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Bahrain - The gateway to a trillion dollar market

Global Arab Network - - John Short

Tuesday, 20 October 2009 12:29

Bahrain is the ideal gateway for the fund management industry to access the Gulf’s trillion dollar market, Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB), said in a speech at the Fund Forum Middle East 2009 conference, which concludes 21 October.

In his opening address at the event in Manama, Sh. Mohammed highlighted Bahrain’s ambition to become a serious player in the global fund management industry. The Kingdom is ideally positioned, geographically and economically, to conduct business across the Gulf and wider Middle East and North Africa (MENA) region; has made considerable steps in reducing barriers to investment and trade in a region that contains the highest concentration of liquid-asset holders and millionaires in the world; and the Gulf itself is a growing, single market that can be easily accessed and managed by Bahrain-based financial experts, he said.

“Together, the six nations of the Gulf Cooperation Council (GCC) have a combined GDP approaching one trillion dollars; you could say we are a fund manager’s paradise. Nowadays people want their assets mainly invested within the MENA region, where there are new opportunities to grab a share of our trillion dollar market. It was just a few years ago that most of those would have invested their assets in New York or Europe.”

Sh. Mohammed added that the entire GCC can now be served from one financial centre. Bahrain, he said, provided fund managers with the ideal gateway from which to do so. The Kingdom is the most established financial centre in the Gulf and has a track record and reputation for effective regulation at international standards with well-defined and transparent laws. The Central Bank of Bahrain (CBB) is widely acknowledged and respected as the best and most comprehensive regulator in the region. The EDB itself, which is tapped with creating the right climate to attract inward foreign investment, has also led a number of initiatives designed to make doing business in Bahrain and the wider region easier.

Sh. Mohammed added: “The EDB is continuously seeking ways to support the development of the financial services industry. Your money and reputation are safe here and we make sure our rules are practical and realistic. We don’t just talk at you, we listen to you. It is no accident that Bahrain is already home to more than 2,700 registered funds. Judge for yourself, our region is emerging from the global recession in a stronger position than almost every other region.”

Bahrain has taken a number of domestic measures designed to strengthen the long term sustainability and prosperity of the Kingdom, including a prudent fiscal and monetary approach, long term strategy of economic diversification and tried and tested regulatory framework with a commitment to the highest international standards. This approach is enshrined in Bahrain’s Vision 2030 and National Economic Strategy, both committed to maintaining the optimum business environment that will attract foreign investment and ultimately elevate national living standards by creating greater opportunities for Bahrainis.

Sh. Mohammed added that if investors want to keep up with the rate of change in the newly evolving global financial marketplace, engagement with the resource-rich Gulf region and the BRIC economies is essential. The Fund Forum is attended by prominent CEOs and key players in the fund industry. The Forum offers a wealth of industry insight from renowned academics, research analysts and leading financial minds for a comprehensive overview of the Middle Eastern investment management business.

Global Arab Network

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Last Updated on Thursday, 22 October 2009 14:52

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