Bahrain Economic Development Board
| Agency overview | |
|---|---|
| Formed | October 2000 |
| Jurisdiction | Politics of Bahrain |
| Headquarters | Manama, Bahrain |
| Agency executives |
|
| Website | https://www.bahrainedb.com/ |
Bahrain Economic Development Board (EDB) is an investment promotion public agency responsible for bringing foreign investments into Bahrain. The focus is on economic sectors, including financial services, manufacturing, information and communications technology (ICT), tourism, logistics, and transport. EDB was founded in 2000 and has been chaired by Prince Salman bin Hamad bin Isa Al Khalifa, Deputy King, Crown Prince of Bahrain, since March 2002.[1][2][3][4][5]
Overview
Bahrain EDB was founded in October 2000 in collaboration with the Government of Bahrain and other partners. The EDB focuses on several economic sectors that include financial services, ICT, manufacturing, tourism, logistics, transportation, real estate, healthcare, and education.[3][1][2][4]
Prince Salman bin Hamad Al Khalifa chairs the Economic Development Board. Khalid Humaidan was announced as the CEO of Bahrain EDB in 2019.[6][7] Bahrain EDB has offices in multiple countries, including the USA, Japan, India, and China.[3][1][8][9]
In October 2008, Bahrain EDB launched Bahrain Economic Vision 2030.[10] It outlines the future path for the development of Bahrain's economy, government, and society.[11][12] It is a long-term plan to grow Bahrain's standard of living, reform the government, education, health sectors, and increase privatization, training, and workforce to establish Bahrain as a regional center for human capital.[13][14]
In 2017, Bahrain introduced the region's first nationwide cloud policy named Cloud First.[15][16] As a result, Amazon Web Services launched its first Middle Eastern cloud region in Bahrain in 2019.[17][18][19] In March 2021, Chinese cloud company Tencent Cloud signed a memorandum of understanding with Bahrain EDB to build a data center in Bahrain. Tencent will build its first public Internet Data Center (IDC) in Bahrain and the Middle East and North Africa (MENA) region by the end of 2021.[20][21][22][16]
In 2019, the EDB announced that 134 companies with an investment of $835 million have set up operations in Bahrain.[8][23] The next year, Bahrain received $885 million in direct investments through new companies setting up and expanding in finance, manufacturing, logistics, education, healthcare, real estate, tourism, and ICT.[24][25][26]
United Nations Top Investment Promotion Agency in the Middle East was awarded to Bahrain EDB in 2019 for its role in attracting large-scale investments.[13]
In 2020, the World Economic Forum, in partnership with EDB, launched a new roadmap for cross-border data flows to help global tech-based collaboration.[27][28][29]
The country has built the region's first onshore financial technology (fintech) regulatory Sandbox, where more than 32 fintech companies are testing technologies.[30][31] In October 2020, the Central Bank of Bahrain (CBB), in cooperation with other banks and EDB, announced FinHub 973.[32] The platform is designed to create an ecosystem in the fintech sector to establish investment opportunities in the region.[33][34]
References
- ↑ 1.0 1.1 1.2 PTI. "Bahrain EDB pitches for closer economic ties with India". @businessline. Retrieved 2021-04-05.
- ↑ 2.0 2.1 Santosdiaz, Richie (2020-09-21). "The Developments and Accomplishments of Bahrain Past And Present from Dalal Buhejji". The Fintech Times. Retrieved 2021-04-05.
- ↑ 3.0 3.1 3.2 Bridge, Sam (2019-09-11). "Bahrain Economic Development Board names new CEO". Arabian Business. Retrieved 2021-04-05. Unknown parameter
|url-status=ignored (help) - ↑ 4.0 4.1 "Bahrain Economic Development Board". World Economic Forum. Retrieved 2021-04-05.
- ↑ "Bahrain's Economic Vision 2030: Crown Prince's enlightened vision | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN". DT News. Retrieved 2021-04-05.
- ↑ Nagraj, Aarti (2019-09-11). "Bahrain Economic Development Board appoints new CEO". Gulf Business. Retrieved 2021-04-05.
- ↑ "Bahrain EDB appoints Khalid Humaidan as new CEO". Saudigazette. 2019-09-11. Retrieved 2021-04-05.
