Invest in Bahrain

Tencent Cloud Deploys its First MENA Region Internet Data Centre Hub in Bahrain

Posted on March 1, 2021March 1, 2021 by Narjes Husain

Middle East cloud market expected to reach USD 4.5 billion by 2024, highlighting the growing opportunity in the region
Tencent Cloud will capitalise on Bahrain’s position as a regional cloud services hub

Hong Kong, March 1, 2021 – Tencent Cloud, the cloud business of Tencent, today announced its collaboration with the Bahrain Economic Development Board (EDB) – the Kingdom of Bahrain’s Investment promotion agency. The two parties signed a Memorandum of Understanding (MoU), with the aim to drive the Kingdom of Bahrain’s Internet Data Centre (IDC) development and support its rapid emergence as the Middle East and North Africa (MENA) region’s hub for the cloud and IDC sectors. The MoU signing also marks a significant milestone for Tencent Cloud as it deploys its first public cloud infrastructure in the MENA region.

According to research by MarketsandMarkets, the Middle East’s cloud market is expected to reach USD 4.5 billion by 2024, with a CAGR of 17.5 percent over the same period, highlighting the growing opportunity in this region.

The MoU between Tencent Cloud and the Bahrain EDB will allow for substantial opportunities to boost the local digital economy, empowering local organisations to expedite their digital transformation journey. It will also allow Tencent Cloud to leverage on Bahrain’s regional position, and the EDB’s connectivity with local and regional stakeholders, including Bahrain’s sovereign wealth fund, Mumtalakat.

The terms of the MoU include:

Tencent Cloud’s first IDC in Bahrain and MENA: Tencent Cloud will launch a brand-new IDC in Bahrain, which will go live by the end of 2021.
Promoting the deployment of Tencent Cloud: Bahrain EDB, together with public and private stakeholders will encourage the continued adoption of cloud services to further the digital transformation agenda. Additionally, support will be offered to partner companies to leverage cloud services in collaboration with local stakeholders such as Tamkeen.
Local talent development: Tencent Cloud will explore and set up training initiatives jointly with the local government in universities and educational institutions across the Kingdom to allow for further knowledge transfer and qualified digital technology talents.

H.E. Kamal bin Ahmed Mohammed, Bahrain’s Minister of Transportation and Telecommunications, said, “This is an important milestone in Bahrain’s journey to become the MENA region’s cloud and data centre hub and I commend the EDB for their ceaseless efforts in developing the partnership with Tencent and ensuring that Bahrain is a favored destination for investment. Tencent joins leading global cloud giants in setting up in Bahrain which will drive massive growth in data traffic towards MENA. Moreover, the launch of the new data centre stands to create a clustering effect as other global providers turn their attention to the increasingly attractive region, with Bahrain positioned as the destination of choice with proactive initiatives such as the Government’s ‘Cloud-First’ policy and nationwide 5G.”

Poshu Yeung, Senior Vice President, Tencent Cloud International, said, “While the local government in Bahrain has been making significant efforts to grow the local IDC industry, Tencent Cloud is excited to collaborate with Bahrain EDB as part of our ongoing efforts to ramp up the global IDC landscape. We will launch all necessary steps to set up a brand-new IDC in Bahrain to provide better coverage all over the Middle East and North African regions along the Belt and Road, fully supporting Bahrain’s ‘Cloud-First’ strategy.”

H.E. Khalid Humaidan, Chief Executive, Bahrain Economic Development Board, said, “As a global leader in technology, innovation and cloud services, the EDB is very proud to be partnering with Tencent to set up their first MENA data center hub in Bahrain. We are confident that Tencent will be able to leverage on the Kingdom’s regional connectivity, local talent, and business friendly environment to expand their services and reach clients across the region.”

Raed Fakhri, Managing Director – Investments, Mumtalakat, added, “Innovative technologies, including cloud services and other content driven services, are an area that Mumtalakat is keen to explore and support as Bahrain progresses with its ‘Cloud First’ policy. As one of the first organisations in the Kingdom to achieve full cloud migration we are excited to witness this milestone that will only further enhance Bahrain’s diversification strategy.”

