The FinTech Forward 2025 (FF25) in Bahrain highlighted the expansion of fintech innovation into non-financial sectors, further reducing reliance on oil.
In response to a question by Mubasher Info, Noor Al Khulaif, Minister of Sustainable Development and CEO of Bahrain Economic Development Board (EDB), said that if there is a need for creating an investment fund, it will be studied.
Currently, the sector is growing thanks to the partnerships and the support provided by the Labour Fund (Tamkeen), she noted.
Bahrain’s non-oil economy now constitutes about 85% of its gross domestic product (GDP), down from 40% over two decades ago.
The largest contributor to the non-oil GDP is the financial services sector, followed by manufacturing, logistics, tourism, education, health, real estate, etc.
The government views fintech as a tool to support this diversification and economic transformation.
“Just over 20 years ago, our economy was over 40% made up of oil. Today, oil is less than 15%. Financial services is the largest sector at around 17%.”
The minister added that Bahrain is marketing itself as a testbed for innovation due to its small size, easy access to regulators, and supportive ecosystem.
Regarding the wealth management and family offices, she indicated that these sub-sectors are expected to help expand the economy and attract more diversified investment.
“We believe there is potential in wealth management, trust laws, private banking… Bahrain is working on bringing more family offices.”
Human Capital & Local Talent Development
Al Khulaif affirmed that over 70% of the financial sector workforce in the Kingdom is Bahraini nationals, which is a strong emphasis on training in digital and AI skills, with programs targeting 50,000 trained individuals by 2030.
Companies like Citi and J.P. Morgan are setting up regional tech and innovation hubs in Bahrain, drawn by this talent pool.
She addressed Citibank’s global tech hub in Bahrain to recruit 1,000 coders over 10 years because of the availability of talent.
Future Plans
The minister talked about the government’s next focus, the third edition of Gateway Gulf, which will take place next November.
She expressed her desire to cover the Islamic banking side of FinTech, as it represents a field where Bahrain could also shine and become a leader in.
Moreover, she rolled out plans for new projects, which will be announced in 2025 or 2026.
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