Fintech PR
Bahrain Attracts a Record USD 1.7 Billion in Investments for 2023 Boosting Job Creation and Sustainable Economic Growth
A thriving business friendly and favourable tax environment, progressive legislation, and a highly skilled diverse talent pool cement Bahrain’s attractiveness as a leading destination for investment.
MANAMA, Bahrain, Feb. 20, 2024 /PRNewswire/ — Bahrain Economic Development Board (Bahrain EDB), supported by Team Bahrain, has achieved a remarkable milestone securing a record level of investments upwards of USD 1.7 billion in 2023, marking a massive influx equivalent to a year-on-year increase of 55% compared to the USD 1.1 billion in investments generated by Bahrain EDB in 2022. The investments for 2023, which stem from 85 local and international projects, are projected to generate over 5,700 employment opportunities over a three-year period across priority sectors in the interest of promoting economic diversification and sustainable growth.
The highest level of investments was attracted into the financial services sector, demonstrating the sector’s strength, resilience, and ability to attract leading global players. 2023 was additionally a record year for the financial services sector, which overtook oil and gas as the largest contributor to Bahrain’s economy representing 17.5% of real GDP. The Information and Communication Technology (ICT) sector also secured a healthy pipeline of investments, which is set to spur further innovation within the sector. Enhancing digital transformation efforts across all sectors of Bahrain’s economy with targeted plans and initiatives, as well as digitising government services and adopting artificial intelligence-led solutions has continued to be an area of priority for the government.
Manufacturing followed closely, underscoring Bahrain’s innate capabilities in advanced manufacturing backed by its strategic location as a gateway to the Gulf Cooperation Council (GCC) market and beyond. Alongside a host of new tourism projects, the island nation’s rich cultural heritage, deep-rooted history of hospitality and island-living laid-back lifestyle have continued to cement Bahrain’s appeal as a premier travel destination. The logistics sector was not far behind in attracting strong investment projects, reflecting Bahrain’s rapidly growing transport and logistics activities.
Khalid Humaidan, the former Chief Executive of Bahrain EDB, was appointed Governor of the Central Bank of Bahrain, having assumed the new position as of February 1st, 2024. In his capacity as Governor, he will remain a member of the board of directors of Bahrain EDB, which comprises members from the public and private sectors.
Khalid Humaidan, Governor of the Central Bank of Bahrain, stated, “2023 is a milestone year for Bahrain EDB. Backed by the agile support of Team Bahrain, a record upwards of USD 1.7 billion in direct local and international investments were attracted into multiple sectors, which will effectively contribute to sustainable economic growth, boosting employment and training opportunities within the local workforce.”
“Bahrain’s FDI stock relative to GDP is well above the global average rate at around 82%, which stands as a testament to the robust trust investors place in Bahrain’s competitive value proposition. FDI remains a strong contributor to Bahrain’s continued success story as an agile, steadily growing, and diversified economy,” he added.
Minister of Sustainable Development, H.E. Noor bint Ali Alkhulaif joined as Chief Executive of Bahrain EDB In addition to her role as minister, H.E. Noor bint Ali Alkhulaif will provide executive guidance to the investment promotion agency to ensure it continues to achieve its mandate of supporting strategic initiatives that enhance the existing investment climate, driving in solid local and global investments, and actively encouraging leading global companies to set up in Bahrain.
Bahrain remains committed to fostering a supportive ecosystem for investors, with forward looking policies aimed at simplifying business operations, offering unique competitive advantages leading to success stories with local roots and global impact. These factors, combined with a highly skilled, bi-lingual, and diverse talent pool, advanced infrastructure, and strategic location, continue to cement Bahrain as an attractive destination for global investors around the world.
About Team Bahrain
Team Bahrain, a curated approach that champions the private and public sector working closely together to create an innovative an attractive investment environment for businesses to succeed, remains a cornerstone of Bahrain’s value proposition. Whether bidding to pass a new regulation or analysing the feasibility of launching a niche idea to market – Team Bahrain works with empathy and drive connecting investors to the key decision makers that matter.
About Bahrain Economic Development Board (Bahrain EDB)
The Bahrain EDB is an investment promotion agency with the overall responsibility of attracting investment into the Kingdom and supporting initiatives that enhance the investment climate. The Bahrain EDB works with the government and both current and prospective investors 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 Bahrain 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
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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