On the sidelines of Singapore Fintech Festival 2024

Bahrain EDB Announces Attracting OverUSD 100 millionin Investment Commitments fromSingapore

SINGAPORE,Nov. 6, 2024/PRNewswire/ -- Bahrain Economic Development Board (Bahrain EDB) today reported at the sidelines of Singapore Fintech Festival 2024 attracting overUSD 100 millionin investment commitments fromSingapore-based companies sinceNovember 2023across 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 theSingaporeoffice 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 inBahrain'svalue 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 ensureBahrain'sinvestment 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 includingSingaporeand in witnessing international firms that set up inBahrainsuccessfully expand and flourish."

Strategically positioned in the heart of the Arabian Gulf,Bahrainis 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 chosenBahrainas 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, "Bahrainhas always been a hub for innovation and financial services. As a singular financial regulator, the Central Bank ofBahrain(CBB) has been a pioneering force in supporting the development ofBahrain'sthriving financial services sector introducing robust regulatory frameworks that include regional-firsts in crypto assets and open banking. Beyond this, businesses operating inBahrainbenefit 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,Bahraincontinues 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 includesSingapore-based firms like Whampoa Group's Singapore Gulf Bank and the recently licensed Crypto.com to provide payment services.

Bahrain EDB'sSingapore-based office serves its headquarters by providing strategic on-ground presence and advisory services to investors and businesses withinSingaporeseeking to expand or set up inBahrain, which has cemented itself as a business-friendly gateway to theMiddle EastandNorth 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 acrossBahrain'spublic and private sector and providing tailored aftercare services long after businesses first embark on their journey.

Investors attending Singapore Fintech Festival 2024, which is taking place fromNovember 6 to November 8, interested in learning more aboutBahrainas a premier talent and investment destination are invited to visit Bahrain EDB's stand at Singapore Expo (Stand 5J23, Hall Five).

About Bahrain Economic Development Board (Bahrain EDB)

Bahrain EDB is an investment promotion agency with the overall responsibility of attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.

Bahrain EDB works with the government and both current and prospective investors, to ensure thatBahrain'sinvestment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.

Bahrain EDB focuses on several economic sectors that capitalise onBahrain'scompetitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, logistics, ICT, and tourism.

For more information on Bahrain EDB visitwww.bahrainedb.com 

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SOURCE Bahrain Economic Development Board (Bahrain EDB)