Bahrain has set up its first Southeast Asia office in Singapore to attract foreign investors to the Middle Eastern nation.
Bahrain Economic and Development Board (EDB) has officially launched its first Southeast Asia office in Singapore, according to a statement.
The office aims to promote Bahrain as a destination for investments. It will help Singapore businesses tap into the market by providing them with market intelligence, guidance and connecting them with the relevant decision-makers for various processes.
«We are delighted to establish a foothold in Singapore; in addition to the Free Trade Agreement signed in 2013, this move is a giant leap for furthering our partnerships with Asian businesses which stand to benefit from Bahrain’s innovative investment climate and progressive regulatory framework,» said Dalal Buhejji, executive director of business development for financial services at Bahrain EDB.
Foreign Investments
According to the statement, Bahrain has already recorded a projected value of $1.4 billion in direct investments in the first nine months of 2023. It attracted foreign businesses to set up in the island state, including the digital banking arm of multi-family office Whampoa Group, co-founded by Amy Lee, niece of the late Lee Kuan Yew, and Lee Han Shih, member of the OCBC banking family.
In 2022, the financial services sector was the top contributor to Bahrain’s GDP at 17.5 percent. This includes a portfolio of traditional financial institutions alongside fintech and crypto firms.
«Singapore and Bahrain share many similarities, both being agile nations with flexible regulatory environments that are notably open-minded and progressive to foster digital innovation across sectors, and in the financial services market in particular,» Buhejji added.