- ↑ 8.0 8.1 Bridge, Sam (2020-02-10). "New firms attracted to Bahrain set to create 6,000 jobs by 2023". Arabian Business. Retrieved 2021-04-05. Unknown parameter
|url-status=ignored (help) - ↑ "Bahrain invites Indian fintech firms to set up base". www.internationalinvestment.net. 2019-03-18. Retrieved 2021-05-11.
- ↑ Santosdiaz, Richie (2020-12-12). "Overview of The Economic Development Strategies In The Middle East's GCC Region". The Fintech Times. Retrieved 2021-04-05.
- ↑ "The Economic Vision 2030". 2019-03-03. Retrieved 2021-04-05. Unknown parameter
|url-status=ignored (help) - ↑ "FAO.org :". www.fao.org. Retrieved 2021-04-05.
- ↑ 13.0 13.1 "Bahrain". United States Department of State. Retrieved 2021-04-05.
- ↑ "Powerful driver of economic growth". Khaleej Times. Retrieved 2021-04-05.
- ↑ Newsdesk. "Tencent Cloud to open internet data centre hub in Bahrain". datacenternews.asia. Retrieved 2021-04-05.
- ↑ 16.0 16.1 "China's Tencent Cloud to open data center in Bahrain". Arab News. 2021-03-02. Retrieved 2021-04-05.
- ↑ "Bahrain government's cloud move 'will cut IT costs by up to 90%'". The National. 2019-09-25. Retrieved 2021-04-05.
- ↑ "AWS Launches Region in the Middle East". Bloomberg.com. 2019-07-30. Retrieved 2021-04-05.
- ↑ "AWS opens first Middle Eastern region in Bahrain". www.datacenterdynamics.com. Retrieved 2021-04-05.
- ↑ "Tencent Cloud to deploy IDC hub in Bahrain". www.capacitymedia.com. Retrieved 2021-04-05.
- ↑ "Tencent announces plans for first data center in Bahrain". www.datacenterdynamics.com. Retrieved 2021-04-05.
- ↑ Newsdesk. "Tencent Cloud to open internet data centre hub in Bahrain". datacenternews.asia. Retrieved 2021-04-05.
- ↑ Bani Fayyad, Omar (2021-01-28). "Exclusive: New partnerships to unlock the potential of Bahrain's ICT talent pool". www.ameinfo.com. Retrieved 2021-04-05. Unknown parameter
|url-status=ignored (help) - ↑ "Bahrain attracts $885m direct investments despite COVID impact". Arabian Business. 2021-01-18. Retrieved 2021-04-05. Unknown parameter
|url-status=ignored (help) - ↑ "Bahrain's Economic Development Board draws $885mln investment". www.zawya.com. Retrieved 2021-04-05.
- ↑ Staff, Reuters (2021-01-18). "Bahrain says it attracted $885 million in investment in 2020 - statement". Reuters. Retrieved 2021-04-05.
- ↑ "World Economic Forum, Bahrain EDB launch global roadmap | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN". DT News. Retrieved 2021-04-05.
- ↑ "World Economic Forum launches roadmap for safe cross-border data flows – Government & civil service news". Retrieved 2021-04-05.
- ↑ "A Roadmap for CrossBorder Data Flows: Future-Proofing Readiness and Cooperation in the New Data Economy". World Economic Forum. Retrieved 2021-04-05.
- ↑ "Powerful driver of economic growth". Khaleej Times. Retrieved 2021-04-05.
- ↑ Gregson, Jonathan (2020-04-08). "Bahrain's Bet On Fintech". Global Finance Magazine. Retrieved 2021-05-11. Unknown parameter
|url-status=ignored (help) - ↑ "CBB launches fintech platform to drive innovation in the region". Saudigazette. 2020-10-20. Retrieved 2021-04-05.
- ↑ "Central Bank of Bahrain launches 'FinHub'". Finextra Research. 2020-10-23. Retrieved 2021-04-05.
- ↑ "Central Bank of Bahrain Launches FinHub 973, a Virtual Fintech Platform for the MENA Region". Crowdfund Insider. 2020-10-26. Retrieved 2021-04-05.
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