Bahrain’s aluminium cluster grows with addition of GCC’s first plant for aluminium grain refiners

  • Aleastur’s new $15m hub to serve global markets
  • GCC base to shorten lead times and strengthen regional supply chains for aluminium smelters and cast-houses

Aleastur, a major European metal producer announced launching the Gulf Cooperation Council’s (GCC’s) first state-of-the-art aluminium grain refiners and master alloys production hub at its new Middle East base in Bahrain. The hub will be the Spanish firm’s first overseas facility and will produce high quality aluminium alloys to be used for different purposes across various industries.

ALEASTUR’s new $15 million site at the heart of the Gulf region will supply speciality alloys to global markets, including Asia, North America and the GCC. The Bahrain facility will be exporting approximately 85% of its annual production to regional players in the industry, including main aluminium smelters and cast-houses.

ALEASTUR is one of Bahrain Mumtalakat Holding Company (“Mumtalakat”) portfolio companies and is considered one of the top aluminium grain refiner players in the world and is expected to hit revenues in the new facility of nearly $53 million by 2025 as it ramps up foreign exports.

As part of its expansion strategy, the facility In Bahrain, which is designed to be “an ideal” aluminium downstream hub will reduce lead times and strengthen supply chains for the aluminium industry in the region and neighbouring markets as global economies begin to reboot and construction projects resume.

The launch of this facility is a great example of the Kingdom of Bahrain’s recently announced economic recovery plan in action. This supports the mandate to continue attracting investment to the Kingdom, ultimately creating jobs for Bahrainis.

“We hope to establish a solid regional base and establish an access point from Spain not only to cater the GCC but other several regions. The geographical location of Bahrain and easy access to some of the fastest-growing markets here will provide the platform we need to achieve our international growth ambitions.  

We’re thrilled to be joining our industry peers in Bahrain and we look forward to tapping into a growing aluminium hub right next door to Alba. In combination with our Spanish facilities, the new site will be particularly well-positioned to export to the South East Asian and Indian markets. In addition to Bahrain’s well-placed geographical location, we will benefit from the highly skilled local workforce, strong logistics infrastructure and best-value operating costs. said Sergio Martinez CEO of ALEASTUR Group.

 ALEASTUR’s new hub is part of a broader plan, in partnership with Mumtalakat, who acquired a significant stake in the company in 2016, to develop the Kingdom’s downstream aluminium sector and strengthen synergies between local manufacturers and key international players.

Commenting on the announcement, HE Khalid Al Rumaihi, CEO of Mumtalakat, said, “As one of our key investments, ALEASTUR’s presence in Bahrain will add significant value to the growing downstream aluminium cluster which will enable them to cater to the growing demand in the region and beyond. We look forward to seeing their operations expand and are excited by the prospects this next phase for ALEASTUR brings.

Bahrain is already known in the Gulf region for its booming aluminium trade. The Kingdom’s national aluminium manufacturer, Alba, is the largest single-site smelter in the world outside of China, producing at full capacity more than 2% of global output. Mid and downstream clusters are fast developing around Alba, feeding off the metal it produces. Aluminium exports made up about 34.2% of Bahrain’s non-oil exports in 2020 and the sector already contributes 11.1% to GDP.

HE Khalid Humaidan, Chief Executive of Bahrain’s Economic Development Board, said, “The decision by Aleastur to build its first international base in Bahrain, is a prime example of the Kingdom’s attractiveness in the manufacturing and logistics sectors which we believe can be summarized by three main attributes. Firstly, our competitive operating costs are likely to be more profitable, secondly, our free trade agreements support businesses. Last but not least, a key decisive element is the highly skilled workforce we have to man those business and keep them successful.” Other aluminium companies operating in Bahrain include BAMCO, GARMCO, Balexco, and Midal Cables. The firms distribute internationally through Bahrain’s FTAs with 22 countries around the world, including the US.

Economic Development Board attracts nearly $40m in tourism investments ahead of industry’s bounce back

  • 260 jobs to be created in local tourism industry over three years
  • Middle East’s first cylindrical aquarium and top restaurant brands among major investments in Bahrain’s tourism sector Investment chiefs optimistic about tourism industry’s future as international travel resumes

Bahrain’s Economic Development Board (EDB) has attracted almost $40 million (BD 15 million) worth of investments in the Kingdom’s tourism sector to date, which will help to create some 260 jobs over the next three years.