In 2017, Bahrain introduced the region’s first nationwide “Cloud-First” policy to enhance government information and communication technologies, driving the adoption of cloud across state entities and reducing IT costs by up to 90%.

Operating in 27 regions and 60 availability zones worldwide, Tencent Cloud is a secure, reliable and high-performance public cloud service provider that integrates Tencent’s infrastructure-building capabilities with the advantages of its massive user platform and ecosystem. By harnessing Bahrain’s track record of agile and forward-thinking data regulation, as well as its strategic location within the region, Tencent Cloud will enhance its rich array of global services to both the public and private sectors in the region.

# # #

About Tencent Cloud

Tencent Cloud is Tencent’s cloud services brand, providing industry-leading cloud products and services to organizations and enterprises across the world. Leveraging its robust data center infrastructures around the world, Tencent integrates cloud computing, big data analytics, AI, Internet of Things, security and other advanced technologies with smart enterprise scenarios. At the same time, we provide a holistic smart enterprise solution for sectors including finance, education, healthcare, retail, industry, transport, energy and radio & television.

Media Contact

Denize Chan Tencent Cloud denizechan@tencent.com
+852-3148-5100 (ext. 850898)

Irene Fung Current Global ifung@currentglobal.com

Manama listed in the top 5 globally for FDI strategy in latest fDi Magazine ranking

Posted on February 18, 2021February 18, 2021 by Narjes Husain

Manama – February 18, 2021: The Kingdom of Bahrain’s capital Manama has been named as the fifth globally amongst all-sized cities and first amongst small and mid-sized cities for FDI strategy in the 2021 Global cities of the Future index produced by the Financial Times’ fDi Magazine. Both Abu Dhabi and Dubai similarly ranked in the top 10, with Abu Dhabi placing sixth and Dubai placing eighth.

Commenting on the latest rankings, the Bahrain Economic Development Board’s Chief Executive, His Excellency Khalid Humaidan said: “In 2019, FDI stock made up 80% of our nominal GDP which is double the world average. We are very proud of this achievement and for being recognised for our FDI strategy. What is more promising is that three GCC cities have ranked in the top ten, highlighting the clear attraction for FDI in the region.

“This independent recognition is further confirmation that our board has set the right strategy for us to go forward and they continue to be supportive of our agenda.”

The Kingdom’s FDI strategy is pinned on a diverse multi-sectoral approach which is showing results and gaining recognition, as evidenced by Bahrain’s leading performance in the survey.

In addition to the Kingdom’s ranking in FDI Strategy, Bahrain was also ranked highly in cost-effectiveness and business friendliness, being 6^th globally and third in MENA, and seventh globally and second in MENA respectively for small and mid-sized cities.

Bahrain has undertaken an ambitious and comprehensive programme of economic reform, which has been further recognised by other independent studies and surveys. The 2020 World Bank Doing Business Report named Bahrain the fourth most improved country in the world, and research by KPMG in a Cost of Doing Business Report highlighted that Bahrain is between 20-30 percent more cost-effective than some of its neighbors across multiple industries.

— Ends —

Notes to Editor:

For more information, please contact:

Mahmood Ali

Executive Director, Communications and Media

Economic Development Board

Phone: +973-39798919

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.

The EDB works with the government and both current and prospective investors, in order to ensure that Bahrain’s investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.

The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

View the fDi Global Cities of the Future 2021/22 Index

IN-DEPTH: Tokenisation transformation in Bahrain

Posted on January 26, 2021January 26, 2021 by Abdulla Engineer

Published on Dec 2, 2020 in Logistics Middle East

In a post-COVID world, blockchain and tokenisation present an opportunity to accelerate digital change in logistics. Here, we explore how the technology is set to transform supply chains in the GCC

Following a radical shake-up of the global supply chain caused by COVID-19, industry leaders are paying close attention to the post-pandemic future for shipping, ports and other critical parts of the logistics pipeline.

