Bahrain’s Gateway Gulf 2024, a two-day economic forum, concluded with a resounding success, generating over $12 billion in investment announcements and deals. This impressive figure reflects the growing economic strength of Bahrain and its commitment to diversifying its economy beyond traditional oil-based industries. Held from November 3-4, the forum attracted a high-profile audience of 250 ministers and business leaders from across the globe.
A significant portion of the announced deals focused on the financial sector. Al Salam Bank unveiled ASB Capital, a new Category 3A asset management company licensed by the Dubai Financial Services Authority (DFSA). Investcorp, a prominent investment firm, announced key initiatives related to its investment portfolio, while SICO Bank introduced a range of diverse investment products. J.P. Morgan Payments signaled its confidence in Bahrain’s technology sector by announcing plans to hire more technologists in the country. Singapore Gulf Bank also entered the scene, launching corporate banking services tailored for the global digital economy.
Bahrain’s commitment to digital transformation was also evident. ARRAY Innovation, a provider of advanced enterprise software and AI solutions, signed three strategic partnerships with the National Bank of Bahrain (NBB), Aluminium Bahrain (Alba), and the Labour Fund (Tamkeen). Beyon, a leading digital infrastructure company, unveiled its ambitious vision for a digital city and signed a development agreement with Edamah, a real estate investment company.
In the manufacturing sector, Alba and Daiki Aluminium reaffirmed their commitment to sustainable practices by announcing the establishment of a sustainable aluminium dross processing facility in Bahrain. The racing industry also saw positive developments with Racing Force Group and Bahrain International Circuit celebrating the completion of the Bell Racing Helmets factory extension and the groundbreaking of a new open manufacturing production facility for OMP. Bapco Energies also announced a significant milestone in its modernization program, expanding its refining capacity while adhering to strict sustainability regulations.
Edamah, the real estate arm of Bahrain Mumtalakat Holding Company, unveiled key projects including the opening of its latest resort, Hawar by Mantis. Infracorp, a leading infrastructure investment company, announced a partnership with Kempinski to launch Harbour Heights Kempinski Hotel and exclusive branded residences in the heart of Manama’s Bahrain Harbour.
On the government front, the Ministry of Industry & Commerce announced plans for a National Industrial Development Fund and an SMEs Development Fund, showcasing the government’s support for industrial growth and small businesses. The Ministry of Housing and Urban Planning outlined its vision for the development of 3,000 residential units and apartments in Khalifa City. Mumtalakat, Bahrain’s sovereign wealth fund, signed several partnership agreements across key verticals of its portfolio, demonstrating its commitment to strategic investments in key sectors.
Gateway Gulf 2024 served as a powerful platform for highlighting Bahrain’s economic potential and its commitment to fostering a diverse and dynamic business environment. The forum generated significant investment, showcased the country’s commitment to innovation and sustainability, and solidified Bahrain’s position as a regional hub for growth and development.