Bahrain’s EDB is seeking to capitalise on the growth of the country’s tourism sector as meaningful international travel resumes. The Kingdom’s national carrier, Gulf Air, announced last month that around 80% of the airline’s pre-pandemic flights will resume from the summer season and Bahrain is appearing on more travel green lists across markets. 

Among the key tourism investments was Remza Investment Company’s addition of Turkish hospitality brand, Gunaydin, to its portfolio. Located at The Terminal, one of Bahrain’s unique real estate developments, Gunaydin’s $6.5 million investment will be its first restaurant in the Kingdom. The outfit will create 80 jobs over three years and add to the wide variety of international restaurants springing up in the country.

Remza Investment Company’s Chairman and CEO, Dr. Fadhel Al Arrayed, said: “Gunaydin is a prestigious global brand and is a valued addition to the Kingdom’s numerous eateries. Our first investment, a popular Istanbul restaurant, will be operated in Adliya in a 1,000-metre square space which can accommodate up to 300 customers. We would like to thank our partners and the EDB for providing us with a welcoming and supportive environment.”

Another investment by renowned chocolate brand, Patchi, allocated $8 million for the expansion of the business in the Kingdom. Launching new projects that offer unique experiences for customers, Patchi’s expansion will help create 160 jobs over three years.

On this regard, Patchi Bahrain emphasized that the Kingdom of Bahrain offers a business environment that is in line with their aspirations for expansion, both nationally and regionally. They believe that the country’s stability and openness, along with the support provided by the EDB and other organisations, helped them in developing the business, and they are proud to be part of Bahrain’s vibrant and growing tourism sector.

 ELSS Group, which specialises in the construction of aquariums and marine parks, also announced a $1 million investment in their regional operational base at the Bahrain Aquarium, which is the Kingdom’s largest aquarium at the Mall of Dilmunia. The largest cylindrical aquarium in the Middle East has a depth of 17 meters and is spread over four floors. It includes a life support (water purification) system on two floors beneath and another at the top of the aquarium. ELSS will operate and maintain the aquarium until at least mid-2025. This is in addition to other aquarium projects ELSS plans to undertake in the Kingdom and neighboring countries including Saudi Arabia, Oman, and the UAE. The group’s projects are estimated to create approximately 20 jobs in the fields of local marine biology, environmental sciences, underwater diving, and engineering.

ELSS Group’s Managing Director, Jed McAteer, said: “The Kingdom of Bahrain presents an ideal destination to develop and expand our business across the region. We have benefitted from the many competitive advantages offered by the country’s business-friendly environment. We are pleased to be working alongside the EDB as well as a number of qualified Bahraini companies in the architecture, construction, and retail industries. We welcome this valuable opportunity to share our expertise in Bahrain, which is an ideal environment for our future projects.” EDB’s Executive Director of Investment Origination, Ali Al Mudaifa, said: “Tourism, with its many restaurants, hotels, and resorts, is among the industries we expect to bounce back to previous levels of activity as the country continues to gradually reopen, and restrictions ease, allowing life to return to normal. Attracting investments such as these are in line with the EDB’s strategy to further economic diversification by contributing to the development of the sector and supporting the creation of jobs in the local market.

EDB outlines initiatives to develop key economic sectors

Following the announcement of the Kingdom’s Economic Recovery Plan, initiated by the directives of His Majesty King Hamad bin Isa Al Khalifa, and following the approval of the plan by the Cabinet, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, His Excellency Khalid Ibrahim Humaidan, the Chief Executive of the Economic Development Board (EDB), announced the Board will be focusing on several initiatives aimed at furthering economic growth and contributing to attracting direct investments across vital economic sectors to achieve the objectives of the plan.

The Economic Growth and Fiscal Balance Plan aims to create quality jobs and enhance Bahrain’s economic competitiveness.

HE Humaidan noted that the plan aims to attract USD $2.5 billion in direct investment by 2023.

The Chief Executive said the Board has successfully attracted increased investment between 2019-2020, indicating that the recovery plan prioritises supporting key sectors to boost economic development. The sectors include oil and gas, tourism, logistics, financial services, telecommunications, IT and digital economy, and manufacturing, in addition to launching Tamkeen’s new programs to stimulate medium and small companies in these sectors.

The Chief Executive said that the development of these economic sectors will diversify the national economy and support its growth.

