Bahrain ranked 'Best for Business' in the Gulf by Forbes |
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23 March 2009, Manama: Bahrain has been ranked the best country for business in the Gulf by Forbes, one of the most trusted information resources for the world's business leaders.
Bahrain is ranked No. 1 in the GCC and 33rd of 127 economies in Forbes' Best Centres for Business 2009 report, confirming that the Kingdom is better placed than many other nations to weather the current global economic downturn and remains an attractive location for foreign investment.
The US-based publication's fourth annual list assesses business conditions which entrepreneurs and investors consider desirable. The report highlights a number of factors that have already attracted numerous multinational firms to Bahrain, seeking access to the Gulf and MENA region: the Kingdom's diversified economy which underpins the strong economic growth seen in recent years; its well established financial services sector and leading position in Islamic finance; and its highly developed communication and transport infrastructure.
Kamal Ahmed, Chief Operating Officer of the Bahrain Economic Development Board (EDB)Bahrain Economic Development Board (EDB)
, said: "Bahrain provides the most attractive business environment for international companies looking to access the markets of the Gulf and wider Middle East. Our strong business track record and long term strategy of economic diversification is backed by the highest and most transparent regulatory and supervisory standards in the region. And our well developed infrastructure maximizes our strategic location as the gateway to the Gulf."
The Forbes analysis of various socioeconomic indicators was drawn from expertise, research and published reports from the World Economic Forum, the World Bank, Transparency International, Freedom House, Deloitte Tax, the US Chamber of Commerce and Central Intelligence Agency, and the Heritage Foundation, whose 2009 Index of Economic Freedom ranked Bahrain the freest economy in the Middle East and 16th in the world earlier this year.
-Ends-
About The Bahrain Economic Development Board (EDB)The Bahrain Economic Development Board (EDB)Bahrain Economic Development Board (EDB)
is a dynamic public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom. The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics, and education and training.
More information on the Bahrain EDB is available at: www.bahrainedb.com
Further information
Farah Mattar, Economic Development Board
Tel: +973 17 589 999
Email: internationalmedia@bahrainedb.com
Alisdair Haytornthwaite, Bell Pottinger
Tel: + 971 566 901 725
Email: ahaythornthwaite@bell-pottinger.co.uk
© Press Release 2009
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