Bahrain EDB wins $380m investment commitments from Singapore
The Bahrain Economic Development Board (Bahrain EDB) has secured over $380 million in investment commitments from Singapore-based companies, across a number of priority sectors, namely financial services, ICT, manufacturing, and tourism.
According to EDB, 2024 was a record year for the island nation's investment promotion agency, which successfully attracted a total of over $1.8 million in direct investment from global markets.
In terms of capital, the highest contributor of foreign investment originated from Singapore, valued at $234 million (13%).
This underscores a robust value proposition for international investors, where Bahrain has cemented itself as a leading destination of choice for businesses seeking to tap into the Middle East and North Africa (Mena) region, which is on the expansion roadmap for international companies.
The $380 million investments have been secured since the launch of its office in Singapore last November, said the Bahrain EDB in its statement.
Marking a new milestone, the announcement was made on the sidelines of a strategic visit to Singapore, which was led by Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB supported by senior members from the investment promotion agency.
Alongside a number of targeted meetings with investors and business entities, Bahrain EDB met the Supreme Court of Singapore, Enterprise Singapore and Singapore Economic Development Board.
Bahrain EDB also hosted an exclusive business event designed to showcase the kingdom's investor landscape and regionally competitive operating costs.
Alkhulaif said: "Building on the synergies and shared investment opportunities between our two island nations, our robust two-year pipeline of investment projects is a testament to the trust Singaporean investors place in Bahrain's pro-innovation environment."
"We remain committed at Bahrain EDB to continue to foster a streamlined investment ecosystem that champions ease of doing business, growth, and scalability," she stated.
With a focus on future-proofing talent, the government of Bahrain is known for its agility and forward-looking legislation, making tactical investments in digital transformation, landmark strategic projects, and in upskilling its highly skilled bi-lingual workforce.
To effectively bridge the global talent gap, the local workforce is consistently reskilled with the support of government grants and subsidised programmes.
This has led leading players, including Citi and PwC Middle East, to base their tech hubs and service centres in Bahrain to cater to their global clientele.
Recent Singapore-based successes include Whampoa Group's Singapore Gulf Bank (SGB) which launched the first digital bank in Bahrain licensed to onboard offshore corporate and crypto clients.
SGB is aiming to facilitate frictionless movement between digital and traditional finance by providing financial connectivity between the Asia and Mena regions, said Bahrain EDB in a statement.
Another success is Crypto.com, which launched the GCC's first crypto credit card with plans to expand their presence regionally, it stated.
With strategic offices located in key markets across the world, Bahrain EDB's Singapore-based office serves its headquarters by providing on-ground presence to advise investors and businesses based in Singapore considering relocating to new markets.
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