EDB gold sponsor for 100 years of Banking celebration

Manama, Sep. 16 (BNA): Bahrain Association of Banks (BAB) announced today that the Bahrain Economic Development Board will be a gold sponsor for the 100th anniversary celebration of Bahrain’s banking sector, which will be held on December 11 under the patronage of His Royal Highness the Prime Minister Prince Khalifa bin Salman Al Khalifa. Bahrain Economic Development Board is the government agency responsible for attracting direct investments into the Kingdom in order to create employment opportunities in the local market. The EDB focus on a number of sectors to attract investments including financial services. This sponsorship comes inline with the EDB strategy to promote this key sector. Bahrain financial services sectors offers several opportunities for investors, the recent launch of the regulatory sandbox for Fintech startups and Bahrain Fintech Bay attracted over 70 Fintech startups from around the world to use the Kingdom as a testbed and the first graduates have already registered their businesses in Bahrain. In addition, Bahrain offers the lowest cost environment for financial institutions in the region as per the Cost of Doing Business report in the GCC by KPMG which was launched earlier this year. The Association of Banks in Bahrain welcomed the EDB support which will help BAB to achieve its objectives of promoting the Kingdom of Bahrain as a leading financial center in the Arabian Gulf with over 400 financial institutions registered in the Kingdom.