HE Humaidan expressed confidence that the successful implementation of Bahrain’s economic recovery plan will be facilitated by its highly qualified and skilled workforce.

Bahrain launches the fastest Global Sea-to-Air logistics Hub in the region

  • The multi-modal logistics hub to cut cost by 40% and turnaround time of 2 hours

The Kingdom of Bahrain today launched the fastest regional multi-modal logistics hub in the region with only a 2hr turnaround time for all containers – meaning products can be with customers in half the time and at 40% of the cost.

The launch of the “Bahrain Global Sea-Air Hub” capitalizes both on Bahrain’s strategic position midway between European and Asian markets as well as on its proximity to regional target markets by establishing the most efficient multimodal sea-air transshipment hub in the region with a global reach.

The hub relies on streamlined clearance procedures, optimized logistics, and full digitization to achieve an end-to-end lead time of just under two hours for goods transiting from Bahrain International Airport to Khalifa bin Salman Port, and vice versa.

These gains translate to a 50% reduction in average lead time compared to pure sea freight and a 40% reduction in cost compared to pure air freight. Accordingly, Bahrain’s sea-air hub serves as a valuable alternative for manufacturers and freight forwarders, particularly in the context of the ongoing shipping crisis.

Bahrain will grant Partner status in this initiative to all markets globally which will allow for granting their nationally based companies the opportunity to become an authorized Trusted Shipper at the Bahrain’s Global sea-to-air logistics hub.

Bahrain Minister of Transportation and Telecommunications, H.E Kamal bin Ahmed said:

“The launch of this Global Sea-to-Air logistics hub, the fastest in the Middle East, here in Bahrain is a real opportunity not only for global logistics companies but also for exporters across the world. This service can lead to 40% cost savings compared to air freight only and 50% faster lead times than pure sea freight.”

He added: “We can only do this because of our unique position, the proximity of our ports, as well as our regulators, operators and port authorities working closely together and our state-of-the-art digital processing solution.”

This hub will enable the growth of the Bahrain logistics sector which will contribute to further diversify the Kingdom economy. Bahrain non-oil GDP year-on-year growth reached 7.8% in Q2 in 2021.

The operating cost within the logistics sector is 45% lower in Bahrain compared to neighboring markets, as per KPMG 2019 report “Cost of Doing Business in Logistics”. This has positioned Bahrain as an attractive destination for global and regional businesses operating within the sector.

Citi Launches Global Technology Hub in Bahrain

citi tech hub

Hub launched in cooperation with Tamkeen and the Bahrain Economic Development Board

Manama – Bahrain: Citi today inaugurated a global technology hub at its premises in Bahrain. The Citi technology hub, launched as part of a long-term strategic partnership with Tamkeen and the Bahrain Economic Development Board (EDB), will be one of the most advanced in the region with the aim of creating 1,000 coding jobs over the next ten years.

Technology hubs support many of Citi’s global businesses and clients and accelerate the development of digital solutions. Citi selected Bahrain as the location of its new technology hub for several reasons, including availability of skilled workforce, transparent regulations and government support.

Ala’a Saeed, Citi FX’s Global Head of Electronic Platforms & Distribution, said: “Citi’s industry-leading global foreign exchange business will be the first to recruit technologists at the technology hub. Our initial focus in Bahrain will be on engineering for Citi’s flagship proprietary platforms, working to enhance execution and connectivity capabilities across FX trading and analytics systems.

“Over time, the technology hub in Bahrain will scale to support Citi Markets and Citi’s Institutional Client Group more broadly, extending the scope of capabilities developed locally even further,” continued Ala’a.

Central to this programme is TAMKEEN, the Kingdom’s Labour Fund, which aims as part of its efforts to create new job opportunities and upskill individuals in order to boost their competitiveness and employability in the private sector, and further their career development through programmes which enable them to enter international markets, becoming leaders in their fields.

Citi Bahrain’s Chief Executive Officer, Michel Sawaya, commented: “The pace of automation and digitalization accelerated rapidly in the past two years across the financial industry. Our new technology hub in Bahrain will allow us to rapidly scale to meet increasing global client demand for electronic solutions.”

He added, “We are thrilled to have the hub here and tap into Bahrain’s pool of diverse talent to hire advanced technologists with a strong business background, and I am certain that the hub will succeed in creating technology that will benefit our clients globally.”

