Meet the Board of Directors of the EDB?

The Economic Development Board (EDB) is a public body responsible for attracting foreign investments in Bahrain through various initiatives. The EDB’s Board of Directors is chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister of the Kingdom. An alumni of American University and University of Cambridge, Prince Salman was appointed as the First Deputy Prime Minister of Bahrain in 2013. He is an active speaker on various international seminars and conferences like The World Economic Forum, Clinton Global Initiative, and the World Islamic Economic Forum.

The Deputy Chairman of the Board is HE Dr. Hasan bin Abdulla Fakhro, who is also His Majesty King Hamad bin Isa Al Khalifa's Advisor for Economic Affairs. Having worked in the oil industry in Bahrain as well as in the United States, Dr. Fakro was given the task of setting up Bahrain National Oil Company (BANOCO) by the government. He is the Deputy Chairman and has served as the advisor to HM the King of Bahrain on Economic Affairs.

The Members on the Board

Here’s a look at the other member of the EDB Board of Directors:

1. HH Sh. Abdulla bin Hamad Al Khalifa – He is also the Personal Representative of His Majesty King Hamad bin Isa Al Khalifa.
2. HH Sh. Naseer bin Hamad Al Khalifa – Also the Chairman of the Supreme Council for Youth and Sports, as well as President of the Bahrain Olympic Committee.
3. HE Sh. Khalid bin Abdulla Al Khalifa – He is also the Prime Minister of Kingdom of Bahrain, as well as Chairman of Bahrain Mumtalakat Holding Co.
4. HE Sh. Ahmed bin Mohammed Al Khalifa – He is also the Minister of Finance.
5. HE Jameel bin Mohammed Humaidan – He is also the Minister of Labour.
6. HE Rashid bi Mohammed Al Meraj – He is also the Governor of the Central Bank of Bahrain
7. HE Khalid A.Rahman Al Moayyed – He is the Chairman of the Bahrain Chamber of Commerce and Industry.
8. HE Sh. Mohammed bin Essa Al Khalifa – Mr. Al Khalifa is also Chairman of Tamkeen.
9. HE Kamal bin Ahmed Mohammed – He is the Minister of Transportation and Telecommunications in Bahrain.
10. Mr. Jameel Ali Al-Matrook – He is a Shura Council Member.
11. HE Zayed bin Rashid Al Zayani – He is Minister of Industry and Commerce, as well as Chairman of the Bahrain International Circuit (BIC).
12. Mr. Khalid Al Rumaihi – He also holds the position of Chief Executive of the Economic Development Board.
13. Mr. Adel Hussain Al Maskati – Mr. Al Maskati is the Managing Director of the Al Maskati Group.
14. Mr. Tariq Jalil Al Saffar – He is the Managing Director of Harbour Investment Holding.
15. Dr. Samer Majid Al Jishi – He is the President of BFG International.
16. Ms. Deema Rasool Al Haddad – Ms Al Haddad also holds the position of Director, Al Haddad Motors.
17. Mr. Khalid Ali Al Amin – He is also the CE of Retail Operations, Ali Rashid Al Amin Co.
18. Mr. Mohammed Farouk Almoayyed – He is also Vice Chairman and Managing Director of Al Moayyed International Group.
19. Mr. Khalid Ebrahim Humaidan – Mr. Humaidan is the Regional Head of ALM – Treasury, BNP Paribas.
20. Ms. Nada Alawi Shubar – Ms. Shubar is also the Director of Annada Commercial Trading.

Is the Middle East a Good Option to Grow My Business?

The Middle East has a sizeable economy with a GDP of USD 1.7 trillion, and is expected to rise in importance as it uses the resources it earned from oil and gas to diversify its economy. The Middle East has a population of approximately 47 million, spread across 2.6 million square kilometers. The Gulf region’s young population is a major driver of medium-term growth, as it will lift consumption in the years ahead. The average per capita GDP is USD 36,000.

In fact, Qatar, one of the countries in the Middle East, has the highest per capita GDP of the world, at USD 93,700.  The Middle East controls not only almost 40% of world oil reserves, but also almost 40% of global financial reserves. The Middle East is an important trade partner for not only the US and Europe, but increasingly for Asia as well. The Middle East is also ideally located, with its proximity to Europe as well as Asia. No wonder the Middle East remains a magnet for international investment.

Reasons why InternationalInvestment is flowing to Countries such as Bahrain

1.       Diverse Economy

Countries such as Bahrain have a more diverse economy now, thanks to government efforts from 1960 onwards, in the case of Bahrain. Bahrain is a regional hub for Islamic finance and banking in general. It is also a center for professional and technical services, with the many MNCs located in Bahrain. Other vibrant sectors include real estate, consultancy, logistics, manufacturing, aluminum, education, medical care and tourism.

