Friday 10 July 2020

Participants at the Falak Power Lunch.

Bahrain to focus on five core sectors for growth

MANAMA, May 26, 2016

Bahrain's Economic Development Board (EDB) has identified five core sectors where it expects both growth and investments, EDB chief executive Khalid Al Rumaihi has said.

The sectors include financial services, manufacturing, logistics, tourism and leisure, and information, communications and technology.

Speaking as the guest of honour at the second quarterly Falak Power Lunch 2016, Al Rumaihi said: “The role of the EDB is focused on economic planning, encouraging local and international investments and policy advocacy. However, the key questions we ask while assessing the cash flow is - what do we need investments for? And then, what is the value proposition for investors?

"We have already identified five core sectors where we expect both growth and investments, and hence, a more targeted approach is adopted to each of the sectors to ensure results match expectations,” he told the gathering of business leaders.

Also present at the event were Alia Almoayed (nutritional therapist), Deena Al Ansari (MD – Al-Ansari
Lights), Amin Al Arrayed (CEO - First Bahrain), Basim Al-Saie (MD - Installux Gulf), Hisham Al-Saie
(CIO – Premier Group), Shaikh Khalid M Al Khalifa (CEO – Palm Capital), Khalid Al Quod (MD – AlQuod Consultancy), Jean-Baptiste Lucas (CEO – Garmco) and Shahd Al-Zaki (creative director - Mievento creative hub).

The event, organised by Falak Consulting, a leading Bahrain based management consulting firm specialised in empowering organisations to be results driven, took place at the Al Fayez Restaurant, Reef Island, Manama, Bahrain.

Al Rumaihi said EDB has introduced KPIs to track investment activity in the core sectors, and these KPIs put the spotlight on how much foreign direct investment has been achieved, how many projects have been finalised, how much employment will be generated through these projects, and whether or not people perform their functions in a timely manner.

He added that for any development to achieve success, infrastructure is not always an issue
but logistics holds the key. The Bahrain Logistics Board, for example, has been set up to reduce waiting time at the causeway through quicker processes. The causeway sees an ongoing traffic of both goods and people, and if these processes can be tackled smoothly and effectively it will have positive impact on business.

The discussions at the gathering revolved around the impact of the oil prices on the business environment, the effect on the overall economy of the BD32 billion worth projects planned over the next seven years, the general flow of contracts awarded, and how mindsets need to change in order to battle negative sentiments around perceived slowdown.

The event also looked at the entrepreneurship environment, and discussed steps to encourage private participation in incubators, to promote Bahrain as the entrepreneurship hub of the region and to provide a conducive environment for venture capital firms to thrive.

Representing Falak Consulting were the CEO Suhail Algosaibi and executive director Jitender Shekhawat.

Algosaibi said: “The idea behind the event is to provide top business leaders in Bahrain with a platform to meet and engage in a free exchange of ideas, share concerns and examine ways to further strengthen Bahrain’s commercial advantages and bring in investments. The Falak Power Lunch is held every quarter and has proved to be a huge success since its launch, and just like this afternoon, it has regularly witnessed participation from leaders across diverse sectors who are all united in their resolve to strengthen Bahrain’s credentials as an investor friendly nation.”

“We appreciate the support of each of our distinguished guests for their participation and sharing their valuable insights on Bahrain’s growth story," said Algosaibi.

He thanked Al Rumaihi for his presence at this event. "All of us in the business community truly respect the positive work being done by EDB in making Bahrain a business friendly nation,” he said. - TradeArabia News Service

Tags: EDB | growth | Falak |

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