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

A total of 32 landmark announcements and deals over USD 12 billion were 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 in Bahrain and 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 in Bahrain. Additionally, Singapore Gulf Bank announced the launch of corporate banking services for the global digital economy.

Highlighting Bahrain’s digital transformation momentum, ARRAY Innovation signed three new partnerships with the National Bank of Bahrain (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 of Bahrain. 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 of Manama’s exclusive Bahrain Harbour.

Government announcements included details from Bahrain’s Ministry 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’s sovereign wealth fund, signed several partnership agreements across key verticals of their portfolio.

Edamah signs with Sunset Hospitality Group to operate Bilaj Al Jazayer Beach Club

Edamah, the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), has signed an agreement with Sunset Hospitality Group to operate the upcoming Beach Club at Bilaj Al Jazayer, on the sidelines of Gateway Gulf 2024. This high-end venue will complement attractions like the Bahrain Surf Park, as well as the exclusive Tivoli and Avani hotels and residential suites, adding to Bilaj Al Jazayer’s appeal.

The appointment reflects Edamah’s commitment to transforming Bilaj Al Jazayer into a premier, beachfront tourist destination in Bahrain and the region.

Commenting on the development, His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat and Chairman of Edamah, said: “We are proud of the progress that Edamah has made in realizing the ambitious vision for Bilaj Al Jazayer. This project is a crucial milestone in a series of developments that will significantly enhance Bahrain’s tourism infrastructure, and it is a prime example of how sectoral integration can contribute to sustainable economic growth.”

The Bilaj Al Jazayer project boasts a three-kilometer beachfront and spans over one million square meters. It is set to become a combined destination offering top-tier entertainment, hospitality, and residential facilities, alongside high-end amenities.

Edamah announces the commencement of the Construction of Tivoli & Avani Hotels & Residences

Edamah, the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), has announced on the sidelines of Gateway Gulf 2024 that construction is now underway for the Tivoli & Avani Hotels & Residences project at Bilaj Al Jazayer, and is due for completion in Q2 2026.

The five-star Tivoli Hotel and four-star Avani Hotel at Bilaj Al Jazayer will be managed by Minor Hotels. The Tivoli and Avani and hotels, with a total of 200 keys, mark Minor Hotels’ entry into the Bahrain market and will support the growth of the Kingdom’s tourism and hospitality sectors. The hotels will be accompanied by three branded fully serviced residences, offering a total of 150 apartments and setting a new standard of luxury beachfront living in the region.

His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat and Chairman of Edamah, said, “We are delighted to initiate the construction of the Tivoli & Avani Hotels & Tivoli Residences, marking the first of many milestones at Bilaj Al Jazayer. This project symbolizes our commitment to elevating Bahrain’s tourism and real estate landscape, and we are confident that it will be executed to the highest standards.”

Located on Bahrain’s south-west coast, Bilaj Al Jazayer encompasses 1.3 million square metres of land with a three-kilometre beachfront. The new mixed-use development will feature resorts, residential villas and apartments, food and beverage outlets, offices, retail and entertainment offerings, including the first of its kind surf park powered by Wave Garden technology.

Edamah announces the commencement of work on Bahrain Surf Park – Club Hawaii Experience

Bahrain Bay Skyline

Edamah, the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), announced the sidelines of Gateway Gulf 2024 that work has begun on the world class Bahrain Surf Park – Club Hawaii Experience, with project completion due in Q1 2026.

The project, which is being developed in partnership with GFH Financial Group (GFH), introduces the first Wavegarden Cove Surf Park in the region. Officially named Bahrain Surf Park—Club Hawaii Experience, it will be located at the heart of Bilaj Al Jazayer on the southwest coast of the Kingdom of Bahrain and is poised to become a major tourism attraction in the region.

The park uses advanced technology to generate waves of different sizes, shapes, and durations in a controlled environment, which makes it ideal for surfers of all skill levels. Bahrain Surf Park—Club Hawaii Experience is expected to attract approximately 250,000 visitors per year, with upwards of 120,000 surf visits annually. The site will feature a surf academy, F&B outlets, a spacious terrace, a retail store, cabanas, events space, and a large private entertainment area for corporate or school groups.