Citi Head for the Middle East and North Africa (MENA) Elissar Farah Antonios, said: “At Citi, we’re investing heavily in digital technologies and platforms to serve our clients and our businesses across the globe. The new technology hub brings us a step closer to providing a better client experience in a world that is highly digitized and contributing significantly to our clients’ success. It also highlights our commitment to the Kingdom of Bahrain as a strategic hub for innovation.”

H.E. Hussain Mohammed Rajab, Tamkeen’s Chief Executive highlighted the importance of such programmes for potential investors to realize the depth of quality talent available in Bahrain. 

He said, “Bahrain has a proven track record that reflects the readiness and global competitiveness of its local workforce, enhancing the Kingdom’s position in attracting direct investment across all priority sectors. We highly value the strategic partnership with EDB and all stakeholders in Team Bahrain where Tamkeen aims to achieve economic growth and impact by supporting the private sector towards productivity, innovation, digitization, internationalization, and building the human capital advantage, especially in technology and emerging skills.

Bahrain EDB’s Chief Executive, H.E. Khalid Humaidan said: “Bahrain has been renowned for its solid foundations in the Financial Services sector for decades. The programme that we have agreed with Citi is a perfect example of the strides we are taking to evolve our economy and remain at the forefront of digital transformation. The opportunity this represents for us as a Kingdom is such that we can impact the world from Bahrain, with Bahraini talent supporting Citi’s ambitions to deliver results all across the globe.”

“At the EDB, we continue to go across the world looking to attract global benchmark companies like Citi to establish operations in the Kingdom and benefit from our world-class infrastructure and talent. We are extremely excited to enter into the next phase of our relationship with Citi and look forward to seeing them thrive in the Kingdom,” he continued.

Citi has been present in the MENA region for more than 50 years. Its institutional capabilities in the region include Corporate & Investment Banking, Capital Markets, Sales & Trading, Transactions Services, Equity Research, and Islamic Banking. Citi’s Consumer Banking services in MENA cover the UAE and Bahrain, while it maintains close relationships with affluent and high-net-worth clients in the region through Citi Global Wealth.

Bahrain ranked among top twenty global economies in attracting investments

Manama, 6 September 2021 – The Kingdom of Bahrain was ranked among the top 20 global economies in attracting direct investment, according to the Financial Times’ Greenfield FDI Performance Index 2021. Bahrain ranked 15th among 84 countries from around the world that were included in the report. The Kingdom also ranked 2nd in the Gulf and 3rd in the Middle East and North Africa.

According to the index, Bahrain obtained 3.23 points and a rating of (above 1), which reflects the relatively large contribution of direct investments to the Kingdom’s economy. The report compares the size of the economies of countries and the direct investments that were attracted in 2020. The Kingdom climbed 12 positions from its previous global rating of 27. The five most prominent global economies in attracting direct investment included Costa Rica, Lithuania, the United Arab Emirates, Singapore, and Estonia.

Bahrain’s high ranking regionally and globally in attracting direct investments reflects the effectiveness of the strategic plan adopted by the Economic Development Board and its efforts alongside Team Bahrain partners to attract direct investments and create jobs despite the pandemic. It also gives an indication of the extent of development and openness of the business environment in the Kingdom and its competitive advantages that attract the attention of investors from all over the world.

Can the Middle East produce a cyber-security firm to challenge Silicon Valley?

– Bahrain is fast emerging as the regional leader in key ICT industries, such as gaming, internationally connected data centres, and now cybersecurity –

This content was exclusively published on Arabian Business

Mon 30 August 2021: Businesses of all sizes across every sector have been disrupted and forced to undergo rapid evolution and embrace digitalisation because of the Covid-19 pandemic. From safer banking, to more convenient shopping, this global shift online has largely benefited society.

But it also brings with it a new threat, to which many fresh, inexperienced, and therefore sometimes vulnerable companies are left open: cyber-crime.

The rapidly digitalising member countries of the GCC are no exception. Recent statistics from the region paint an alarming picture of cyber-attacks on the rise. Bahrain in 2020 blocked more than seven million attacks, according to TrendMicro’s annual Constant State of Flux report, while Saudi Arabia faced the same number in the first three months of 2021 alone, according to a quarterly Kaspersky report. The UAE meanwhile saw a 250 percent increase in cyber-attacks in 2020. These concerning figures are enough to make any multinational uneasy.

