassing the target of 24, indicating increased interest from companies to list on the market.

This growth is a positive sign of investor confidence and the attractiveness of the market for public offerings, as the total number of listed companies is now 310, indicating a diverse and extensive market.

A high percentage of micro and small enterprises listed on the market, at 76.7 percent compared to the target of 44 percent, demonstrates that even smaller businesses are finding opportunities to go public, according to the report.

Saudi Arabia’s story of transformation has many authors, including the government, Saudi citizens, the private sector, and international partners.

In 2023, their combined efforts made Saudi Arabia an even better place to live, work, and visit.

Together, they are writing the next chapter in 2024 — a year of unrivaled opportunity for the Kingdom and anyone who wants to be part of the story.

Source:https://arab.news/c7s49

Bahrain aims to transform the industrial sector with 300 smart factories

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In a push to accelerate the shift toward the fourth industrial era, Bahrain’s Ministry of Industry and Commerce announced the iFactories initiative that aims to transform the country’s industrial sector.

Launched in strategic partnership with Tamkeen, a public authority designed to support Bahrain’s private sector, the initiative outlines an ambitious plan to transform 300 factories into smart ones by 2026.

The iFactories initiative is part of the industrial sector’s broader 2022-2026 strategy, which focuses on assessing the digital readiness of factories, enabling investment in technological infrastructure and promoting manufacturing automation.

Abdullah Fakhro, Bahrain’s minister of industry and commerce, underlined the government’s commitment to enhancing national sectors’ efficiency and global competitiveness.

Tamkeen CEO Maha Mufeez emphasized the initiative’s alignment with the organization’s objectives of driving economic growth through the private sector and elevating Bahraini citizens in the labor market.

Moreover, the partnership is expected to modernize Bahrain’s industrial sector, fostering the adoption of advanced technological solutions, leading to economic growth and job opportunities, Mufeez stated.

The iFactories initiative’s progress will be gauged through the Smart Industry Readiness Index, an international benchmark for assessing factories’ preparedness for the fourth industrial revolution.

The transformation process comprises four stages: self-evaluation, design, empowerment and development.

In the first phase, the ministry will offer advisory and technical support for self-evaluation, followed by assessments from accredited evaluators.

This move will pave the way for factories to develop a comprehensive digital transformation plan and access support and incentives.

The initiative is designed to manage production lines effectively, conserve resources, increase productivity and reduce the dependency on unskilled labor by adopting automated processes and modern technologies.

Khaled Al-Alawi, assistant undersecretary for industrial development, encouraged interested parties to initiate self-assessment using the evaluation guide on the ministry’s website or by directly engaging with the ministry’s industrial affairs specialists.

The iFactories initiative signals Bahrain’s concerted efforts to align its industrial sector with global advancements, further strengthening its position as a competitive player in the fourth industrial revolution.

Source:https://arab.news/768wd

Bahrain Floats Tenders For Vital Road Infrastructure Projects

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Bahrain’s Ministry of Works has floated tenders for a series of road infrastructure development projects such as demolition work at Ghirayfah for the widening of Al Fateh Highway as well as engineering consultancy services for the development of Prince Saud Al Faisal Highway project and the widening and upgrade of National Charter Highway.

Announcing it in the Bahrain Tenders site, the ministry said the Al Fateh Highway widening project – from Mina Salman Junction to Al Juffair Avenue Junction – is a vital one for the country and comes as part of a larger infrastructure improvement plan in the Kingdom of Bahrain to enhance the transportation network.

The scope of work includes demolition of four multi-storey buildings and a single substructure located at Ghirayfah for the widening of the Al Fateh Highway.

The structures and buildings on Plots No. 03040258, 03040537, 03040402, 03041089, and 03043207 shall be removed to clear the way for the highway expansion.

It will be open to contractors with valid pre-qualification license registered with the Bahrain’s Ministry of Works within the Construction Projects category under Grade AA,A,B,C,D,E and F, the ministry stated in the Bahrain Tenders site.

The entire work will be completed in a four-month period. The deadline for submitting the bids has been set at May 8.