His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat and Chairman of Edamah, said, “Excitement levels are high now that construction has begun on Bahrain Surf Park, featuring the Wavegarden Cove, which will be a game-changer for tourism in Bahrain. We are excited to introduce this world-class surf park to the region, offering an unparalleled experience for surfers of all levels. This development aligns with our vision to create unique attractions that showcase Bahrain’s potential as a leading destination for leisure and entertainment.”

The Wavegarden Cove lagoon can accommodate up to approximately 90 surfers per hour, catering to all levels from complete novices to elite surfers. Headquartered in Spain, Wavegarden is a cutting-edge engineering company dedicated to the research, design, manufacture, installation and operation of world-class wave generating systems and surfing lagoons. With over a decade of R&D and a series of innovative breakthroughs and patents, Wavegarden is considered the market leader in dynamic artificial wave technology.z

J.P. Morgan Payments Plans to Hire Technologists in Bahrain

Demonstrates Bahrain’s highly skilled workforce and standing as a center of excellence for finance and technology for the region

Today the Kingdom of Bahrain is delighted to announce J.P. Morgan Payments’ plans to hire software engineers and other technologists in Bahrain to serve its global payments business.  This news is the next step in the continued strategic investment the business is making in technology talent globally.

JPMorganChase is one of the world’s largest technology-driven companies with a demonstrated dedication to improving the design, analytics, development, coding, and application programming that goes into creating high-quality software and products.

“Known for its ease of doing business, Bahrain has cemented its reputation as a fast-growing financial and technology center for the region, driven by a digitally empowered financial services sector that continues to underpin Bahrain’s growth and diversification story,” said H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, adding,“This milestone marks a strong endorsement of the trust international investors place in Bahrain’s first-rate offerings and future-ready workforce. We take pride in the fact that as an island nation, we have one of the highest ratios of FDI stock to GDP globally – almost double the global average – a stamp of approval of our recognised global competitiveness and the depth and diversity of services we can offer the world.”

J.P. Morgan Payments combines treasury services, trade & working capital, card and merchant services capabilities to help clients pay customers or employees, in different currencies, around the world. It processes nearly $10 trillion payments daily, operating in over 160 countries and over 120 currencies. In 2023, J.P. Morgan Payments reported $18.3 billion in revenue across the firm, up from approximately $14 billion in 2022, representing a 31 percent increase, excluding the impact of equity investments.

Mike Blandina, Global Head of Payments Technology at J.P. Morgan Payments, added, “We are looking to Bahrain as a strategic partner to grow the pool of technology talent and continue to drive business value both for the region and globally.”

Bahrain’s financial services sector has shown remarkable progress earning its position as the Middle East’s most established financial centre with a diversified portfolio of local, regional and international financial services institutions. The sector, comprising 365 financial institutions and employing over 14,300 people, contributed 17% to GDP in 2023, with a year-on-year growth of 2.4%. In 2023, the sector attracted record foreign direct investment (FDI) flows worth BHD 10.7 billion, accounting for 65.8% of total FDI inflows, marking an impressive increase of 33.4% from 2022.

Singapore Gulf Bank Launches Corporate Banking Services for the Global Digital Economy

  • First regulated bank in Bahrain offering comprehensive crypto-compatible banking services
  • Real-time settlement capabilities, fully remote onboarding will support businesses in the global economy

Singapore Gulf Bank (SGB), the digital bank backed by Mumtalakat, the sovereign wealth fund of the Kingdom of Bahrain, and privately-held investment group Whampoa Group, today announced, on the sidelines of Gateway Gulf 2024, the launch of its corporate banking services. Operating under full regulatory approval from the Central Bank of Bahrain, SGB will offer comprehensive digital banking services to corporate customers in the digital economy to manage their traditional financial and digital assets on a single platform. Global clients can onboard through SGB’s remote digital on-boarding solutions. SGB will extend its digital banking services to individual clients by the end of the year.

In addition to regular corporate banking services, SGB will provide a real-time settlement network, digital assets custody and intuitive trading solutions, all underpinned by robust AML/KYC measures. This enables businesses to manage their finances flexibly – whether they are traditional or digital assets – facilitating their participation in the digital economy.

Edmund Lee, Founding Chairman of the Board of SGB, stated: “We’re building the foundation for a new era of global finance where traditional and digital worlds converge to enable businesses to operate anytime and anywhere.”

