PR98571

MANAMA, Bahrain, Nov.1, 2022 /PRNewswire=KYODO JBN/ --

Bahrain's investment promotion agency, the Bahrain Economic Development Board

(Bahrain EDB), announced its participation in the Singapore Fintech Festival

(2-4 November) with the aim to support fintech and financial services companies

tap into MENA market through Bahrain.

During the first three quarters of 2022, Bahrain EDB has supported nine

financial services companies to setup or expand in Bahrain, generating US$72.7

million (BHD27.5 million) in direct investments. The financial services

investments are expected to generate over 840 jobs over the next three years.

Financial services companies attracted by Bahrain EDB include the leading

global blockchain services provider Binance, locally grown open Banking company

Spier Technologies, and new regional headquarters for Gulf Insurance Group

(GIG).

Dalal Buhejji, Executive Director – Business Development for Financial Services

at Bahrain EDB, said: "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 companies during the first nine months of the year. The

investments are expected to generate over 4,700 jobs over the next three years

in key sectors, including financial services, ICT, logistics, manufacturing,

and tourism.

Bahrain's financial services sector is the most significant contributor to the

Kingdom's GDP after oil and is the oldest and most established in the region.

Today the sector accounts for over 17% of Bahrain's GDP and employs over

13,600, with Bahrainis representing almost 70%.

Through the Economic Recovery Plan, Bahrain aims to grow the financial services

sector's contribution to GDP to 20% by 2026. The financial services sector

development strategy focuses on five main priorities: creating job

opportunities, developing capital markets, strengthening legislation and

regulatory policies, growing the insurance sector, and developing financial

services and fintech.

Find out more about Bahrain's investment opportunities in financial services

and fintech by visiting the Bahrain EDB team at the Singapore Fintech Festival

– International Hall 5, Stand # 5J23.

About Bahrain Economic Development Board

The Bahrain Economic Development Board (EDB) is an investment promotion agency

with overall responsibility for attracting investment into the Kingdom and

supporting initiatives that enhance the investment climate.

The EDB works with the government and both current and prospective investors,

in order to ensure that Bahrain's investment climate is attractive, to

communicate the key strengths, and to identify where opportunities exist for

further economic growth through investment.

The EDB focuses on several economic sectors that capitalise on Bahrain's

competitive advantages and provide significant investment opportunities. These

sectors include financial services, manufacturing, technology and innovation,

tourism, education, healthcare, logistics and transport.

For more information on the Bahrain EDB visit www.bahrainedb.com

SOURCE: Bahrain Economic Development Board