On the Prince Saud Al Faisal Highway project, the ministry said it will be appointing reputed international consultants to carry out comprehensive technical feasibility studies, concept and preliminary design, detail design for the development of the Highway Phase-1B, Phase-2 and other associated roadways as well as suitable grade separator across Shaikh Khalifa Bin Salman Causeway and footbridges at suitable locations.

The scope of work includes preparation of concept masterplan for the proposed corniche north of Prince Saud Al Faisal Highway and the implementation of necessary reclamation works for the corniche area.

The entire project work will be completed in an 18-month period. The last date for submitting the bids has been set at May 8.

On the National Charter Highway project, the ministry said it aims to appoint a reputed international consultant to carry out comprehensive technical feasibility studies, concept and preliminary design and detail design for widening and upgrade of National Charter Highway and development-upgrade of secondary roads (service roads and supporting links).

The widening of National Charter Highway is being carried out to ensure that at least a four-lane dual carriageway can be set up in addition to improving accessibility for adjacent areas.

The project scope also includes development of grade separators at three major junctions to provide free flow in the north-south directions and other priority directions and also provision of a new foot bridge.

The entire project work will be completed in 18 months. The deadline for submitting the bids has been set at April 28.-TradeArabia News Service

Source:https://www.abc-oman.com/News/1/376591

ICD, Brookfield Sells 49pc Stake In Premium DIFC Property

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Investment Corporation of Dubai (ICD) and Brookfield Corporation (Brookfield) have announced that they have reached an agreement with Olayan Financing Company and Lunate for the sale of a 49% stake in ICD Brookfield Place (ICDBP), a top-class commercial and retail property located in the Dubai International Financial Centre (DIFC).

Upon completion, Lunate, through one of its funds, and Olayan Financing Company will each own a 24.5% equity interest in ICDBP, while ICD and Brookfield will retain a combined 51% equity interest, split equally between the two parties.

As the largest institutional third-party single asset real estate transaction in the UAE and one of the largest commercial real estate transactions globally since 2020, this acquisition sets a benchmark for high-quality, large-scale real estate investment in the UAE and the Mena region, said a statement from ICD.

Lunate’s investment in ICD Brookfield Place is aligned with its long term capital strategy and strengthens its real assets portfolio. The acquisition, made through one of Lunate’s funds, demonstrates its commitment to making strategic investments in high-quality assets globally.

On the strategic sale, ICD Brookfield Chairman Khalid Al Bakhit said: “In a very short time ICD Brookfield Place has become a major landmark and the most coveted address in Dubai for businesses and leisure alike. We are delighted to welcome Lunate and Olayan as partners.”

“This transaction underscores the trust and confidence in this incredible development and in the innovation in Dubai’s real estate,” he noted.

According to him, ICD Brookfield Place, the premier mixed-use real estate development located in the DIFC, provides high quality space to major global financial institutions, law firms and multinational corporations. ICD Brookfield Place is over 98% occupied at premium rents.

Brookfield Properties, the real estate operating arm of Brookfield Corporation, will continue to manage the property, leveraging its deep expertise in sustainable property management, and its established relationships with existing ICDBP tenants, many of whom lease other offices under Brookfield Properties’ management globally, he added.

Echoing the sentiment, Jad Ellawn, Managing Partner, Regional Head of the Middle East, Brookfield said: “We are pleased to welcome Lunate and Olayan and are grateful to ICD for their partnership.”

“This investment is a testament to the continued demand for premier office properties like ICD Brookfield Place and underscores the fact that capital continues to seek high-quality real estate globally,” he added.

Olayan Financing Company CEO Nabeel M. Al Amudi said: “Acquiring this significant stake in ICD Brookfield Place represents a strategic addition to our diverse portfolio. It showcases our commitment to investing in high-quality, sustainable real estate assets that align with our long-term view of value creation.”

“We are excited to join our esteemed partners, ICD, Brookfield, and Lunate, and look forward to contributing to the continued success and legacy of this premier property,” he added.