H.E. Noor bint Ali AlKhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, said, “The launch of SGB marks a pivotal moment in deepening financial connectivity between MENA and Asian markets through Bahrain. As the digital economy continues to grow, our kingdom will serve as a gateway connecting Asian enterprises with opportunities across traditional and digital financial markets. SGB is a testament to Bahrain’s pro-innovation environment and our ability to attract and anchor ambitious global enterprises.”

H.E. Khalid Humaidan, Governor of the Central Bank of Bahrain, commented: “SGB’s launch demonstrates Bahrain’s commitment to fostering innovation in financial services while upholding the highest regulatory standards. With SGB, Bahrain will serve as a crucial nexus that connects businesses around the world and bridges traditional and digital financial services.”

SGB is pioneering a new era of banking where everyone can easily access and manage digital assets alongside traditional assets within one integrated network. Underpinned by its compliance-first approach, SGB will serve as a vital link between mainstream financial services and the rapidly advancing digital asset economy, empowering the next billion users with access to the future of finance.

Alba and Daiki Aluminium Reiterate Commitment to Sustainable Aluminium Production at Gateway Gulf 2024

At Gateway Gulf 2024, an investment forum hosted by the Bahrain Economic Development Board (Bahrain EDB), Aluminium Bahrain B.S.C. (Alba) and Daiki Aluminium Industry Company Ltd. reaffirmed their strategic partnership by announcing their intention to form a joint venture ‘Alba-Daiki Sustainable Solutions (ADSS)’ which will establish a cutting-edge, sustainable aluminium dross processing facility in the Kingdom of Bahrain.

This announcement, made during the forum, underscores Bahrain’s commitment to economic diversification and environmental sustainability. Alba will hold a 70% stake in the joint venture and Daiki will have the remaining 30%. Both partners are targeting to commence operations by September 2026, marking a significant milestone to environmental stewardship and technological advancement in the region.

The Forum was attended by Alba’s Chairman of the Board, HE Khalid Al Rumaihi, Alba’s CEO Ali Al Baqali, and Daiki Aluminium Industry Company Ltd.’s Chairman and Representative Director, Yamamoto Takaaki. 

HE Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, commented on the partnership: “The strategic alliance between Alba and Daiki Aluminium underscores Bahrain’s growing appeal as a global investment hub. This collaboration showcases how our Kingdom’s advanced infrastructure, innovation-friendly policies, and talented workforce are attracting transformative projects. It’s a clear demonstration of our commitment to sustainable economic diversification and our ability to foster international partnerships that drive long-term prosperity in the Kingdom.’’

Adding further, Alba’s Chairman of the Board, HE Khalid Al Rumaihi stated: “This partnership with Daiki Aluminium marks a pivotal moment in Alba’s history and Bahrain’s industrial landscape. By combining our strengths, we’re not just enhancing our operational efficiency, but also setting new standards for sustainable aluminium production in the Gulf. This venture aligns perfectly with our commitment to innovation and environmental stewardship, while reinforcing Bahrain’s position as a leader in economic diversification. We’re confident that this collaboration will create significant value for our stakeholders and contribute substantially to the Kingdom’s sustainable development goals.”

Yamamoto Takaaki, Chairman and Representative Director of Daiki Aluminium Industry Company Ltd., stated: “Our collaboration with Alba represents a significant milestone in sustainable industrial development, perfectly aligned with the vision showcased at Gateway Gulf 2024. As the GCC region aims to reach a GDP of around USD3 trillion by 2030, this partnership demonstrates how targeted investments can drive both economic growth and environmental progress. By leveraging our century-long expertise in aluminium recycling alongside Alba’s world-class operations, we’re not just creating a more efficient production process – we’re contributing to Bahrain’s impressive 84% non-oil GDP.’’

Resilience, Innovation, and Future-Ready Strategies Take Centre Stage at Gateway Gulf 2024

Government ministers and business leaders from the world’s most influential economies gather in Manama, Bahrain for the opening of the second edition of the investment forum, spotlighting strategies for adapting to a fast-evolving economic landscape.

Resilience, innovation, and future-ready strategies took centre stage today at Gateway Gulf 2024, as 250 distinguished attendees, including government ministers and business leaders from around the world, convened for the first day of the investment forum. Hosted in Manama, Kingdom of Bahrain, on November 3 and 4, 2024, by the Bahrain Economic Development Board (Bahrain EDB), the forum brings together regional and global leaders to explore strategies for future-proofing industries and economies while highlighting some of the Gulf Cooperation Council’s (GCC) most exciting high-growth opportunities.

