Tag: Rotomoulding machine suppliers

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

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 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

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/

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 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

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

Edamah, the real estate arm of the Kingdom’s sovereign wealth fund, Bahrain Mumtalakat Holding Company “Mumtalakat”, has recently signed a 25-year lease agreement with Bahrain Titanium, a subsidiary of Interlink Metals & Chemicals AG (Interlink), for a 50,000 sqm industrial plot at Askar, for a Titanium multiphase facility valued at upwards of USD 200 million. Securing the establishment of this landmark first-of-its-kind project and milestone agreement was supported by Bahrain Economic Development Board. On the heels of being awarded a Golden License, which fast-tracked the lease signing and land allocation, the establishment of the Bahrain Titanium facility cements the island nation’s position as an established exporting hub for the world, contributing to its economic diversification and enhancing its global competitiveness.

Interlink chose Bahrain as the destination for its groundbreaking project due to Bahrain’s strategic location, along with its well-established exporting capabilities. During the first phase of the project, Bahrain Titanium will operate an electron-beam furnace (EB), for the production of commercially pure titanium slabs and ingots, as well as a vacuum-arc (VAR) furnace, for the production of titanium alloys. The first phase of the project will have a 4,000 tonnes capacity per annum with further projected increases in capacity in the future. The first stage will be followed by a comprehensive downstream expansion into forged bars and round and tubed titanium products.

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board (Bahrain EDB) said, “The agility of Team Bahrain ensured this strategic project hit the ground running. Benefiting from facilitated duty-free access to 24 markets globally, the Switzerland-based manufacturer is a welcome addition to Bahrain’s well-diversified economy, adding value with their niche experience and expertise. As an export-oriented project, this deepens Bahrain’s ties with key markets, serving as a gateway for leading players in the logistics and manufacturing industry to tap into the Middle East and North Africa market and beyond.”

The facility will be purpose-built to serve fast-growing industries such as medical, aerospace, automotive, and energy, meeting the increasing global demand for titanium products, a niche commodity gaining traction worldwide surging Bahrain’s exports to international markets.

H.E. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, said, “Marking the first specialised Titanium facility to be established in the region, Interlink has earned a solid reputation as one of the largest traders and suppliers of titanium in the world. Bringing these international institutions to Bahrain plays a pivotal role in enhancing the diversity, quality, and overall investment value of the national industrial sector, which contributes to increasing Bahrain’s economic competitiveness and elevating its standing as a leading export hub on the global map.”

H.E. Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat and Chairman of Bahrain Real Estate Investment Company (Edamah), added, “We are pleased to sign this agreement with Bahrain Titanium, which marks a crucial step in facilitating their local operations enabling them to take advantage of Bahrain’s strategic location and world-class logistics infrastructure. As the first facility of its kind, this landmark signing underscores our commitment to expanding and diversifying Bahrain’s robust property portfolio with premium projects that foster innovation across priority sectors of the economy, in line with the national vision.” Igor Raykhelson, Chairman of Interlink Metals & Chemicals, said, “As part of Interlink’s roadmap for global expansion, Bahrain was a clear destination of choice given its Free Trade Agreement ratified with the US, strategic location, competitive operating costs, and availability of experienced and highly skilled local talent. The blueprint for the new Bahrain-based plant outlines the use of state-of-the-art technology and advanced manufacturing processes to meet the highest industry standards in energy efficiency and waste management, with a minimal carbon footprint.”
Source:https://www.bahrainedb.com/latest-news/edamah-signs-lease-agreement-with-interlink-for-over-usd-200-million-facility-in-bahrain

Edamah, the real estate arm of the Kingdom’s sovereign wealth fund, Bahrain Mumtalakat Holding Company “Mumtalakat”, has recently signed a 25-year lease agreement with Bahrain Titanium, a subsidiary of Interlink Metals & Chemicals AG (Interlink), for a 50,000 sqm industrial plot at Askar, for a Titanium multiphase facility valued at upwards of USD 200 million. Securing the establishment of this landmark first-of-its-kind project and milestone agreement was supported by Bahrain Economic Development Board. On the heels of being awarded a Golden License, which fast-tracked the lease signing and land allocation, the establishment of the Bahrain Titanium facility cements the island nation’s position as an established exporting hub for the world, contributing to its economic diversification and enhancing its global competitiveness.

Interlink chose Bahrain as the destination for its groundbreaking project due to Bahrain’s strategic location, along with its well-established exporting capabilities. During the first phase of the project, Bahrain Titanium will operate an electron-beam furnace (EB), for the production of commercially pure titanium slabs and ingots, as well as a vacuum-arc (VAR) furnace, for the production of titanium alloys. The first phase of the project will have a 4,000 tonnes capacity per annum with further projected increases in capacity in the future. The first stage will be followed by a comprehensive downstream expansion into forged bars and round and tubed titanium products.

