The Kingdom of Bahrain with its reputation and position as an important financial, banking, and economic center in the region, attracts the world’s largest companies in the fields of financial solutions and communication, as regional centers opened there, the last of them was the announcement of Amazon Web Services (AWS), the subsidiary of Amazon.com, opening what is called middle east “infrastructure region” by the beginning of 2019.
Dr. Ali Mohamed Al-Khouri, Advisor, Arab Economic Unity Council League of Arab States, Chairman of Arab Federation for Digital Economy, reviewed the plans of improving Kingdom of Bahrain’s position in fintech infrastructure. This was with Dr. Al-Khouri’s meeting with H.E. Sheikh Khalid bin Abdullah bin Ali Al Khalifa, ambassador of the Kingdom of Bahrain to the United Arab Emirates.
Dr. Al-Khouri reviewed the outline of the Arab economy strategy and the important role the kingdom can provide, through its expertise and competencies, where Bahrain is ranked the second in MENA region within Ease of Doing Business rankings, as per “Doing Business 2017” report issued by World Bank.
H.E. Ambassador Sheikh Khalid bin Abdullah bin Ali Al Khalifa, expressed his happiness with the study of the Arab common vision for digital economy, performed by the Arab Economic Unity Council League of Arab States, and he stated: “this initiative comes at the right time to cope with worldwide accelerating development of digital transformation, and to enable Arab countries to play their role in improving global economy growth. This strategic vision would support and back the economic vision 2030 launched by Search Results Bahrain Economic Development Board (EDB), with the pillars of sustainability, fairness, and competitiveness. Moreover, it would support the efforts of cloud digital transformation in Bahrain to provide technology suitable for the different business sectors.”
It is worth mention that EDB has also launched “Bahrain FinTech Bay”, which is considered the largest fintech center in MENA, it provides incubators for fintech startups. Also, the investment capital fund project “Al Waha Fund of Funds” is considered one of the pioneering projects of investment and venture capital for fintech, with the size of 100 Million US Dollars.