Held under the theme of “Investing for Resilience in a Fast-Changing Global Reality,” day one saw opening remarks delivered by H.E. Shaikh Salman bin Khalifa Al Khalifa, the Minister of Finance and National Economy for the Kingdom of Bahrain. This was followed by high-level discussions focused on addressing challenges in today’s economy, such as inflation and geopolitical tensions, alongside opportunities in digital transformation and the energy transition. Emphasizing the importance of long-term resilience and sustainable growth, the day’s agenda addressed pressing topics such as investing for resilience, adapting to a shifting global trade landscape, readying the workforce for a future economy, and decarbonising industry.

Key sessions included the opening panel discussion “Investing for Resilience in a Fast-Changing Global Reality.” Attended by H.E. Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, Kingdom of Bahrain, alongside H.E. Eng. Khalid bin Abdulaziz Al-Falih, Minister of Investment, Kingdom of Saudi Arabia, and Lord Gerry Grimstone, Former UK Minister for Investment at the Departments for International Trade and Business Energy and Industrial Strategy, the opening session underscored the necessity for growing regional integration, as well as technological innovation to leverage opportunities in the global economy, as well as mitigating current and future risks.

In line with the theme of navigating a rapidly shifting global economy, the panel discussion “Adapting to a Shifting Global Trade Landscape,” spotlighted strategies for nearshore manufacturing, particularly within high–growth, technology-dependent sectors, and examined implications for major trading hubs and global supply chains. Featuring H.E. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, Kingdom of Bahrain, alongside Henadi Al-Saleh, Chair of the Board of Agility, and Keith Svendsen, CEO of APM Terminals, the panellists stressed the need to modernize infrastructure and advance digitization efforts to minimize the bureaucracy related to global trade. The need to diversify trade routes and drive partnerships was also underscored as critical to overcoming potential disruption to global supply chains.

Additional highlights from day one of Gateway Gulf 2024 include the fireside chat “Towards a Future-Ready Workforce,” featuring H.E. Noor bint Ali AlKhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board. In the session, H.E. AlKhulaif highlighted the importance of public and private partnerships for its efforts, the criticality of investing in upskilling for a digitized economy, and the advantages of collaboration across the GCC to enable talent mobility.

Providing a critical platform for governments and industries to explore solutions and strategies for sustainable growth in an uncertain world, Gateway Gulf 2024 not only addresses immediate economic challenges but also uncovers long-term opportunities across Bahrain and the GCC. By fostering collaboration and highlighting the region’s unique advantages—from technological advancements to progressive economic policies—Gateway Gulf reinforces Bahrain’s position as a leading investment destination and underscores the GCC’s pivotal role in the global economy.

On the sidelines of Gateway Gulf Forum in Bahrain.. Edamah announces the planned opening of Hawar Resort by Mantis in December 2024

Edamah, the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), announced on the sidelines of Gateway Gulf Forum, organized by the Economic Development Board in Kingdom of Bahrain that Hawar Resort by Mantis, a pioneering tourism development on Bahrain’s Hawar Island, is scheduled to open to the public in early December 2024,  heralding a new era of luxury eco-tourism in the region.

Nestled on the west coast of Bahrain’s Hawar Island, Hawar Resort by Mantis is surrounded by a thriving wildlife sanctuary, posing to be one of the landmark environmentally-focused projects of its kind in the Middle East. The resort will feature 102 keys, including luxury overwater villas and beach villas; five dining concepts; and extensive sports and leisure facilities, such as the Adventure Park, Bear Grylls Survival Academy, which is a collaboration with UK television presenter and survival expert Bear Grylls.

His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat and Chairman of Edamah, said, “This project is of immense strategic importance to the Kingdom, reflecting our vision to promote sustainable tourism while showcasing Bahrain’s natural beauty and preserving it for future generations. The world-class offerings of Hawar Resort by Mantis will be a major addition to the Kingdom’s tourism landscape.”

Located 30 minutes from Bahrain’s main island, Hawar Island is an outstanding destination recognized by UNESCO for its natural history. Its pristine environment has been virtually undisturbed, resulting in a vibrant ecosystem that will appeal to nature lovers and adventure seekers.

Guests visiting the island will be treated to a diverse range of wildlife, such as sand gazelles, vibrant coral reefs, and endangered dugongs. Birdwatchers will be delighted by the various migratory birds, including Socotra cormorants. Additionally, guests can stay in overwater villas with direct access to the sea, enjoying exceptional service and the island’s stunning natural surroundings.

