Crown Prince chairs EDB board meeting, highlights importance of venture capital funding within the economy

Manama, Dec. 20 (BNA): His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and Chairman of the Economic Development Board (EDB), today chaired the EDB Board meeting at the EDB’s headquarters in Bahrain Bay. At the start of the meeting, His Royal Highness highlighted the important role venture capital funding plays within the economy, noting that its advantages align with the Kingdom’s ongoing efforts to diversify the economy and create high quality jobs and opportunities for citizens. The Crown Prince also stressed the importance of building on what has been achieved in the telecommunications sector, saying that consistent and targeted regulatory reform has enabled it to become one of the largest sectors that offers high quality jobs for citizens. His Royal Highness emphasised the importance of facilitating sustainable investment within the economy, in line with Bahrain Economic Vision 2030, whilst noting the government’s commitment to increasing collaboration between the public and private sectors to enable even greater growth in the Kingdom’s priority sectors. During the board meeting, His Excellency Kamal bin Ahmed Mohammed, Minister of Transportation and Telecommunications, gave a presentation regarding 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 updates 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. Mr 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 ongoing efforts 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. Following the meeting, His Royal Highness conducted a tour of the EDB’s headquarters. The Crown Prince concluded by underlining the important role played by the EDB in supporting diversification efforts, attracting foreign direct investment, and enhancing the Kingdom’s investment environment. His Royal Highness 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.