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