Bahrain Economic Development Board Secures Over $100 Million Investment from Singapore.

Singapore: The Bahrain Economic Development Board (Bahrain EDB) today announced, at the sidelines of the Singapore Fintech Festival 2024, that it has attracted over $100 million in investment commitments from Singapore-based companies since November 2023. According to Bahrain News Agency, these investments span crucial sectors such as financial services, ICT, and tourism, signifying a significant milestone in Bahrain EDB's international outreach. The Singapore office, which was established a year ago, marks Bahrain EDB's inaugural presence in the ASEAN region. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB, emphasized the established trust of international investors in Bahrain's value proposition. She highlighted this achievement as evidence of the impact and agility of the 'Team Bahrain' approach, where collaboration between the public and private sectors ensures an attractive investment environment. This environment is characterized by forward-looking regul atory frameworks and streamlined services, providing a seamless experience for businesses setting up in Bahrain. Bahrain, strategically located in the heart of the Arabian Gulf, is renowned for its openness, tolerance, and cultural diversity. The nation boasts a highly skilled workforce, supported by government grants and subsidized programs to meet global demands. Women constitute 34% of the financial services and insurance sector, with leading firms like Citi and PwC Middle East establishing Bahrain as their base for tech hubs and service centers serving a global clientele. Dalal Buhejji, Executive Director of Financial Services at Bahrain EDB, noted Bahrain's reputation as a hub for innovation and financial services. The Central Bank of Bahrain (CBB) plays a pioneering role in supporting the financial sector's development, introducing robust regulatory frameworks, including regional firsts in crypto assets and open banking. Businesses in Bahrain benefit from a future-ready workforce that combines bilingu al Bahraini nationals with a diverse expatriate talent pool, offering global perspectives. As the first Gulf nation to diversify its economy, Bahrain's digitally empowered financial services sector contributed nearly 17% to real GDP as of 2023. This sector hosts a range of international banks, financial institutions, fintechs, and new digital asset firms, including Singapore-based companies like Whampoa Group's Singapore Gulf Bank and the recently licensed Crypto.com for payment services. The Bahrain EDB's office in Singapore provides advisory services to investors and businesses seeking expansion into Bahrain. Positioned as a business-friendly gateway to the Middle East and North Africa (MENA) region, Bahrain EDB offers comprehensive support, including market insights and industry assessments, facilitating connections with key decision-makers and providing tailored aftercare services.