Smaller businesses in the region have proved to be particularly at risk of preying cyber criminals. Of course, there are certain actions SMEs can take to protect themselves. Simple things, like taking cyber risk seriously rather than viewing it as an IT issue, or raising awareness of cyber crime among employees. Staff can be instructed to install the latest software updates, be mindful of suspicious activity and phishing attacks, and to use strong passwords.

But there is a great deal more companies in the cybersecurity space can do to support the businesses and sectors most at risk. Just like the pandemic and any other challenge, the rise in cyber threats presents an opportunity. Already, ambitious, innovative and homegrown cybersecurity companies are emerging, and increasingly seeking to partner with international corporations.

Facilitating organic and sustainable growth here, in Bahrain’s ICT sector, has long been a national priority. Flexible, pro-business and often pioneering regulation has laid the foundations of our thriving ecosystem. For example, take Bahrain’s first-of-its-kind data jurisdiction law, which creates a “data embassy”, allowing data stored in Bahrain to fall under its home country’s legal jurisdiction. Or the government’s “Cloud-First Policy”, which is seeing a concerted migration of all government services to the cloud.

Bahrain’s tech-savvy population, its strategic location, advanced digital infrastructure, adoption of public clouds and training for Bahrainis looking to acquire cloud skills, have been key to attracting partnerships with global leaders in their fields which have served in turn to further bolster the local ecosystem.

Smaller businesses in the region have proved to be particularly at risk of preying cyber criminals.
Bahrain was chosen, for example, by AWS for the launch of its first Middle East ‘region’ and hyperscale data centre, a solution allowing organisations to store and transfer data more efficiently, which is already driving massive data traffic towards the region.

Through similar partnerships, Bahrain was also able to become one of the very first countries in the world to roll out nation-wide commercial 5G, enabling higher volumes of data transmission at record times.

Off the back of all this, Bahrain is fast emerging as the regional leader in key ICT industries, such as gaming, internationally connected data centres, and now cybersecurity.

In short, even as the pandemic came into full force, Bahrain was better placed than most to foster the growth of companies, which are emerging as a rapid response to the growth of cyber-attacks here in the region and globally.

Undoubtedly, it was Bahrain’s supportive ecosystem which facilitated our growth and in turn allowed us to attract and earn the trust of the major clients we are proud to serve today. We are seeing similar steps taken across the entire GCC, allowing us to pose the one question we are optimistic about: Can the Middle East produce a cyber-security firm to challenge Silicon Valley?

Mirza Baig, CEO of EDX Labs, a Bahrain-based innovation hub connecting the capabilities of software houses, VCs and incubators.

Bahrain ranks first for ICT talent in the GCC, according to UN Report

The Kingdom of Bahrain was recently ranked as first in the GCC for availability of advanced computer programming talent in Information and Computer Technology (ICT), according to the International Telecommunication Union (ITU) Report 2020.

The ITU is a specialised agency of the UN responsible for matters related to information and communication technologies including setting the international standards for ICT indicators. The annual price trends report recently released, measures the level of digital transformation throughout the world, and highlights the value and quality of ICT services provided by local operators.

As indicated in this report, Bahrain continues to meet the UN affordability of 2% GNI per capita target across all ICT packages measured, providing accessible and affordable technology for its community. The report also scores Bahrain as the best in data value per GB within the GCC, and 2nd in the Gulf (8th in the world) for affordability of basic mobile cellular packages.

Dalal Buhejji, Executive Director of Investments at the Economic Development Board said, “Bahrain continues to attract direct investments within the ICT sector which is driven by many factors such as the availability of ICT talent, the competitive cost of doing business which forms the financial attractiveness for investors to set up and operates from the Kingdom.

Bahrain’s high ranking in this report is a testament to the kingdoms strategy and investment to further advance the ICT sector. In fact, just last year Bahrain Economic Development Board attracted over BD300 million in direct investments which included many within the ICT sector which will generate employment opportunities in Bahrain.”

-ENDS-

For more information, please contact:

Mahmood Ali
Executive Director, Communications
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, technology and innovation, tourism, education, healthcare, logistics and transport.