Beyond the major considerations – such as where to base key hub locations to mitigate against potential future economic shocks – the global crisis has provided a logical point to step back and examine the industry’s most fundamental elements from the ground up. At the core of most industries’ supply chains is shipping – and at the core of shipping is years of processes built on physical transactions.

From tracking the movement of assets to preparing customs documentation and ultimately proving the receipt of goods, along the entire pipeline, business has traditionally been conducted using paper and pen.

Yet in recent years, the logistics industry has made a concerted shift towards blockchain and other Fourth Industrial Revolution technologies including artificial intelligence and big data – a shift that has been catalysed by the global onset of COVID-19. As part of this transformation, businesses have sought to re-purpose tech solutions from other industries – nowhere more so than in the logistics industry.

One example transplanted from the world of payments is tokenisation – a technology primarily used by financial processors to protect credit card details. Now, following years of success in Europe’s payments industry, it is set to radically improve logistics asset management across the GCC, as well as streamline the shipping process by minimising the need for physical documents.

Tokenisation works by storing a firm’s sensitive data in a highly secure digital vault and automatically replacing it with a placeholder ‘token’ of the same length and format. For example, a 16-digit credit card number could be represented by a series of random, unrelated digits that would be of no use to a would-be fraudster without access to the original data.

Unlike encryption, which can be unscrambled by figuring out the key, the sensitive information never leaves the vault, meaning the token is completely indecipherable on its own. It is therefore virtually impossible for even the most determined of hackers to access the valuable underlying data. This encryption-by-proxy is best understood using the example of a poker chip. The chip itself has no intrinsic value until it is brought back to the original processor, at which point it is exchanged for cash.

While the most common application for tokenisation is payments processing, the technology is playing an increasingly significant role in a much wider range of industries – including in the logistics sector by improving efficiency and security along the supply chain. Key use cases include tracking asset movement, enabling the easy flow of shipments from one port to another, and digitising what have been traditionally paper-based processes.

One of the first major players to enter the market is Slovenia-based CargoX, which aims to “kickstart a revolution in global logistics” through its Smart B/L Bill of Lading solution. Using tokenisation, the platform offers logistics companies and shippers a highly secure and efficient alternative to paper Bills of Lading, which collectively cost billions of dollars per year and can take up to a week to complete the transfer.

Following major successes in Europe, Stefan Kukman, the company’s founder and CEO, has previously spoken of plans to bring CargoX to the GCC, saying: “With so much of the Middle East economy built on trade, this is an opportunity for regional logistics companies to cut costs and gain a competitive edge.

He added: “The adoption of a blockchain based smart bill of lading will affect logistics and trade in the Middle East as much as it will in any other part of the World. It will transform the analogue, slow and sometimes troublesome processing of physical paper-based cargo documentation into a digital experience with a maximum level of trust and security when transferring the document.”

The GCC logistics industry is already moving in this direction following the launch of Fasset, a FinTech startup which tokenises hard assets via blockchain technologies. The system works by “fractionalising” – or breaking down – larger assets into smaller tokens, similar to the way CargoX turns a bill of lading into a digital document ready for virtual transmission at the click of a button.

Fasset – which has received millions in funding from strategic backers in the UAE, Saudi Arabia, Bahrain, Kuwait, and Singapore – is the first of its kind to receive authorisation from the Central Bank of Bahrain to test its concept in the country’s FinTech Regulatory Sandbox. Fasset intends to focus on financing sustainable infrastructure across a number of industries including energy, transport, ICT and social sectors such as Education and Healthcare.

The launch of Fasset is timely. In light of the ongoing COVID-19 pandemic, governments the world over are increasingly digitising their trade processes. The latest country to do so is India, which moved its trade documentation workflows to blockchain-based platforms in a bid to minimise person-to-person interactions in the shipping process.

