Saudi Investors Centre opens at Bahrain Financial Harbour
MANAMA: Bahrain plans to set up dedicated investment centres for businessmen from GCC countries to encourage them to set up businesses in the kingdom.
This was revealed yesterday by Industry, Commerce and Tourism Minister Zayed Al Zayani as he opened a new Saudi Investors Centre.
Located at Harbour Gate, Bahrain Financial Harbour, the centre will offer Saudi investors a wide range of opportunities Bahrain has on offer."We are really focusing on the Saudi market to promote Bahrain as an ideal investment centre for Saudi businessmen," Mr Al Zayani told the GDN on the sidelines of the inauguration of the centre.
"Currently, Saudis are the second nationality in terms of number of commercial registrations (CR) and investors in our stock exchange which is about five per cent."We would like to see the 5pc further multiplied.
"Mr Al Zayani said the new centre will cater to the needs of Saudi investors. It will offer concierge services for Saudi investors."Hopefully, we would like to expand the centre," he said when asked if similar investment centres will be set up for other Gulf countries.
Mr Al Zayani on March 21 told MPs about plans to set up the new centre to encourage Saudi businesses to set up operations in Bahrain.
The minister further revealed plans to link the Bahrain and Saudi stock exchanges to encourage more cross-border investment.
He said officials from Bahrain Bourse and Saudi Stock Exchange (Tadawul) were working on the initiative."We hope to link accounts of both Saudi and Bahraini investors so that they can trade seamlessly.
"Bahrain Bourse chief executive Shaikh Khalifa bin Ebrahim Al Khalifa said opening of the Saudi Investors Centre will have a positive impact on the economy.
"The spillover effect post the opening of the centre will boost the economy as a whole and the trading activity at Bahrain Bourse," Shaikh Khalifa said.
A total of 32,000 new CRs were issued last year taking the total number to 82,000 active CRs in Bahrain.
The ministry said 228 CRs were issued in the first quarter of this year, adding that Saudi investment in Bahrain is about $2.39 billion, which is 14.1pc of the overall foreign investment until the first quarter of this.
Source: http://www.gdnonline.com/Details/203723/Saudi-Investors-Centre-opens
