Offshore Investment Mag

The Bahrain Economic Development Board (EDB) last week announced the launch of Bahrain Financial Services Development (BFSD), to raise regional and international awareness of the benefits of the Kingdom's finance sector.

Developed in conjunction with the Bahrain Monetary Agency (BMA), BFSD will lead international marketing, business liaison and other promotional activities on behalf of Bahrain. EDB says that the creation of this new body underscores the its commitment to building understanding and awareness of Bahrain's competitive advantages amongst global organisations it wishes to attract to the Kingdom.

The EDB also announced that Jane Dellar has been appointed as Chief Executive of BFSD. Dellar joins from Isle of Man Finance, where she worked in close collaboration with the Island's business representatives to help existing businesses to create the right environment to fuel their growth, as well as to attract financial business to establish on the Island.

Raising regional and international awareness of the benefits of Bahrain's finance sector will lie at the heart of BFSD's agenda. The launch is an important element of the EDB's strategy of facilitating development in those sectors of the Bahraini economy - including financial services - which, it believes, offer the best prospects for growth and inward investment from international business.

Commenting on the announcement, Sheikh Mohammed Bin Essa Al Khalifa, Chief Executive, Bahrain Economic Development Board, said: "Working in partnership with our finance community to grow their business and attract new, external investment, is essential to achieving our key aim of building the diversified economy we need to maintain Bahrain's competitive advantage. "I have high expectations of BFSD as the key to maintaining the strength of our finance sector, through providing a platform on which to focus on the needs and requirements of financial institutions.

"I also have total confidence in the ability of Jane and her team to deliver this. Jane shares the EDB's pioneering spirit and desire to ensure that Bahrain continues to fulfil its economic potential. We welcome her to the Kingdom and look forward to working closely and successfully with her."

Bahrain has long been established as the Middle East's pre-eminent financial centre, with banking and finance currently accounting for more than 25 per cent of the Kingdom's GDP.

Since gaining independence in 1973, Bahrain has built upon the foundation established by the BMA, which established close and successful working relationships with international institutions in the financial sector. Today, more than 360 banks, insurance companies and other financial institutions, operating on both traditional and Islamic principles, are located in the Kingdom.