Bahrain Economic Development Board (Bahrain EDB), wrapped up its strategic visit to the United States (US), which kicked off on June 10 and comprised four roundtables sessions as part of ‘The Transformation Agenda’ series hosted by Bahrain EDB and programmed by Economist Impact, in addition to strategic meetings with a curated list of leading US-based companies within the priority sectors of financial services, information and communications technology (ICT), and manufacturing.
With the overall aim of promoting the investment opportunities in Bahrain to the US market, which included both Texas and New York, the trip was headed by H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB alongside key senior executives from the investment promotion agency.
H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB stated, “The US is a key target market for us at Bahrain EDB, in which we continue to promote Bahrain’s value proposition with a focus on highlighting our strategic location, progressive regulatory environment, and highly skilled workforce. Bahrain and the US have a long-standing strategic and commercial relationship where Bahrain was the first nation in the Gulf to sign a Free Trade Agreement with the US offering privileged access to the largest market in the world, this has led to a robust portfolio of companies choosing Bahrain as a destination for investment to tap into the Gulf market and beyond.”
“With the signing of pivotal agreements designed to further fuel multilateral cooperation and the establishment of key investment projects in the likes of the US Trade Zone, these wide-ranging initiatives have effectively encouraged increased investments and boosted exports, which aim to further enhance Bahrain’s economic position and achieve sustainable growth.”
As part of the visit, Bahrain EDB hosted a series of events programmed by Economist Impact, which offered a prime opportunity to connect with thought leaders, exchange knowledge on trending industry topics, as well as build strong relationships with investors in both Austin and New York City. Each event kicked off with a one-on-one fireside chat with industry experts, followed by a panel discussion, where the topics delved into a variety of topics across financial services, ICT, and manufacturing.
In New York, H.E. Noor bint Ali Alkhulaif joined around a dozen leading financiers in an executive roundtable discussion, which explored best practices for financial institutions to strategically plan for the adoption of digital assets in today’s complex regulatory environment. Senior members of Bahrain EDB also participated in various panel discussions, where Ahmed Sultan, Executive Director of Business Development for Manufacturing, Transport, and Logistics, joined a panel discussion tackling building resilience in new global supply chains. Additionally, both Musab Abdullah, Executive Director of Business Development of ICT, and Dalal Buhejji, Executive Director of Business Development for Financial Services, took part in panel discussions that delved into the topic of how economies and industries are adapting to bridge the gap in talent, and prepare itself for the future, highlighting Bahrain’s highly skilled, bi-lingual talent pool offering case studies of success stories in that demonstrated the depth and diversity of the local workforce.
The island nation of Bahrain enjoys a strategic relationship with the United States, which was further strengthened by the recent Comprehensive Security Integration and Prosperity Agreement signed to promote cooperation across a range of areas, from defense and security to science, trade and technology. Trade has significantly increased since the FTA’s inception in 2006, with non-oil trade reaching USD 2 billion, marking an 84% increase in US exports to Bahrain from 2020 to 2023. In 2022, Bahrain inaugurated the US Trade Zone, an exclusive for US manufacturing and logistics companies to bolster the relationship between both nations further.
Several large US companies have established operations in Bahrain, underscoring the Kingdom’s appeal as a prime regional investment destination, including Amazon Web Services (AWS), which has established the region’s first hyper-scale data centre and Mondelez, which has a factory that ships products all the way to Australia and New Zealand. Moreover, Citi launched its Global Technology Hub in Bahrain in 2021 pledging to hire 1,000 coders, the Hub currently hosts highly skilled coders which deliver solutions that serve Citi’s global client base.
