Bahrain Tribune- 24 Novebmer 2007- Bahrain Crown Prince and Chairman of the Kingdom’s Economic Development Board (EDB), Shaikh Salman bin Hamad Al Khalifa yesterday affirmed that the growing strength of the deeply-rooted political ties between Bahrain and United Kingdom was reflected in the robust increase in British companies and firms setting up ventures in the Kingdom. This is in addition to the increased activities of businessmen in both the countries towards finding more promising investment opportunities.
He was speaking at a reception organised by the London-based Middle East Association in cooperation with the EDB and the Bankers Society of Bahrain to mark his visit to the United Kingdom, the official news agency BNA reported. Talking on the finance and investment sectors in Bahrain and the role of the private sector in both the countries for promotion of economic cooperation, the Crown Prince said as a nation with strong historical ties with the UK, Bahrain was an ideal destination for Britons looking to do business in the Gulf and wider Middle East. He said Bahrain’s unparalleled infrastructure, potential and facilities had much to offer to the finance and investment sectors. Bahrain’s massive financial industry accounting for 25 per cent of its GDP, made it the financial leader in the region and the gateway to the Middle East. Built up over 30 years, more financial institutions are concentrated in Bahrain than anywhere else in the region, he said, adding that the country played a vital role in global finance being the home for major banking and financial institutions dealing in Islamic banking, retail banking, corporate banking, investment banking, asset management and insurance. As a country embarked on a project of diversifying its economy away from oil, Bahrain’s strengths lay in the faith it was placing in the private sector. He underlined the EDB’s special interest in supporting the efforts of the private sector, considering it a key player in the elevation of the levels of cooperation in economic, commercial and investment sectors. He also commended the role of the Central Bank of Bahrain in ensuring a conducive climate for financial, banking and insurance establishments operating in Bahrain. MEA Director General Michael Thomas lauded Bahrain’s efforts in the enhancement of its financial and investment status and the provision of facilities for businessmen and investors. The reception was attended by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa, CBB Governor Rasheed Al Maaraj, EDB Chief Executive Shaikh Mohammed bin Isa Al Khalifa, Crown Prince Court Head Shaikh Kalifa bin Duaij Al Khalifa, Bahrain’s Ambassador to the UK, Shaikh Khalifa bin Abdullah Al Khalifa and personal secretary of the Crown Prince Shaikh Abdullah bin Isa Al Khalifa.
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