By: Enas Bahgat
Mubasher: Bahrain is pushing ahead with speeding up digital transformation in the kingdom’s economic sectors in an effort to attract non-traditional investments to this promising sector, Khalid Al-Rumaihi, the chief executive of the Bahrain Economic Development Board (EBD), told Mubasher in an exclusive interview.
The EBD is a dynamic state-run agency that is responsibile for attracting investment into the Kingdom, focusing on target economic sectors in which the GCC nation offers significant strengths.
Al-Rumaihi affirmed that the EBD is stepping up efforts to promote digital transformation in the Arab country, culminating in winning the United Nations’ Investment Promotion Award in view of its excellence in boosting investment into sectors that will help meet the UN Sustainable Development Goals (SDGs).
The award highlighted the EDB’s partnership with Amazon Web Services (AWS), which is set to launch a data centre that will be the first of its kind in the Middle East in 2019.
It also reflected Bahrain’s success in transforming into the digital economy in view of the growing role of the EBD- AWS partnership in propping up endeavours to support the long-term economic growth and job creation.
The digital transformation will help the Gulf nation and its peers in the region to develop emerging sectors, enhance productivity, and support the growth of new start-ups, including the Internet of Things (IoT) and cloud computing.
Mubasher: What does make AWS investment in Bahrain be distinguished than others?
Al-Rumaihi: The attraction of AWS investment to the kingdom is a landmark move which aims to bolster sustainable, inclusive investment through innovative channels. It is a non-traditional investment that only aims at generating profits and creating jobs.
The innovative methods spurring growth are the most important means to accomplish the SDGs.
Bahrain’s initiatives included the adoption of a Government-wide Cloud First policy, and the C5 Cloud Scalerator, which is a long-term partnership between AWS, the EDB and Tamkeen, Bahrain’s public body for enhancing labour force productivity.
Mubasher: What is the importance of the data centre that will be opened in 2019?
Al Rumaihi: AWS will open its data centre by April 2019 under the name of “AWS Region” in the Middle East in Bahrain. It’s a fruit of luring AWS to the GCC nation.
The deal reflects the kingdom’s international position as a regional hub in the field of digital transformation and cloud computing.
Mubasher: What are Bahrain’s future projects?
Al Rumaihi: The kingdom is working on attracting foreign direct investment (FDI) in an effort to promote the country’s position among the world’s most attractive investment destinations.
We will push ahead with launching several initiatives to develop the business regulatory environment in the coming few months in a bid to prop up Bahrain’s economy.
Moreover, the country will take advantage of what has been achieved in the full-year 2018 in cooperation with the private and public sectors.
The GCC nation is currently conducting a roadshow in China to parade investment opportunities and a slew of competitive edges in its economy.
Mubasher: What are the coming conferences that EDB will participate in?
Al Rumaihi: Bahrain’s EDB will participate in several conferences and exhibitions to promote investment opportunities in the kingdom.
The board will take part in China Hi-Tech Fair (CHTF), Bahrain International Airshow, and the World Islamic Banking Conference, which will take place in Bahrain.
The country will also organise specialised annual events including StartUp Bahrain Week and Fantastic Bahrain.
Mubasher: What are other sectors that need more investments in Bahrain?
Al Rumaihi: The board is focusing on enhancing a number of financial sectors that will provide investment opportunities in the kingdom and promote the national economy.
Over the coming period, the board will work on attracting investments to other sectors, namely financial services, information technology, tourism and entertainment, industry, and transportation and logistics.
Mubasher: What about the current investments in Bahrain?
Al Rumaihi: Both domestic and foreign investments hiked 138% year-on-year during the first nine months of 2018.
In 2018, Bahrain’s EDB has successfully attracted 76 companies with total investments of $810 million, compared to 71 firms with inflows of $733 million in 2017.
Investments launched during the first nine months of 2018 helped in creating around 4,200 jobs in the coming three years.
Translated by: Kholoud Mohamed Hussein