While the GCC has so far not formally regulated for the use of these technologies for shipping documentation (apart from Bahrain with its electronic transferable records law), customs requirements specify only that electronic documents need to be uniquely identifiable. In fact, blockchain-based platforms are already playing a major role in supply chain management across the Gulf, and according to 2019 research by the Middle East Institute, are central to “expanding commercial ties and overcoming obstacles to global trade”.

In particular, the paper emphasised the benefits of digital shipping documents that allow for the processing and tracking of millions of unique data points on shipments and containers while guaranteeing a high level of security and transparency. This move towards blockchain stands to benefit manufacturing firms handling complex supply chain routes in particular, and a surge in use of the technology is anticipated. According to research firm Gartner, blockchain is set to support the movement and tracking of US$2 trillion of goods and services globally by 2023.

Moreover, the GCC is better placed than most to drive this technological revolution. Firstly, the region’s historically strategic location between Eastern and Western trade routes means more efficient processes and faster shipping times have positive reverberations for supply chains globally. Second, decades of tech-focused economic diversification have resulted in some of the world’s most advanced digital infrastructure – exactly what is needed to put high-speed blockchain systems into place. Finally, key players within the GCC logistics industry have demonstrated a strong appetite for the uptake of these new technologies.

Last year, Bahrain’s APM Terminals – which manages the country’s sprawling Khalifa Bin Salman Port – launched a blockchain-based system to overhaul traditional processes and speed up shipment clearance times. The firm’s managing director Susan Hunter praised the effectiveness of the technology, saying: “Many of the processes for transporting and trading goods are costly, in part, due to manual and paper-based systems. Replacing these peer-to-peer and often unreliable information exchanges, the platform enables participants to digitally connect, share information and collaborate across the shipping supply chain ecosystem.”

Blockchain has also had a positive impact on road-based logistics. Bahrain is connected to Saudi Arabia, the region’s largest market, by the 25-kilometre King Fahd Causeway – one of the busiest crossings in the Middle East that facilitates the flow of imports and exports via many thousands of commercial trucks each day. Despite recent restrictions owing to COVID-19, for the most part passage of commercial freight was able to continue as usual, thanks to high-tech artificial intelligence scanners installed along the length of the causeway.

The scanners automate blockchain-based data collection and allow shipment inspections to take place before trucks reach the border. This has greatly increased both the speed and capacity for customs processing as demonstrated by the US$1.45 billion in trade between the two nations during the first half of 2020.

Saudi Arabia too has made similar strides towards enhancing its customs processes with advanced technologies. In September of last year, the country’s customs authority partnered with shipping giant Maersk to highlight the importance of blockchain to reduce time and costs while enhancing security. That came after the country launched its first-ever blockchain-enabled shipment from the King Abdul Aziz Port in Dammam to Rotterdam in the Netherlands in May 2019.

The UAE has recorded similar developments, with a dedicated nationwide Blockchain Strategy in place and freight forwarders offered access to efficient digital processes via the Silsal information exchange platform. Furthering these efforts, the World Economic Forum recently collaborated with Dubai Future Foundation (DFF) to produce a blockchain toolkit to strengthen the supply chain.

In an increasingly digital world, where logistics players and governments alike are keen to limit person-to-person interactions, blockchain and tokenisation present an opportunity to accelerate digital change. Recent developments such as the launch of Fasset and the rapid uptake of blockchain technologies throughout the supply chain indicate that the Middle East – and in particular the GCC – is set to be at the forefront of this change.

Bahrain attracts US$885m investment in 2020

Posted on January 18, 2021January 18, 2021 by Narjes Husain

Manama, Bahrain, January 18 2021: Bahrain attracted US$885 million (BHD333 million) in direct investments during 2020 through new companies setting up and expanding in the Kingdom.

Several prominent companies have launched operations in the Kingdom, with investments from local, regional and international companies investing in vital sectors including financial services, manufacturing, logistics services, education, healthcare services, real estate, tourism, and ICT.

