Tap venture fund

Manama : Venture capital funding plays a vital role in the development of the Kingdom’s economy, said His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander, First Deputy Prime Minister and Chairman of the Economic Development Board (EDB), at the EDB Board meeting held at its headquarters in Bahrain Bay yesterday. 

Addressing the meeting, His Royal Highness highlighted the important role venture capital funding plays within the economy and noted that its advantages align with the Kingdom’s ongoing efforts to diversify the economy and create high quality jobs and opportunities for its citizens.

The Crown Prince also stressed the importance of building on what has been already achieved in the telecommunications sector, saying that consistent and targeted regulatory reform has enabled it to become one of the largest sectors that offer high quality jobs for citizens.

Emphasising the importance of facilitating sustainable investment within the economy, in line with Bahrain Economic Vision 2030, His Royal Highness noted the government’s commitment to increase collaboration between the public and private sectors to enable  greater economic growth in the Kingdom.

During the board meeting, Kamal Ahmed, Minister of Transportation and Telecommunications, made a presentation on Bahrain’s fibre optic cables and network infrastructure, highlighting the importance of enhancing the current telecommunications infrastructure.

Khalid Al Rumaihi, Chief Executive of the EDB, presented the EDB’s recent achievements and updated on the Kingdom’s key economic indicators. 

Al Rumaihi noted that the Kingdom this year managed to attract foreign direct investment worth $280 million. The EDB Chief Executive also welcomed the Kingdom’s performance in the World Bank’s 2017 Doing Business Report, which said Bahrain possesses the second most favourable business environment in the MENA region, and is one of ten countries improving the most globally across three or more areas. 

Al Rumaihi also highlighted several ongoing initiatives which aim to enhance the Kingdom’s investment environment and increase competitiveness.

The Chief Executive of the EDB also highlighted the efforts made to create a supportive start-up ecosystem, including improving legislation, access to finance, and ensuring start-ups have access to training opportunities through mentorship programmes and accelerators. 

The Crown Prince conducted a tour of the EDB’s headquarters after the meeting. 

Prince Salman also underlined the important role played by the EDB in supporting the Kingdom’s diversification efforts, attracting foreign direct investment, and enhancing the investment environment. The CrownPrince extended his best wishes to the EDB’s staff and wished them well in their work.

His Royal Highness was accompanied by EDB Board members during the tour.