Bahrain has opened its first Southeast Asian office in Singapore in a bid to attract foreign investors to the Middle Eastern country.
Bahrain Economic Development Board (EDB) has officially opened its first Southeast Asia office in Singapore, according to a statement.
The office aims to promote Bahrain as an investment destination. We help Singapore businesses enter the market by providing them with market intelligence and guidance, and connecting them with decision makers across various processes.
“We are pleased to be able to establish a foothold in Singapore. In addition to the free trade agreement signed in 2013, this move will allow us to benefit from Bahrain’s innovative investment environment and progressive regulatory framework. “This will be a major leap forward in furthering our partnership with Asian companies that support our business.” Dalal BhuhejExecutive Director, Financial Services Business Development, Bahrain EDB.
foreign investment
Bahrain has already recorded a projected $1.4 billion in direct investment in the first nine months of 2023, according to the statement. It has attracted foreign companies to set up in the island nation, including the digital banking arm of multifamily office Whampoa Group. , co-founded by amy leeniece of the deceased Lee Kuan Yewand Lee Hansia member of the OCBC banking family.
In 2022, the financial services sector was the largest contributor to Bahrain’s GDP at 17.5%. This includes a portfolio of traditional financial institutions in addition to fintech and crypto companies.
“Singapore and Bahrain have many similarities, both are agile countries with flexible regulatory environments, and are particularly tolerant and progressive in fostering digital innovation across sectors, particularly in the financial services market. ” Buheiji added.