H.E. Khalid Humaidan, Chief Executive of Bahrain Economic Development Board, commented: “Despite the challenges faced across the globe due to COVID-19, we were able to continue the momentum from 2019, attracting hundreds of millions of dollars in investment from around the world.

“Investors are increasingly turning to the region’s tried-and-tested business environment, where our commitment to building a pro-investor ecosystem is backed up by robust regulation. This, and our longstanding economic diversification efforts, show Bahrain is focused on enabling growth in a wide range of sectors.”

According to the UN Conference on Trade and Development and the IMF, the size of accumulated direct investments compared to the Kingdom’s GDP in 2019 was 78% – almost double the global average of 42%.

–ENDS—

Notes to Editor:

For more information, please contact:

Mahmood Ali

Executive Director, Communications and Media

Economic Development Board

Phone: +973-39798919

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

BAHRAIN EDB APPOINTS AN ADVISOR TO THE BOARD

Posted on December 17, 2020December 17, 2020 by Narjes Husain

Manama, December 17^th: The Bahrain Economic Development Board (EDB) has announced the appointment of Mr. Iain Lindsay as an advisor to the Board.

Mr. Lindsay brings a wealth of experience, having worked as a British diplomat for 40 years, with experience in Europe, the Middle East and the Far East, serving most recently as the British Ambassador to Bahrain from 2011 to 2015 and to Hungary from 2016 until 2020. Prior to that he was Deputy Head of Mission and Director, Trade and Investment at the British Consulate General in Hong Kong from 2007 to 2011. He has spent much of his career in Asia Pacific, serving also in Tokyo (twice) and Canberra. He was also Deputy Head of Mission in Bucharest from 2003 to 2007, helping with Romania’s accession to NATO and the EU.

It is this experience along with a strong international network and a focus on investment and trade which uniquely positions him to support the EDB with its main mandate of attracting direct investment to the Kingdom in order to contribute to the creation of jobs and reaching out to international investors from key target markets the EDB has identified, and in which he has worked previously.

The EDB focuses on several key sectors which offer strong competitive advantages to both local and international investors. These sectors support non-oil growth and help further diversify the local economy. Mr. Lindsay brings a unique value to the EDB Board.

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

Bahrain ranked in world’s top five Islamic finance economies by the Islamic Development Bank

Posted on December 15, 2020December 15, 2020 by Narjes Husain

Research by Refinitiv and the Islamic Corporation for the Development of the Private Sector (ICD) puts Bahrain in the lead in MENA and third place globally
Eighth consecutive first-place ranking for Bahrain based on robust and supportive regulation and increases in number of Islamic Banking Assets

Manama, December 15 – Bahrain ranked in the world’s top five Islamic finance economies, according to the latest annual Islamic Finance Development Indicator (IFDI).

The Kingdom, which has led MENA in all eight IFDIs to date, ranked in third place globally this year. 135 countries in total are ranked as part of the index.

The IFDI is part of the annual Islamic Finance Development Report produced by Refinitiv and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB).

The IFDI provides an annual rank for each economy in the global Islamic finance industry, aggregating scores across five areas – quantitative development, knowledge, governance, corporate social responsibility, and awareness.

Bahrain’s high ranking was based upon its robust and supportive regulation for Islamic finance and banking as well as increases in both the number of Islamic banking assets.

Mr. Fahad Yateem, Director of Islamic Financial Institutions Supervision Directorate at the Central Bank of Bahrain said: “I am delighted that Bahrain has once again scored so highly in the IFDI, and particularly for Governance. The results are testament to our longstanding strategy of pioneering yet comprehensive regulation, creating a framework conducive to digital and technological innovation in the industry.

“The recently launched Bahrain Open Banking Framework, which provides detailed guidelines ensuring the holistic implementation of Open Banking for the entire banking industry – the first in the world to incorporate Islamic Finance.

“As the report makes clear, the COVID-19 pandemic has further catalysed digital innovation in the industry as well as consumer uptake of technology. Moreover, it is these technological advancements within Islamic Finance that will be a key driver of the industry’s post-covid recovery.”

