Al-Rumaihi: Bahrain is a natural home for BlockOn

Al-Rumaihi: Bahrain is a natural home for BlockOn

EDB Bahrain wins UN IPA, backs BlockOn

November 2018

The UN Investment Promotion Awards (IPAs) has been presented to Bahrain Economic Development Board (EDB), as it demonstrated impressive performance in increasing investment.

The IPAs is awarded for the capability to strengthen investment for countries to be able to realise the Sustainable Development Goals (SDGs).

The award was granted during the opening of the 2018 World Investment Forum, of which the United Nations Conference on Trade and Development (UNCTAD) managed.

The Bahraini agency claimed the award, alongside agencies from India, Lesotho, and South Africa, for luring a major regional data center which is expected to offer cloud computing services.

UNCTAD’s director of investment and enterprise James Zhan stated: “the award-winning agencies show that by mainstreaming the SDGs, IPAs can make a valuable contribution to social and economic development.”

Meanwhile, Bahrain EDB will be the ‘Strategic Partner’ for a global blockchain conference BlockOn 2018 - Redefining Finance, taking place next month, in Bahrain, Bahrain FinTech Bay announced.

Over 300 global blockchain innovators and professionals including a diverse group of regulators, entrepreneurs, investors and financial industry executives will participate in BlockOn, taking place on November 22, at the Wyndham Grand, Bahrain Bay.

Held under the patronage of Khalid Al-Rumaihi, chief executive, EDB and chairman of the Executive Board of Bahrain FinTech Bay, attending experts will convene to explore the rising opportunities and challenges presented by the industry, said a statement.

EDB has played a strong role in establishing Bahrain as a regional FinTech hub and in the attraction of leading FinTech companies of all sizes to the kingdom. 

EDB CEO Khalid Al-Rumaihi said: “We are delighted to partner with Bahrain Fintech Bay for the global BlockOn conference. Fintech is one of the most exciting sectors in the kingdom, benefitting from our strengths as a regional leader in finance and ICT.”

“Bahrain is therefore a natural home for BlockOn – an event which embraces both the challenges and opportunities of innovative technologies, as well as the regulations that underpin it,” he said.

Khalid Saad, chief executive officer of Bahrain FinTech Bay, said: “With dedicated FinTech focused teams, the EDB has played an instrumental role in fostering the growth and development of Bahrain’s FinTech ecosystem and is active player on the global FinTech scene. With their support, we are assembling a world-class roster of speakers and an agenda that can help attendees more fully grasp and leverage the transformative nature of blockchain and its impact on not only on the financial services industry, but also other industries that it can revolutionise,” he added.

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