2.       Supportive legal framework

a)      Bahrain has no corporate income tax, no personal income tax, no wealth tax on capital gains, and no withholding tax. There are only a few indirect taxes. In addition, free repatriation of capital, profits and dividends is allowed.

b)      The whole of Bahrain is open to business, with no restrictive “free zones”. Bahrain is the only nation in the Gulf offering 100% foreign ownership of business assets and real estate across most sectors.

c)       The Bahrain Chamber of Dispute Resolution provides best in class arbitration and dispute resolution facilities.

3. Supportive government

The government provides free and valuable assistance to new businesses, helping them to analyze all the aspects of setting up a business. This can range from preparing cost estimates for the business, to formulating a business plan, creating a sales strategy and so on. This support continues even after the business is up and running.

Is The Gulf Economy Strong Enough After the Oil Price Dip?

The gulf economy grew steadily since the 1960s, thanks to its huge oil production capabilities. The gulf has become one of the wealthiest regions in the world, owning to its massive oil reserves. The region has maintained the pace of development with the rest of the world, with ultra-modern cities like Dubai, Doha and Manama coming into existence.

Oil prices started to plummet since the summer of 2014. The OPEC crude oil price averaged $49.49 per barrel in 2015, and fell to $29.90 per barrel by June 2016. With demand for oil declining, inventory started to pile up. The OPEC decided to cut back prices in order to get rid of the inventory. However, this backfired and the OPEC economies suffered severely. What was first thought of as a small phase of low prices continued well into 2016.

In the wake of weakening economies, the most important question for expatriates became whether or not GCC jobs were really worth it?

Should You Seek GCC Jobs?

It is true that the gulf economy has been hit by the plummeting oil prices. This is because oil exports contributed a major share of the region’s GDP. However, economies of countries that are less dependent of oil have still been doing well. Bahrain was one of the first gulf countries that started oil exploration. However, after realising that it cannot completely depend on oil for its growth and development, it started to diversify. Its oil sector contracted in 2015, mainly due to low oil prices. On the other hand, all other sectors expanded, in particular hospitality, social, personal services and construction.

As of 2016, Bahrain has one of the strongest and oldest financial structures in the entire MENA region. It is also home to a highly developed transport and communication system, making it home to some of the biggest multinational firms in the gulf. In 2006, Bahrain introduced Labour Market Reforms and has been continuously addressing issues related to employment of locals and expatriates.

Bahrain is a preferred destination for GCC jobs due to a host of factors. The laws and regulations are highly favourable to expatriates, whether it is taxation or property rights. It also has one of the most liberal laws and culture. Although the gulf as a whole has been hit by sliding oil prices, this can also be seen as an opportunity for the GCC countries to strengthen their economies through the growth and development of other sectors. 

How Big Is The Middle Eastern Market From A Business Perspective?

The average real GDP for the MENAP region stood at 2.8% in 2014 and 2.5% in 2015, according to the IMF. The MENAP region was adversely affected by the oil price dip; however, the IMF has projected a quick recovery, forecasting annual GDP growth at 3.1% for 2016 and at 3.5% for 2017.

The gulf economy is characterised by a general notion of being oil dependent. Moreover, with oil prices plummeting since the summer of 2014 and gulf economies taking a hit, they are not being viewed positively for business prospects. However, it is important to note that not all gulf countries are alike and the prospects of growth and development are still very bright in certain nations. The entire region is characterised by economies that stand at different levels of development.

The State of the Gulf Market

Despite the stereotypes associated with the region, the GCC market is experiencing rapid consumerisation and increased demand for manufactured goods. One of biggest advantage is its strategic location. Its location allows for smooth global trade. Moreover, the GCC countries are also well connected through road, water and air.

Bahrain holds the window to the entire GCC market. Setting up a business in Bahrain can get you significant exposure to rest of the GCC countries. Saudi Arabia is just an hour by road, while Qatar is 25 minutes by air. Not only have the gulf countries come a long way from just being oil producers, but they have also encouraged private business owners to participate in the region’s growth and development model. The GCC countries have taken special initiatives to encourage foreign investment which includes hassle-free paperwork, free and easy repatriation of capital and profit as well as liberal tax laws.

The diversification of the gulf economy has opened up newer avenues for budding businessmen. Some of the key sectors apart from oil and gas are finance, housing and infrastructure, construction, healthcare services, financial services, education, information and communication technology and tourism and aviation. If you are planning to set up a business in the gulf to tap into the growing demand in the GCC market, Bahrain is a great option.

Bahrain not only enjoys a strategic location, but is also equipped with modern infrastructure. It has implemented laws and regulations for ease of business. It boasts of a highly educated labour force. Moreover, it has bilateral agreements with more than 40 different countries giving it the required edge. Bahrain also has among the most liberal laws and culture.