Dalal Buhejji, Director, Business Development, Financial Services at the EDB said: “Bahrain was the first in the region to develop a strong banking community and is now building one of the most concentrated FinTech ecosystems in the world. The Islamic finance sector has been a key part of that development, with ninety six billion dollars of assets held in the Kingdom, which accounts for 124% of Bahrain’s GDP.

“We are continuously implementing new initiatives and policy tools to further develop Bahrain’s standing in Islamic finance, including new Takaful models and Sharia-compliant investment tools.

“The Kingdom’s high ranking is testament to our innovative and pioneering approach, as well as the advanced financial environment that we offer for both established financial institutions and startups. We look forward to continuing to build on our growth.”

The index highlighted how Bahrain and Saudi Arabia’s regulation of InsurTech promises to “transform” the Takaful industry, with FinTech also being a major driver of the Islamic finance industry – particularly during the global COVID pandemic.

Bahrain is home to the region’s largest concentration of Islamic finance institutions that deal in almost every area of Islamic finance and Islamic products. The Bahrain Islamic Bank was established in the Kingdom in 1979, and Bahrain has since worked to nurture concepts, rules, and standards of Sharia banking compliance in Islamic banks.

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

About the Islamic Finance Development Indicator

Developed by ICD and Refinitiv, the Islamic Finance Development Indicator is a composite weighted-index that measures the overall development of the Islamic Finance industry by providing an aggregate assessment of the performance of all its parts, in line with the objectives of Islamic principles.

The indicator is released annually, along with a full report detailing each country- and unit-specific indicator and their raw numbers.

Each indicator within the composite indicator’s constituents is equally weighted and aggregated. In addition, normalization is required prior to any data aggregation as the variable indicators in a data set have different measurement units.

To learn more about the indicator, please visit

https://refini.tv/2XN7sTd

First Insurance Platform Graduates From CBB Regulatory Sandbox – Tech Disrupter TASWEYA platform set to unlock millions for Bahrain based insurance companies

Posted on November 30, 2020December 1, 2020 by Narjes Husain

Manama, Kingdom of Bahrain (November 29, 2020) – Braxtone Corporate Services, a subsidiary of Braxtone Group, today announced the official graduation of their Motor Claims Recovery Platform “TASWEYA” from the Regulatory Sandbox of the Central Bank of Bahrain, CBB.

TASWEYA provides insurance companies with an easy to use and secure market-wide centralized platform to manage documents and exchange payable and receivable motor claims against each other. It also offers auto-reconciliation of statements of accounts.

There are over seven hundred thousand motor insurance policies in Bahrain and insurance companies pay over USD 175 million annually in insurance claim payments for motor accidents. The insurance companies can update claims, track and approve outstanding claims and close settled claims with a click of a button. This means that the B2B platform is faster and more efficient than manually processing claims, increasing productivity and cutting costs.

Braxtone’s solutions in Bahrain and the UAE have significantly contributed to improving the way insurers and insurance service providers do business. Such solutions have increased the productivity of insurers and insurance market practitioners, and have paved the roadmap for Braxtone to establish presence in all GCC countries before expanding around the world – Braxtone is looking to first test its platform in Bahrain and then roll it out to the region

Dalal Buhejji, Director – Business Development, Financial Services at Bahrain Economic Development Board, said: “Bahrain’s nimble and agile FinTech ecosystem is the ideal launch pad for startups looking to disrupt legacy industries with new cutting-edge solutions. Following the rise of PropTech, EduTech and HealthTech, InsurTech will be the one to watch as consumers and corporations alike turn away from physical documents towards digital alternatives.

“The sector witnessed a major resurgence in the third quarter following a slow start to the year, and it is encouraging to see companies like Braxtone using the Bahraini market as a testbed to scale regionally and beyond.

“Entrepreneurs across the globe turn to the Kingdom for our focus on FinTech as well as initiatives like the CBB’s Regulatory Sandbox, which offers entrepreneurs the chance to test out smart solutions in a secure environment before going to market.