The development of the Hawar Resort by Mantis follows a sustainable and environmentally aware approach, respecting the unique environment of the island. Initiatives such as waste sorting, biodegradable waste reuse, and water and energy conservation technologies will minimize the project’s environmental impact. The property will also feature separate areas for relaxation and adventure.

Beyon Unveils its Visionary Digital City at Gateway Gulf Forum Beyon Signs Development Agreement with Edamah

Beyon BSC (Ticker: BEYON), unveiled plans for its ambitious 380,000 square meter Digital City project, located in Hamala, through a key signing ceremony with Bahrain Real Estate Investment Company (Edamah), the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat).  The signing ceremony between the two entities took place during the opening day of the Gateway Gulf Investor Forum 2024 organized at the Four Seasons Hotel in Bahrain. Through the signing, Beyon named Edamah as the development manager for its signature project, for which construction is expected to begin in 2025.  Present at the signing ceremony were HE Sh. Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat and Chairman of Beyon and Edamah, as well as Andrew Kvalseth, CEO of Beyon, and Christopher Calvert, CEO of Edamah.

The Beyon Digital City project is anchored by the organization’s strategic intent to deliver digital transformation that tallies closely with Bahrain’s national digitalization drives.  The project is designed to seamlessly integrate the facets of connectivity, technology, and real estate establishing a new standard for mixed-use developments in Bahrain and meeting the requirements of advanced digital lifestyles as well as international standards and frameworks for smart cities.  Additionally, projects such as these have proven to be strategic enablers of both local and foreign direct investment and a means of economic stimulus, job creation and economic convergence across sectors.

Announcing the development, CEO Andrew Kvalseth said, “Beyon’s Digital City is more than just a project, it is a vision and benchmark for the future of urban living built upon the core tenets of Bahrain’s Vision 2030 that prioritize livability, sustainability, inclusivity and digitalization.  We ourselves hold these values at the core of our business in Beyon, and believe in supporting this vision, and Bahrain’s position as a symbol of a modern, connected nation.  We believe that this project will provide promising investment opportunities, especially for investors interested in sustainable growth and return on investment.”

Andrew Kvalseth further explained the main elements of the Digital City, “Beyon’s Digital City development, centers around three core pillars that mirror the organization’s brand principles and identity: People, Nature, and Technology.  Stemming from these are plans for the project’s prioritization of life and livability, fostering of green spaces, and embracing innovation and digital integration.”

Functionally, the dynamic mixed-use environment will include Beyon’s main headquarters, as well as R&D centers, healthcare facilities, fitness and recreation centers, and educational premises.  In addition, there will be contemporary office spaces, retail and dining areas, as well as hospitality and serviced apartments.  At the heart of the development lies a 1.2 km green, vehicle-free, boulevard that seamlessly unites these spaces, promoting a harmonious lifestyle.

The project’s backbone is its advanced telecommunications infrastructure, which will power IoT and AI systems, enabling real-time, data-driven urban management for optimal operational efficiency. Residents and visitors will benefit from enhanced user experiences through seamless digital services and the flexibility to integrate future smart technologies.

In line with Beyon’s commitment to sustainability, the Digital City aims for LEED certification for its buildings, utilizing renewable energy sources and implementing efficient resource management practices. Additionally, smart transportation solutions, including electric and autonomous vehicles and IoT-enabled traffic systems, will be integrated to optimize mobility and minimize environmental impact.

In bringing this vision to life, Beyon has partnered with Edamah who have been appointed to handle the project’s development management.  The decision is driven by Edamah’s ability to consistently, effectively and competently, deliver projects on time, in accordance with the highest international standards. Edamah CEO, Christopher Calvert, said, “We are excited to collaborate with Beyon on such a pioneering project. Our expertise in real estate development and construction will ensure that the Digital City is grounded in industry best practices while leveraging Beyon’s technological leadership to set new standards in smart, sustainable urban development.  This partnership allows for a seamless fusion of real estate and technology, ensuring the project not only meets but sets new standards in smart, sustainable urban development.”

The Digital City project represents a new benchmark for the GCC region, championing innovative, sustainable, and people-centric urban living that aligns with Bahrain’s national initiatives for digitalization and economic diversification.

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