The Bahrain Economic and Development Board (EDB) has officially revealed the establishment of its first Southeast Asia office in Singapore. This development aims to bolster Bahrain’s position as an attractive destination for investments, particularly for Singaporean businesses.

The office will aim to provide essential market intelligence and guidance, as well as facilitate connections with key decision-makers in Bahrain. Dalal Buhejji, the Executive Director of Business Development for Financial Services at Bahrain EDB, expressed satisfaction over the new office, noting that it represents a significant step in strengthening Bahrain’s partnerships with Asian businesses.

“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,”

 

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,”

Dalal said in a statement.

In terms of economic performance, Bahrain has seen a substantial influx of direct investments, with a projected value of US$1.4 billion in the first nine months of 2023. This includes investments from various foreign enterprises, notably the digital banking arm of Whampoa Group, co-founded by Singapore’s Amy Lee and Lee Han Shih.

In 2022, the financial services sector comprising traditional financial institutions as well as fintech and crypto firms, was the leading contributor to Bahrain’s GDP, accounting for 17.5% that year. This office opening marks a new chapter in Bahrain’s global economic narrative, signifying a deepening of its ties with Singapore and the broader Asian market.

This article first appeared on fintechnews.sg