“We are pleased to see Braxtone graduating from the scheme with its paperless TASWEYA platform, joining several other firms across industries who have successfully completed the programme.”

From his side Mr. Ayman Al Ajmi, CEO of Braxtone Group said “We are pleased that TASWEYA has completed the graduation requirements of the CBB Regulatory Sandbox and we are thankful H. E. the Governor and to the management and the team of the FinTech division of the CBB”. Mr. Al Ajmi also said “The support and encouragement we had from the EDB was the main reason for selecting the Kingdom of Bahrain as the place to launch this solution. We are working in the UAE market since 2017 and providing services to over eighteen insurance companies in the UAE market, however we have selected Bahrain to deploy TASWEYA and this was mainly due to the extensive support and cooperation we received from the EDB and the Fintech division of the CBB”. Mr. Al Ajmi also extended his thank to the management and staff of the two insurance companies who volunteered to assist during the testing phase of TASWEYA in the Regulatory Sandbox stage which are t’azur Company and Solidarity Bahrain.

Mr. Vivek Sethia, Group CEO of Beyontec Solutions, the technology partner of Braxtone Group and software development provider for TASWEYA said “We at Beyontec Solutions are happy to join forces with Braxtone to launch this important solution in Bahrain and would like to extend our thanks and appreciations to the FinTech division of the CBB and the EDB for their support and cooperation in sponsoring this solution and making it available for the Bahraini market.”

Braxtone Corporate Services now plans to expand its market reach and deploy products and leading InsurTech solutions in other countries in the Middle East region and beyond.

About Braxtone Group

Established in 2015 as an independently owned firm, Braxtone specializes in providing professional services to prospective insurance and reinsurance firms, including, captive insurance management, run-off management, claims management, credit control, receivables management, operational support and consulting. Braxtone gained a reputation as the go-to expert for any insurance service or outsourcing need. Braxtone clients benefit from the combination of skills hosted by the team at the leading-edge of insurance operation and management, niche industry expertise and deep understanding of local issues and challenges.

Braxtone develops and implements solutions that enable clients and partners improve their performance. Braxtone is acknowledged in the industry for insurance expertise and extensive knowledge of regulatory frameworks coupled with deep knowledge of the local market. The company’s team is led by professionally qualified members in insurance, reinsurance, financial services, research, regulations, licensing, and start-ups.

For more information about Braxtone Group, visit its website at www.braxtone.ae.

For more information please contact:

Mohamed Radhi / Chief Operating Officer

Braxtone Corporate Services

Office 302, Bahrain FinTech Bay

Manama, Kingdom of Bahrain

Phone: +973 16676000

Mobile: +973 39673113

Email: mohamed.radhi@braxtone.ae

Learn more about FinTech in Bahrain

Q3 Saudi-Bahrain trade surges by 43%

Posted on November 4, 2020November 4, 2020 by Narjes Husain

Trade between two Kingdoms hit $2.17bn during the first three quarters of 2020
Saudi Arabia is one of Bahrain’s key trading partners, with both nations connected by bridge

Manama, October 22, 2020: Non-oil trade between Saudi Arabia and Bahrain increased 43 percent to US$688.4 million during the third quarter of 2020 compared to US$481 million during Q3 of 2019. The surge in trade between both countries comes following the ease of restrictions on cargo transit over the King Fahd Causeway back in August.

Bi-lateral commerce between the two nations surged 12 percent past the $2 billion mark during the first three quarters of 2020 to record a substantial year-on-year increase from the 2019 figure of $1.93 billion.

Saudi Arabia is one of Bahrain’s key trading partners, with majority of imports and exports flowing via the King Fahd Causeway – a 25 kilometre bridge connecting both Kingdoms by road.

It was also recently announced that Bahrain Customs has installed high-tech artificial intelligence scanners at the King Fahd Causeway, automating data collection and allowing shipment inspections to take place before reaching the border.