Trade between Bahrain and GCC jumps to $1.69bn in Q2

– Non-oil bilateral trade rebounds in second quarter as Bahrain recovers from pandemic –

– Bahrain-UAE trade increases 76% YoY in Q2 as supply chains reopen –

– Bahrain-GCC trade for the first half of 2021 reached $3.4 billion, up from $2.8 billion in H1 2020 –

Manama – Bahrain 18 July 2021: Trade between the GCC and Bahrain reached a total value of $1.69 billion in Q2 2021, marking a 38% increase compared to the same quarter last year, according to the latest figures released by Bahrain’s eGovernment and Information Authority.

The data shows that Bahrain’s non-oil trade has quickly rebounded from a low point in 2020. International trade was severely hampered in Q2 2020 as lockdowns caused borders to close and significantly disrupted supply chains.

Non-oil bilateral trade between Bahrain and the UAE increased by 76% year-on-year to $672 million in Q2 2021.

Trade between Saudi Arabia and Bahrain accounted for around half of total Bahrain-GCC trade, at $781 million. Trade between Oman and Bahrain stood at $141 million. Oman was followed by Kuwait, which recorded $99 million in bilateral trade in Q2 2021.

Bahrain-GCC trade for the first half of 2021 reached around $3.45 billion up from $2.88 billion in H1 2020.

Ali Al Mudaifa, Executive Director of Bahrain’s Economic Development Board, said that the latest figures show significant progress on an annual basis.

“Bahrain has worked extremely hard alongside its GCC partners to boost trade in the region since the pandemic slowdown. Bahrain’s increasingly diversified economy presents excellent opportunities for foreign investors and we look forward to helping more companies tap into the burgeoning Gulf market in the coming months,” said Al Mudaifa.

He added: “Bahrain’s strong rebound from the pandemic demonstrates the continuing integrity of our robust supply chains and illustrates our position as a key logistical hub in the Gulf region. Companies here benefit from a competitive business environment, the region’s best-value operating costs and one of the most skilled workforces. The Kingdom also offers 100% foreign ownership in most business sectors.”

Some of the biggest exports to the UAE, aside from iron ore and aluminium products, included cheese and biscuits manufactured in Bahrain’s multi-million-dollar mega factories. Within the region, Bahrain is rapidly emerging as an FMCG leader, with global FMCG giants like Arla, Mondelez, Kimberly Clark and Reckitt Benckiser selecting the Kingdom as their regional manufacturing base and distribution hub.

Bahrain is only a 40-minute drive away from the region’s biggest market, Saudi Arabia, and connected to the rest of the GCC via multiple daily flights on the national carrier, Gulf Air. DHL has its regional hub in Bahrain.

The value of Bahrain’s global exports spiked by more than 70% year-on-year, reaching $1.12 billion by the end of the second quarter. Import values fell by around 8% to just over $1 billion.

—ENDS—

For more information, please contact:

Mahmood Ali

Executive Director, Communications

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, technology and innovation, tourism, education, healthcare, logistics and transport. For more information on the Bahrain EDB visit www.bahrainedb.com

Bahrain EDB recognised globally for its resilience in navigating the pandemic

Manama, July 14, 2021: The Economic Development Board (EDB), the country’s Investment Promotion Agency (IPA), was recognised by the international economic development organisation OCO Global for its resilience in responding to the challenges posed by the Covid-19 pandemic, ranking 6th top global IPA with the most resilience to add new source markets in the 2021 OCO Global Innovation Index.

The EDB also ranked 2nd, alongside Invest Denmark and Invest HK (Hong Kong), in the technology sub-index, highlighting the EDB’s efforts in using technology to attract, facilitate and promote investment.

The 2021 OCO Global IPA Innovation Index evaluated 20 leading global IPAs on whether they made a positive change in response to Covid-19 based on strategic planning, operations in new sectors and markets, and use of technology in managing clients’ relationships, virtual events, and conferences.

The EDB’s mandate is to attract investments in order to create jobs in the local market. Despite the challenges faced due to the pandemic, the EDB was able to attract BHD333 million in direct investments in 2020 which will create over 4,300 jobs over the next three years.

Last year, several prominent companies launched operations in the Kingdom, with investment from leading local, regional and international companies in key sectors including financial services, manufacturing, logistics services, education, healthcare services, real estate, tourism, and ICT.

–ENDS—

Notes to Editor:

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: communications@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, technology and innovation, tourism, education, healthcare, logistics and transport.

For more information on the Bahrain EDB visit www.bahrainedb.com

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