Bahrain attracts US$72.7 million worth of investment in financial services

MANAMA, Bahrain, Oct. 31, 2022 /PRNewswire/ — Bahrain’s investment promotion company, the Bahrain Economic Development Board (Bahrain EDB), introduced its participation in the Singapore Fintech Festival (2-4 November) with the intention to help fintech and financial services firms faucet into MENA market by Bahrain.

During the primary three quarters of 2022, Bahrain EDB has supported 9 financial services firms to setup or develop in Bahrain, producing US$72.7 million (BHD27.5 million) in direct investments. The financial services investments are anticipated to generate over 840 jobs over the subsequent three years.

Financial services firms attracted by Bahrain EDB embody the main world blockchain services supplier Binance, regionally grown open Banking firm Spier Technologies, and new regional headquarters for Gulf Insurance Group (GIG).

Dalal Buhejji, Executive Director – Business Development for Financial Services at Bahrain EDB, mentioned: “We are delighted to see more and more investors entering Bahrain’s financial services sector, benefiting from a strong and agile ecosystem led by a forward-thinking regulatory body. Financial services is a priority sector for us to grow investments and create jobs, in line with the objectives set out in Bahrain’s Economic Recovery Plan.”

Overall, Bahrain EDB attracted USD921 million (BHD348 million) in direct investment from 66 firms through the first 9 months of the yr. The investments are anticipated to generate over 4,700 jobs over the subsequent three years in key sectors, together with financial services, ICT, logistics, manufacturing, and tourism.

Bahrain’s financial services sector is probably the most vital contributor to the Kingdom’s GDP after oil and is the oldest and most established in the area. Today the sector accounts for over 17% of Bahrain’s GDP and employs over 13,600, with Bahrainis representing virtually 70%.

Through the Economic Recovery Plan, Bahrain goals to develop the financial services sector’s contribution to GDP to twenty% by 2026. The financial services sector growth technique focuses on 5 principal priorities: creating job alternatives, growing capital markets, strengthening laws and regulatory insurance policies, rising the insurance sector, and growing financial services and fintech.

Find out extra about Bahrain’s investment alternatives in financial services and fintech by visiting the Bahrain EDB workforce on the Singapore Fintech Festival – International Hall 5, Stand # 5J23.

About Bahrain Economic Development Board

The Bahrain Economic Development Board (EDB) is an investment promotion company with general duty for attracting investment into the Kingdom and supporting initiatives that improve the investment local weather.

The EDB works with the federal government and each present and potential buyers, in order to make sure that Bahrain’s investment local weather is enticing, to speak the important thing strengths, and to establish the place alternatives exist for additional financial development by investment.

The EDB focuses on a number of financial sectors that capitalise on Bahrain’s aggressive benefits and supply vital investment alternatives. These sectors embody financial services, manufacturing, know-how and innovation, tourism, schooling, healthcare, logistics and transport.

For extra data on the Bahrain EDB go to www.bahrainedb.com

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