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board (Bahrain EDB) said, “The agility of Team Bahrain ensured this strategic project hit the ground running. Benefiting from facilitated duty-free access to 24 markets globally, the Switzerland-based manufacturer is a welcome addition to Bahrain’s well-diversified economy, adding value with their niche experience and expertise. As an export-oriented project, this deepens Bahrain’s ties with key markets, serving as a gateway for leading players in the logistics and manufacturing industry to tap into the Middle East and North Africa market and beyond.”

The facility will be purpose-built to serve fast-growing industries such as medical, aerospace, automotive, and energy, meeting the increasing global demand for titanium products, a niche commodity gaining traction worldwide surging Bahrain’s exports to international markets.

H.E. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, said, “Marking the first specialised Titanium facility to be established in the region, Interlink has earned a solid reputation as one of the largest traders and suppliers of titanium in the world. Bringing these international institutions to Bahrain plays a pivotal role in enhancing the diversity, quality, and overall investment value of the national industrial sector, which contributes to increasing Bahrain’s economic competitiveness and elevating its standing as a leading export hub on the global map.”

H.E. Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat and Chairman of Bahrain Real Estate Investment Company (Edamah), added, “We are pleased to sign this agreement with Bahrain Titanium, which marks a crucial step in facilitating their local operations enabling them to take advantage of Bahrain’s strategic location and world-class logistics infrastructure. As the first facility of its kind, this landmark signing underscores our commitment to expanding and diversifying Bahrain’s robust property portfolio with premium projects that foster innovation across priority sectors of the economy, in line with the national vision.” Igor Raykhelson, Chairman of Interlink Metals & Chemicals, said, “As part of Interlink’s roadmap for global expansion, Bahrain was a clear destination of choice given its Free Trade Agreement ratified with the US, strategic location, competitive operating costs, and availability of experienced and highly skilled local talent. The blueprint for the new Bahrain-based plant outlines the use of state-of-the-art technology and advanced manufacturing processes to meet the highest industry standards in energy efficiency and waste management, with a minimal carbon footprint.”

Source:https://www.bahrainedb.com/latest-news/edamah-signs-lease-agreement-with-interlink-for-over-usd-200-million-facility-in-bahrain

Bahrain has achieved the ranking of 1st in the Middle East and North Africa (MENA) in trade, investment, and financial freedom for the third consecutive year according to the 2024 Index of Economic Freedom, an annual guide published by The Heritage Foundation, Washington’s leading think tank. With an economic freedom score higher than the world and regional averages, Bahrain’s overall performance additionally improved on a global comparative, climbing 14 positions since last year.

Nada Al Saeed, Chief of Strategy at Bahrain Economic Development Board (Bahrain EDB) said, “Economic freedom, backed by sound regulatory environments and market openness are strongly linked to achieving progress and sustainable economic growth. Securing top rankings and achieving a robust performance across pivotal indices of the Heritage Foundation cements Bahrain’s established position as a financially liberal and open regional hub of trade and maintaining these favourable standings remains our priority at Bahrain EDB as we work towards ensuring the island nation remains attractive to investment.”

By assigning weighted scores and analysing macroeconomic data across 184 economies, the 2024 Index assesses both quantitative and qualitative factors across four key pillars to determine economic freedom, namely rule of law, government size, regulatory efficiency, and open markets. Bahrain performed quite well across several pillars, where the overall investment framework was found to be streamlined, positive, and transparent, where both foreign and domestic investors were determined to have facilitated access to a wide range of financial services. Bolstered by a well-institutionalized and efficient regulatory environment, Bahrain’s business freedom and monetary freedom score were additionally determined to be higher than the world average.

The Heritage Foundation 2024 report stated, “Despite the challenging global economic environment, the country (Bahrain) continues to be a dynamic business hub. Its openness to global commerce is sustained by a competitive regulatory environment. Enhancing the foundations of economic freedom by further improving the rule of law and fiscal policy remains critical to ensuring the country’s ongoing evolution.” With its long history as a trading hub, Bahrain has demonstrated a vested commitment to diversifying its economy and fostering a business-friendly investment environment, prioritising the development of a robust, digitally ready economy, and consistently pioneering regulatory policies and legislative frameworks to ensure its international competitiveness. Over a span of two decades, Bahrain’s economy secured an impressive average annual growth of 8%, surpassing the global average of 5%, wherein nominal GDP increased from around USD 10 billion in 2002 to over USD 44 billion in 2022.

Source:https://www.bahrainedb.com/latest-news/bahrain-ranks-1st-in-mena-in-trade-investment-and-financial-freedom-for-the-third-consecutive-year