Bahrain has attracted over $100 million in investment commitments from Singapore-based companies across financial services, ICT, and tourism sectors since November 2023, marking a significant achievement for Bahrain’s Economic Development Board (EDB). Announced during the Singapore Fintech Festival 2024, this milestone highlights the effectiveness of Bahrain EDB’s global outreach, with the Singapore office being its first in the ASEAN region, launched just a year ago.
Investor Confidence in Bahrain’s Value Proposition
Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB, emphasized the significance of this milestone as a testament to Bahrain’s strategic approach to fostering an attractive investment environment. “This accomplishment underscores the confidence international investors have in Bahrain’s value proposition,” Alkhulaif stated. “Our ‘Team Bahrain’ approach, integrating both public and private sectors, ensures that businesses experience a seamless setup process, supported by progressive regulatory frameworks and efficient services.” Alkhulaif further expressed pride in Bahrain’s growth in attracting investments from key global markets, including Singapore, and the success of international firms establishing and expanding their presence in Bahrain.
With its strategic location in the Arabian Gulf, Bahrain is known for its openness, cultural diversity, and skilled talent pool, bolstered by government-funded training and development programs. Women now represent 34% of Bahrain’s financial services workforce, a sector in which global giants like Citi and PwC Middle East have established technology and service hubs.
A Hub for Financial Innovation
Dalal Buhejji, Executive Director of Financial Services at Bahrain EDB, highlighted Bahrain’s longstanding reputation as an innovation hub. “The Central Bank of Bahrain (CBB) has played a pivotal role as a unified financial regulator, pioneering in crypto asset regulation and open banking,” Buhejji noted. “Our future-ready workforce, comprised of skilled Bahrainis and a diverse expatriate community, offers businesses the global perspectives they need to thrive.” As the first Gulf nation to diversify its economy, Bahrain’s financial sector now contributes nearly 17% to the nation’s real GDP, with a thriving ecosystem of banks, financial institutions, fintech companies, and digital asset providers. Recent additions include Singapore-based Whampoa Group’s Singapore Gulf Bank and Crypto.com, which has received authorization to offer payment services.
The Singapore-based office of Bahrain EDB provides essential support to businesses in Singapore looking to expand into Bahrain, offering in-depth market insights, facilitating connections with key stakeholders, and providing continuous support throughout their investment journey. This strategic presence reinforces Bahrain’s reputation as a business-friendly gateway to the Middle East and North Africa (MENA) region.
