Speaking on the second day of the 3rd Forum on Investing in Technology: The Seeds of Growth, held under the patronage of HH Sheikh Salman Bin Hamad Al Khalifa, Crown Prince and Commander and Chief of the Bahrain Defence Force, Kuwait Finance House, Bahrain (KFH-Bahrain) revealed initial plans and concepts for the development of a world class Science and Technology Park in Bahrain – the first in the region – as announced by Mr. Abdulhakeem Alkhayyat, General Manager of KFH-Bahrain in the presence of his HH Sheikh Salman, at the Forum’s opening ceremony.
Presenting initial plans aimed at making Bahrain the region’s leading hub for science and technology, Osama Al Khaja, Manager of Corporate Finance at KFH-Bahrain addressed participants, underscoring the Bank’s commitment to supporting greater investments in technology throughout the Arab world and the Bank’s belief that Bahrain provides an ideal environment in which to do this.
With Bahrain already the region’s pre-eminent financial centre, KFH-Bahrain believes that its envisioned technology park can be a point where capital and innovation can be joined in order to drive further development and progress in this area, which is critical to the economic growth of the region and its ability to compete on a global scale.
Furthermore, KFH-Bahrain envisions that its science and technology park in Bahrain would be an important step towards bringing together Arab and international scientists and pioneers in technology whilst simultaneously providing innovative Arab technology companies, start-ups and entrepreneurs with the necessary support and an environment in which to thrive and add value to the local and regional economies.
According to Mr. Al Khaja, “We are actively taking steps to make our vision of an international science and technology park in Bahrain a reality. KFH-Bahrain has partnered with world-class organisations such as UNIDO to assess the technical, marketing and financial viability of this project and we have already signed collaboration agreements with other leading technology parks including the world famous Sofia Antipolis Technology Park (France) and the Middle East University Technology Park in Turkey. We are encouraged by the progress of our efforts thus far and are committed to working towards the establishment of a new concept in this region.
Mr. Al Khaja added, “Specifically, we are aiming to create a comprehensive and attractive environment that will provide advanced infrastructure, facilities and services at an international standard. In doing so, it is our hope to attract local, regional and global leaders across multiple industry segments so as to stimulate knowledge transfer, serve as an incubator for advancement and progress through R&D, create jobs and economic opportunity, and, ultimately, help to stimulate growth and enhance the productively and future outlook of the Arab region.”
Target sectors for inclusion in the envisaged park would include: Information Technology, Oil & Gas, Energy, Telecommunications, Marine Technology, Water Technology, Environmental Management, Bio Technology, Metal, Digital Systems and so forth.
KFH-Bahrain is the co-organiser and main sponsor of the event, which is aimed at building momentum among the investment community to focus greater attention on supporting innovative Arab technology start-ups. In doing so, the Forum has brought to together regional and international technology leaders, corporations, investors, venture capital funds and financial institutions.
KFH-Bahrain’s sponsorship of this conference reflects the Bank’s own ongoing efforts to support projects and companies that help to drive economic development in the region and specifically of Arab technology start-ups and developing businesses. Since its inception in October 2002, KFH-Bahrain has already made significant investments in a number of promising and entrepreneurial technology companies in the region including those in the areas of telecommunications, pharmaceuticals and aerospace/aviation, to name a few.
About Kuwait Finance House, Bahrain
Kuwait Finance House, Bahrain is a leading provider of Islamic commercial and investment banking services. Established in 2002 as a wholly owned subsidiary of Kuwait Finance House (Kuwait) -- an industry leader for more than 25 years -- KFH-Bahrain specialises in developing and bringing to market the highest quality Islamically compliant banking and investment products, all of which are delivered by a staff of experienced and dedicated professionals with a deep understanding of the market and the customers we serve.
