Bahrain

With a strong and well established financial services sector, Bahrain’s role in expanding the global reach of sharia-compliant financing looks set to broaden further through three developments firmed up in July. Two new partnerships were announced last month that will expand the number of Islamic Financial Services (IFS) institutions in the kingdom, while an agency already active in the sector is furthering its work to globalise the industry.

Efforts to strengthen Bahrain’s digital economy will begin in earnest next year when the kingdom launches a major upgrade of its broadband internet infrastructure.

Bahrain beat GDP growth expectations in 2013 and is poised to keep pace with its larger regional neighbours this year, according to a recent report from the country’s Economic Development Board (EDB).

The Kingdom of Bahrain is pushing forward with its plan to invest $4.4bn in housing, utilities and education projects over the next three years. The first wave of infrastructure development, announced in January, is gaining momentum, and new construction tenders are starting to be awarded.

A flurry of new deals signed in the first quarter of 2014 are set to push up trade between Bahrain and India, while also paving the way for the Kingdom to continue expanding its health care sector and pharmaceuticals industry.

The Central Bank of Bahrain has set out new rules on the issuance of securities as the kingdom looks to boost activity in its financial services sector.