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MANAMA, Bahrain, Oct. 31, 2022 /PRNewswire/ — Bahrain’s investment promotion agency, the Bahrain Economic Development Board (Bahrain EDB), has announced its participation in the Singapore Fintech Festival (November 2-4) with the aim of supporting fintech and monetary corporations by leveraging the MENA market through Bahrain.
In the first 3 quarters of 2022, Bahrain EDB helped nine monetary corporations establish or expand in Bahrain, generating US$72. 7 million (BHD 27. 5 million) in direct investment. Monetary investment is expected to generate more than 840 jobs in the next 3 years. .
Financial corporations attracted to Bahrain EDB come with the world’s leading blockchain service provider, Binance, the locally evolved public banking company, Spier Technologies, and the new regional headquarters of Gulf Insurance Group (GIG).
Dalal Buhejji, Executive Director of Business Development for Financial Services at Bahrain EDB, said: “We are very pleased to see more and more investors entering Bahrain’s monetary sector, reaping the benefits of a strong and agile ecosystem led by a forward-thinking regulator. “a forerunner for us to generate investment and create jobs, in line with the objectives set out in Bahrain’s economic recovery plan. “
Overall, Bahrain EDB attracted USD 921 million (BHD 348 million) of direct investment from 66 corporations in the first months of the year. The investments are expected to generate more than 4700 jobs over the next 3 years in key sectors, adding money services, ICT, logistics, production and tourism.
Bahrain’s monetary sector is the largest contributor to the Kingdom’s GDP after oil and is the oldest and most established in the region. Today, the sector accounts for more than 17% of Bahrain’s GDP and employs more than 13,600 people, with Bahrainis accounting for almost 70%.
Through the economic stimulus package, Bahrain aims to increase the monetary sector’s contribution to GDP to 20% by 2026. The money sector progression strategy focuses on five main priorities: creating employment opportunities, developing capital markets, strengthening laws and regulatory policies, soon the insurance sector, and the monetary and fintech sector.
To learn more about Bahrain’s investment opportunities in monetary tech and fintech, stop by the Bahrain EDB team at the Singapore Fintech Festival – International Hall 5, booth no. 5J23.
About the Bahrain Economic Development Board
The Bahrain Economic Development Authority (EDB) is an investment promotion company guilty of attracting investment to the Kingdom and supporting projects that improve the investment climate.
The EDB works with the government and existing and potential investors to ensure that Bahrain’s investment climate is attractive, key strengths and identifies opportunities for further economic expansion through investment.
The EDB focuses on several economic sectors that take advantage of Bahrain’s competitive benefits and offer significant investment opportunities. These sectors include money services, manufacturing, generation and innovation, tourism, education, health, logistics and transportation.
For more information on Bahrain’s EDB, www. bahrainedb. com
View content: https://www. prnewswire. com/news-releases/bahrain-attracts-us72-7-million-worth-of-investment-in-financial-services-301663276. html
SOURCE Bahrain Economic Development Board