With the lowest manufacturing costs in the region, Bahrain is fast becoming the manufacturing and logistics hub of choice for many global manufacturers including Arla, Reckitt Benckiser, Mondelez and Olayan Kimberley-Clark.

Abdulhakim Al Shamary, Board Member of the Bahrain Chamber of Commerce and Industry (BCCI), said: “The King Fahd Causeway acts as an essential link between Bahrain and the wider $1.5 trillion Gulf economy for millions of passengers and commercial trucks each year.

“Despite COVID-19, commercial drivers have still been able to use the bridge enabling critical continuity for the logistics sector”.

Saudi-Bahrain trade returns to pre-COVID levels amid increase in H1 figures

Posted on November 4, 2020November 4, 2020 by Narjes Husain

Trade between two Kingdoms hits $262.9m in June, highest since pandemic struck region
Saudi Arabia is one of Bahrain’s key trading partners, with both nations connected by bridge
Bahrain’s overall trade for the year-half reached US$10.4 billion globally

Manama, September 30, 2020: Trade between Saudi Arabia and Bahrain has returned to levels not seen since before the COVID-19 pandemic, with new figures revealing US$1.48 billion in bi-lateral trade during the first half of the year.

In the first six months of 2020, the figures were up 2 per cent from the same period last year, in which a total of US$1.45 billion in trade was recorded between the two nations.

June’s figures showed the positive economic impact of support measures on the economies of both Kingdoms, with trade returning to US$262.9 million – the highest levels since coronavirus struck the region in March this year. Compared to 2019, the month showed a substantial year-on-year rise of 52.45 per cent.

Saudi Arabia is one of Bahrain’s key trading partners, with imports and exports flowing between the two nations via the King Fahd Causeway – a 25 kilometre bridge connecting both Kingdoms by road.

Officials have been working to increase facilities for commercial traffic, with recent renovation works including an increase in capacity by 45 per cent and new gates on the Saudi side.

According to the new figures, Bahrain’s overall trade for the year-half reached US$10.4 billion globally, including US$2.9 billion to other GCC nations. Despite the COVID-19 pandemic, the Kingdom’s overall global trade figures during H1 reduced by just two per cent.

The numbers also reveal that Bahrain is becoming a regional distribution hub for the logistics industry, with exports to the GCC over the first half of the year representing 66 per cent of the total figure. Imports to the Kingdom from the rest of the GCC represented 34 per cent of the Kingdom’s bilateral trade.

UAE-Bahrain trade returning to pre-COVID levels H1 figures show

Posted on November 1, 2020November 1, 2020 by Narjes Husain

Trade between two countries hits $139.6 m in June, highest since pandemic struck region
Bahrain’s trade for the year-half reached US$10.4 billion globally – only 2% down on 2019

Manama, September 30, 2020: Trade between the UAE and Bahrain has returned to levels not seen since before the COVID-19 pandemic, with new figures revealing US$936 million in bi-lateral commerce during the first half of the year.

June’s figures showed the positive economic impact of support measures on the economies of both Kingdoms, with trade returning to US$139.6 million – the highest levels since coronavirus struck the region in March this year.

The recent reopening of the King Fahd Causeway to transit traffic is expected to further boost trade numbers in the latter half of the year.

The numbers reveal that Bahrain is becoming a regional distribution hub for the logistics industry, with exports to the GCC over the first half of the year representing 66 per cent of the total figure. Imports to the Kingdom from the rest of the GCC represented 34 per cent of the Kingdom’s bilateral trade.

This first half of this year has also seen Bahrain extend technology further into its supply chain, including the launch a first-of-its-kind in the region “SmartHub” logistics warehouse for pharmaceuticals and food. This next generation logistics warehouse utilises emerging technologies to ensure the speedy and efficient distribution of much-needed foods and medicines across the entire GCC. It is the first ‘smart hub’ in the world to integrate a track and trace system on a blockchain platform with smart contracts for customs clearances and fee payments.