HRH the Deputy King of Bahrain chairs EDB board meeting

Manama, Sept. 16 (BNA): The Deputy King HRH Prince Salman bin Hamad Al Khalifa today chaired the EDB's board meeting held at the organisation's headquarters at Bahrain Bay. During the meeting, HRH the Crown Prince stressed the importance of securing the Kingdom’s long-term fiscal stability by balancing fiscal adjustment measures with growth in the wider economy. HRH the Deputy King highlighted that this objective would lead to growth in the Kingdom's key sectors, which play a vital role in driving forward sustainable development and ensuring a brighter future for citizens, in line with the vision of HM King Hamad. In this regard, HRH the Deputy King instructed the swift implementation of initiatives designed to increase Bahrain's competitiveness and facilitate opportunities for citizens. HRH the Deputy King noted that Bahrain’s strong, investment-friendly regulatory system has created an environment conducive to foreign direct investment (FDI) and growth in the entrepreneurship sector. HRH the Deputy King concluded by stressing that the Kingdom remains committed to strengthening Bahrain’s regulatory system by incorporating modern technologies and processes, increasing the efficiency of government services for investors and citizens. HRH the Crown Prince added that the Kingdom would continue to engage with investors through events such as Gateway Gulf, which play an important role showcasing investment opportunities in the Kingdom. Khalid Al Rumaihi, EDB Chief Executive, presented an update on recent economic developments and outlined the EDB’s recent achievements, which include a significant uplift in international investments from US$733 million in 2017 to US$810 million today. Recently released data by the United Nations Conference on Trade and Development (UNCTAD) highlighted that Bahrain achieved the fastest FDI growth rate in the GCC region in 2017. Al Rumaihi also affirmed that Bahrain was recognised as the top country in the MENA region to invest in by Site Selection magazine. The magazine also included the EDB in the list of Top Investment Promotion Agencies for 2018. He went on to discuss a number of recently introduced regulatory initiatives from the EDB working in partnership with the public and private sectors, aimed at enhancing the Kingdom’s business ecosystem. These initiatives include the Competition Law, Bankruptcy Law, Data Protection Law, Health Insurance Law and the Wage Protection System, which stipulates that payments to private sector employees must take place through personal bank accounts. The EDB also cooperated with the Bahrain Development Bank to launch the US$100 Million Al Waha Fund of Funds. He went on to highlight the interest shown by foreign investors in Bahrain’s business ecosystem during Gateway Gulf. The forum, which was held last May and showcased investments projects worth US$26 billion, brought together over 900 investors and 80 speakers from Bahrain and globally. The event represented a platform to promote Bahrain’s position as a gateway to investment opportunities both in the Kingdom and across the US$1.5 trillion GCC Market.