Gateway Gulf's Second Edition Concludes on a High Note with over USD 12 Billion of Announcements and Deals

MANAMA, Bahrain,Nov. 5, 2024/PRNewswire/ -- A total of 32 landmark announcements and deals overUSD 12 billionwere 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 inBahrainand 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 inBahrain. Additionally, Singapore Gulf Bank announced the launch of corporate banking services for the global digital economy.

HighlightingBahrain'sdigital transformation momentum, ARRAY Innovation signed three partnerships with the National Bank ofBahrain(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 ofBahrain. 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 ofManama'sexclusive Bahrain Harbour.

Government announcements included details fromBahrain'sMinistry 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'ssovereign wealth fund, signed several partnership agreements across key verticals of their portfolio.

SOURCEBahrain