Manama, Bahrain – The Central Bank of Bahrain (CBB) is pleased to announce the issuance of the first Investment Business Category 4 (Collective Investment Undertaking Operator) license to BAGS Capital. This new license category caters for the business models of specialist fund managers who operate, manage, and market Collective Investment Undertakings (CIUs) exclusively for accredited investors.
Ms. Abeer Al Saad, Executive Director of Financial Institutions Supervision at CBB, commented, "The issuance of Bahrain's first Investment Business Category 4 (CIU Operator) license to BAGS Capital, is in pursuance to the recent amendments made to the licensing requirements in relation to the investment firms activities and the newly introduced license categories. This new license category exemplifies our unwavering commitment to nurturing specialized fund managers and fostering an environment conducive to their growth.”
Ms. Ebtisam Al Arrayed, Director of Financial Institution Supervision at the CBB, added, "We are delighted to grant the first Investment Business Category 4 (CIU Operator) license to BAGS Capital. We believe that this new license category will contribute in introducing new types of investment business firms and will provide new opportunities to experienced investment bankers to establish their own asset management boutique in the Kingdom of Bahrain.”
Mr. Abdulla Haji, Director of Licensing at the CBB, emphasized the significance of this milestone, stating, "We are proud to have granted Bahrain's first Investment Business Category 4 (CIU Operator) license to BAGS Capital. This achievement highlights our commitment to fostering innovation and providing a conducive regulatory environment for specialized fund managers. The introduction of this new license category opens doors for a broader range of investment management applicants and reinforces the Kingdom of Bahrain’s standing as a preferred destination for investment activities."
Mr. Nasir Obeid, the COO and founding member of BAGS Capital B.S.C (c), commented, “Following the successful acquisition of the license from the Central Bank of Bahrain, our shareholders are proud to establish the first Investment business firm, Category 4 license specializing in managing and operating investment funds, with initial focus on the grain supply sector in addition to other sectors, leveraging on our global grain supply expertise.
Our shareholder and CEO, Mr. Amer Auf is pleased to have taken the Kingdom of Bahrain as regional business domiciliation. The Kingdom of Bahrain has established a well-renowned and transparent regulatory framework for the financial sector with a supportive ecosystem that nurtures the growth of financial institutions”.