Reflecting on the agreement, Murtaza Hussain, Managing Partner at Lunate, expressed delight at the acquisition of a stake in ICD Brookfield Place, one of the most iconic real estate developments in the region.

“This transaction further supports our long term capital strategy to invest in premium assets, delivering attractive yields and capital appreciation. Importantly, this investment also reinforces our existing relationship with Brookfield and marks the beginning of a valued partnership with ICD,” noted Hussain.

According to him, ICD Brookfield Place is recognized as the benchmark office building in the region, distinguishing itself with the prestigious LEED (Leadership in Energy and Environmental Design) Platinum certification and a coveted WELL Health & Safety rating.

This strategic positioning empowers companies to seamlessly align with their own ESG targets, he added.-TradeArabia News Service

SOurce:https://www.abc-oman.com/News/1/376592

Bahrain’s GDP Surges 2.4pc In 2023 On Non-Oil Growth

Bahrain’s gross domestic product (GDP) increased by 2.4% at constant prices in 2023 when compared to the previous year, according to national accounts estimates issued by the Information and eGovernment Authority (iGA).

The GDP surged to BD13.6 billion ($40 billion) at constant prices for 2023 compared to BD13.3 billion ($35 billion) the year before.

The iGA report also indicated that financial projects are among the largest non-oil sectors contributing to the real GDP with 17.8%, followed by the manufacturing industry with 13.6%.

As per preliminary national accounts estimates, the sectors with the highest non-oil growth were the hotel and restaurants sector, with a 8% jump, followed by government services with a growth rate of 6%, and then financial projects with a rate of 5.7% at constant prices.

Comparing the estimates of the fourth quarter of 2023 with the corresponding quarter of 2022, there was a positive growth in GDP estimated at 3.45% and 3.36% at constant and current prices, respectively. The non-oil sector recorded a growth of 4.03% at constant prices and 3.89% at current prices.

Comparing the economic performance of Q4 2023 with the third quarter, there was a real growth in Bahrain’s GDP by an estimated rate of 4.61%, said the report.

This is due to the rise achieved by the non-oil sector of 5.14% at constant prices and 6.19% at current prices, it added.-TradeArabia News Service

Source:https://www.abc-oman.com/News/1/376603

Made in Oman’ economic program showcases Omani industry triumphs globally

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With 30 episodes, the show unveils the intricate production processes, from raw materials to market-ready goods, highlighting Omani youth’s contributions and cutting-edge technologies.

“Made in Oman” delves deep into the success stories of Omani industries, emphasizing their transformation of local resources into world-class products. Viewers look inside at leading factories like Valley Steel and Areej Lubricants, showcasing Oman’s self-sufficiency and robust export market.

The program’s focus on innovation is evident, featuring industries unique to the region, such as truck trailers and oil/gas transport tank manufacturing. It also sheds light on factory automation and the harmonious blend of technology and human expertise, as seen in the Amwaj perfume factory’s global acclaim.

Moreover, “Made in Oman” traces these factories’ humble beginnings to their current status as major economic players, attracting both local and foreign investors. Through captivating visuals and insightful narratives, the program underscores Oman’s investment potential and economic stability, drawing over 70 thousand views on YouTube.

Intisar Bint Habib Al-Shibliyya’s engaging presentation, directed by Muhammad Al-Bimani and produced by Al-Mada Media Company, ensures that “Made in Oman” is a compelling and informative watch, celebrating Oman’s industrial achievements on the global stage.

Source:https://www.thearabianstories.com/2024/04/06/made-in-oman-economic-program-showcases-omani-industry-triumphs-globally/

Bahrain EDB and Georgetown University Discuss Impact of Digital Laws and Emerging Technologies on Trade

Through a series of case studies presented and roundtable discussions, the seminar examined the profound effects of digital legislation and technological innovations on international trade. Discussions focused on how these factors influence trade flows and enable businesses to increase trade volumes both domestically and across borders.

