aawsat - 11/9/2018 5:02:32 PM - GMT (+2 )
The Ministry said that the investors are taking advantage of low business costs in the ICT sector in Bahrain.
The Ministry's data showed that Saudi investors in Bahrain possess 318 commercial registers in technical and scientific activities and 40 commercial registers in the field of communications and information, benefiting from the 100 percent ownership advantage for the investor in Bahrain.
The total number of commercial registers in which Saudis invest in Bahrain amounted to 13,000 among 88,324, thus the Saudi Kingdom is ranked as the second largest investing country in Bahrain after India.
Bahrain’s Ministry of Commerce has announced earlier this year that the total Saudi investments amounted to SAR20 billion ($5.3 billion dollars).
The Saudi market is one of the important markets for Bahrain’s economy, and Manama, according to its location and geographical link, represents a gateway for investors to expand in the Gulf market in general and the Saudi market in particular.
Saudi investors benefit from the qualitative incentive provided by Bahrain through Tamkeen’s Cloud Computing Services support program, which covers the reimbursement of 100 percent of the cost of the services for the initial 18 months of any registered company in Bahrain.
“The advanced and open infrastructure supported by an effective system of legislation and facilities contributes to the promotion of Saudi investments in Bahrain because of its leading international indicators in terms of readiness of the ICT sector,” Managing Director of Bahrain’s Economic Development Board Dr. Simon Galben told Asharq Al-Awsat.
Statistics confirm Bahrain's efforts to provide investors with all what they need, including Saudi investors and entrepreneurs, to enable companies to take advantage of their advanced digital infrastructure and facilitate business practices, including the latest frameworks that facilitate entrepreneurship, innovation and swift growth.
Bahrain follows steps to develop the legislative environment by introducing bankruptcy law, developing the Personal Data Protection Act, developing a cloud computing policy and reducing the capital required to establish businesses to empower the digital economy.