A Focus on Economic Pillars of Strength
The ease of access to Saudi Arabia and adjacent markets, the cost efective operational environment, open and liberal lifestyle, and deep pool of local skilled workforce, ofer compelling and competitive advantages to investors.
Furthermore, in 2017, a number of factors such as, solid progress in infrastructure and real estate development, steady increases in visitor numbers, and the attraction of key players in the global digitisation sector, added to Bahrain’s attraction as a prime destination for attracting investment.
The country has developed into one of the strongest growing economies in the region and has judiciously cultivated a healthy diversifcation of investment into non-oil sectors. Bahrain EDB is the primary contact point for these investors, providing a comprehensive advisory service in the key target sectors of Financial Services, Manufacturing and Logistics, Tourism and Leisure, and ICT. Bahrain also encourages innovation through its liberal and supportive approach to Startup businesses from all sectors.
Bahrain EDB Sector Breakdown
Financial Services
Bahrain has a 40-year, long-standing, well-established history as a leading financial hub in the GCC. Bahrain is home to over 400 local, regional and international financial institutions. Prime global players in Banking, Insurance, Asset Management and Wealth Management operate efficiently and easily in a sound regulatory environment. High quality regulation from the Kingdom’s single regulatory authority, the Central Bank of Bahrain, is one of the main reasons why Bahrain continues to play a large role in the financial sector.
The highly respected Central Bank of Bahrain (CBB) also extends an open welcome to advanced technology firms in the rapidly developing FinTech industry, most notably through the launch of a FinTech Regulatory Sandbox in mid-2017. The Sandbox allows entrepreneurs to test and fine-tune their tech-based ideas on customers before they’re released to the market. This move along with a number of regulatory initiatives falls under the CBB’s ambition of transforming the financial digital landscape in the Kingdom.
Manufacturing and Logistics
Strategically located in the heart of the Gulf, Bahrain has long been considered the gateway to the region with easy access to the Kingdom of Saudi Arabia, Kuwait, United Arab Emirates, and the rest of the region. The Kingdom continues to make substantial investments in its modern logistics infrastructure to capitalise on the projected growth opportunities in the regional economy.
Manufacturing is the third largest contributor to Bahrain’s GDP and is home to one of the oldest and most developed aluminium industries in the GCC, which is among the world’s largest primary aluminium smelters. Many international corporations ranging from downstream aluminium, steel, plastics and chemicals, to fast moving consumer goods, logistics and packaging have made Bahrain their regional base.
Tourism and Leisure
With a cosmopolitan capital city, an attractive liberal lifestyle, and a rich history and culture, Bahrain provides a wide variety of tourist attractions. The booming tourism sector attracts more than 12 million visitors annually, and plays an increasingly important role in Bahrain’s economy. The addition of over 100 new five and four star hotels in the past half decade is supported by Bahrain’s significant infrastructure project developments, providing further excellent opportunities in this growing key sector of the economy. Additionally, expansion in the retail and leisure sectors has added integrated depth and range to the tourism industry.
ICT
Bahrain has long been regarded as one of the Gulf’s technological pioneers and is fast becoming a key destination for global ICT industry players. Ranked first in MENA by The United Nations 2017 ITU Index for ICT and youth development, the country is recognised as a leader in network readiness and boasts the Middle East’s most liberal and advanced ICT infrastructure and policies.
With its open and forward-thinking approach, Bahrain has proven to be an ideal testing ground for the introduction of new technologies such as cloud computing, gaming, and big data analytics. Additionally, a skilled and growing local workforce presents businesses with a deep pool of bilingual talent, which eases the setup of international businesses.