The seminar hosted international experts from the U.S. and beyond, as well as high-profile attendees, including H.H. Shaikha Nayla bint Hamad bin Ebrahim Al-Khalifa, Chairperson and Founder of Royal Life Saving Bahrain, H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB, H.E. Dr. Ramzan bin Abdulla Al Nuaimi, Minister of Information, H.E. Steven Bondy, U.S. Ambassador to the Kingdom of Bahrain, Georgetown Law Alumni, and senior representatives from leading law firms and government entities of Bahrain.

The welcome address was delivered by H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB, and by Dean William M. Treanor, Executive Vice President of Georgetown University and Dean of the Law Center.

Key topics discussed at the seminar included the implications of digital laws and regulations, the cross-border transfer of data, the role of emerging technologies such as artificial intelligence, internet of things and cloud computing in shaping international trade, discussing recent developments in global practices, and the necessity to adapt digital legislative frameworks to accommodate these technological changes.

Notable participants included Dr. Jameel Alalawi – a legal advisor, Abdallah Maher – a Partner at a US Law Firm, Zain Satardien – Advisor at Hourani & Partners, Firas Gadamsi – Partner at GLA&CO in Dubai, Catherine Kuhlmann – Visiting Professor of Law at Georgetown University, Mihaela Lodlova – Senior Regulatory and Competition Lawyer, Mohammed Owais Taha – Co-founder of 10 BE5 Ltd, Nada Al Saeed – Chief of Strategy at Bahrain EDB, and Zeina Albuainain- Associate at Al Tamimi & Company.

Bahrain has demonstrated a commitment to bolstering its ICT sector through the recent enactment of four pivotal laws aimed at enhancing the Kingdom’s value proposition for international investors. These include the Personal Data Protection Law, which governs the commercial use of personal data, and the Electronic Communications and Transactions Law, which regulates electronic communications, records and contracts. The Data Jurisdiction Law is designed to encourage international entities to use Bahrain-based cloud data centres. Lastly, Bahrain stands as the first nation to implement the Model Law on Transferable Electronic Records as developed by the United Nations Commission on International Trade Law (UNCITRAL), which includes the recognition and regulation of electronic forms of checks, bills of exchange, promissory notes, bills of lading, letters of credit, and warehouse receipts.

Source;https://www.bahrainedb.com/latest-news/bahrain-edb-and-georgetown-university-discuss-impact-of-digital-laws-and-emerging-technologies-on-trade

Bahrain EDB and Georgetown University Discuss Impact of Digital Laws and Emerging Technologies on Trade

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Bahrain Economic Development Board (Bahrain EDB) and Georgetown Law School co-hosted the seminar “Innovating Trade: The Impact of Digital Laws and Emerging Technologies” at the Ritz-Carlton Bahrain.

Through a series of case studies presented and roundtable discussions, the seminar examined the profound effects of digital legislation and technological innovations on international trade. Discussions focused on how these factors influence trade flows and enable businesses to increase trade volumes both domestically and across borders.

The seminar hosted international experts from the U.S. and beyond, as well as high-profile attendees, including H.H. Shaikha Nayla bint Hamad bin Ebrahim Al-Khalifa, Chairperson and Founder of Royal Life Saving Bahrain, H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB, H.E. Dr. Ramzan bin Abdulla Al Nuaimi, Minister of Information, H.E. Steven Bondy, U.S. Ambassador to the Kingdom of Bahrain, Georgetown Law Alumni, and senior representatives from leading law firms and government entities of Bahrain.

The welcome address was delivered by H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB, and by Dean William M. Treanor, Executive Vice President of Georgetown University and Dean of the Law Center.

Key topics discussed at the seminar included the implications of digital laws and regulations, the cross-border transfer of data, the role of emerging technologies such as artificial intelligence, internet of things and cloud computing in shaping international trade, discussing recent developments in global practices, and the necessity to adapt digital legislative frameworks to accommodate these technological changes.

Notable participants included Dr. Jameel Alalawi – a legal advisor, Abdallah Maher – a Partner at a US Law Firm, Zain Satardien – Advisor at Hourani & Partners, Firas Gadamsi – Partner at GLA&CO in Dubai, Catherine Kuhlmann – Visiting Professor of Law at Georgetown University, Mihaela Lodlova – Senior Regulatory and Competition Lawyer, Mohammed Owais Taha – Co-founder of 10 BE5 Ltd, Nada Al Saeed – Chief of Strategy at Bahrain EDB, and Zeina Albuainain- Associate at Al Tamimi & Company.

