Since November 2023, Bahrain has secured more than $100 million in investment commitments from Singapore-based companies across financial services, ICT, and tourism sectors. The Bahrain Economic Development Board (Bahrain EDB) revealed this achievement during the Singapore Fintech Festival 2024, marking a significant milestone for Bahrain’s investment promotion agency.
This accomplishment reflects Bahrain EDB’s international reach, with its Singapore office, established as the first in the ASEAN region, playing a vital role.
Commitment of Investors
Noor bint Ali Alkhulaif, Bahrain’s Minister of Sustainable Development and CEO of Bahrain EDB, commented, “This milestone underscores the trust international investors have in Bahrain’s value proposition. It highlights the effectiveness of our ‘Team Bahrain’ approach, where public and private sectors collaborate to maintain Bahrain’s attractive investment environment. We offer forward-looking regulatory frameworks and streamlined services, creating a seamless experience for businesses establishing in Bahrain.”
She added, “We are pleased with the steady growth of investments from Singapore and the success of international firms in Bahrain as they expand and thrive.”
Located in the heart of the Arabian Gulf, Bahrain is known for its openness and cultural diversity, underpinned by a skilled workforce supported by government grants and subsidized programs. Women constitute 34% of the financial services and insurance workforce, and global companies like Citi and PwC Middle East have chosen Bahrain as a base for their tech hubs and service centers.
An Innovation Hub
Dalal Buhejji, Executive Director of Financial Services at Bahrain EDB, emphasized Bahrain’s status as a financial services and innovation hub. With a forward-thinking regulatory environment led by the Central Bank of Bahrain, which has introduced region-leading frameworks in crypto assets and open banking, Bahrain supports a dynamic financial sector. Businesses in Bahrain benefit from a bilingual, skilled local workforce and a diverse expatriate talent pool.
As the Gulf’s first nation to diversify its economy, Bahrain’s financial services sector, empowered by digital innovations, contributes approximately 17% to the nation’s real GDP. The sector includes international banks, fintech companies, and digital asset firms, such as Singapore’s Whampoa Group and Crypto.com, which recently received a Bahrain payment services license.
The Bahrain EDB’s Singapore office provides on-ground advisory support, market insights, and industry assessments to Singapore-based investors looking to expand in the Middle East and North Africa (MENA) region. Offering end-to-end services, Bahrain EDB connects investors with key stakeholders across Bahrain’s public and private sectors, ensuring comprehensive support long after their initial setup.