Bahrain has demonstrated a commitment to bolstering its ICT sector through the recent enactment of four pivotal laws aimed at enhancing the Kingdom’s value proposition for international investors. These include the Personal Data Protection Law, which governs the commercial use of personal data, and the Electronic Communications and Transactions Law, which regulates electronic communications, records and contracts. The Data Jurisdiction Law is designed to encourage international entities to use Bahrain-based cloud data centres. Lastly, Bahrain stands as the first nation to implement the Model Law on Transferable Electronic Records as developed by the United Nations Commission on International Trade Law (UNCITRAL), which includes the recognition and regulation of electronic forms of checks, bills of exchange, promissory notes, bills of lading, letters of credit, and warehouse receipts.

Source:https://www.bahrainedb.com/latest-news/bahrain-edb-and-georgetown-university-discuss-impact-of-digital-laws-and-emerging-technologies-on-trade

Bahrain’s Golden License Attracts USD 2.4 Billion in Investment Contributing to Economic Diversification & Growth

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The island nation of Bahrain reported a total of USD 2.4 billion in investment stemming from 9 major projects, which are set to generate 3,000 employment opportunities following the introduction of its Golden License in April 2023. The initiative, which delivers white-glove treatment and first-priority allocation on key project milestones such as land allocation, aims to maintain Bahrain’s demonstrated ability to attract impactful businesses across industries to contribute to its positive trajectory of sustained economic growth.

Bahrain has continued to prioritise digital transformation, the development of its economic sectors, and has secured influential success stories owing to a highly-skilled, bi-lingual, future-ready workforce that is consistently supported with government-backed training. Bahrain’s FDI stock relative to GDP is well above the global average rate at just above 81%, which stands as a testament to the robust trust international investors place in Bahrain’s competitive value proposition, reinforcing its strategic economic significance within the region.

The newly awarded large-scale projects span across diverse sectors, including Bahrain Titanium, the first facility of its kind in the region set to be established by Switzerland-based Interlink Metals & Chemicals, the construction of the first greenfield head office of National Bank of Kuwait (NBK) outside of Kuwait, the installation of a data centre facility and regional submarine cable by Bahrain-born technology company Beyon, and finally, the vibrant urban waterfront development Bahrain Marina.

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board (Bahrain EDB), said, “Bahrain has proven itself as a trusted destination for local and global companies to set up or expand their operations owing to its unique value proposition. The Golden License is the latest of several initiatives introduced that reflect a vested commitment to living up to our pledge of being business-friendly, ensuring a seamless journey across every stage of progress, and ultimately acting as partners in building a solid foundation for long-term success.”

“In alignment with Bahrain’s national vision, the licenses awarded span across priority sectors, ushering into each industry a new wave of employment opportunities, innovation, and niche expertise. We are excited to witness the impact of these collective investments in contributing towards Bahrain’s ongoing journey to economic diversification and prosperity,” H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB, added.

H.E. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, said, “Ultimately, Bahrain has always been known for its ease of doing business, progressive legislation, and the agility of Team Bahrain. The Golden Licenses awarded across 2023 and 2024 are a healthy mix of home-grown and international projects, creating new prospects for other companies from around the world to set up in Bahrain, thereby further solidifying trade ties with key markets around the world.”

From 2002 to 2022, Bahrain’s nominal GDP grew from USD 9.6 billion to USD 44.4 billion, the equivalent of an average annual rate of 8%, surpassing the global rate of 5.5% (2002). Bahrain also diversified its economic sectors, the non-oil sector accounted for 83.6% of real GDP in Q3 of 2023, where the financial services sector overtook oil as the largest contributor to real GDP, standing at 18.1% in Q3 of 2023.

Source:https://www.bahrainedb.com/latest-news/bahrains-golden-license-attracts-usd-2-4-billion-in-investment-contributing-to-economic-diversification-growth