Top Business Leaders discuss Entrepreneurship and Infrastructure
Falak Consulting – a leading Bahrain based management consulting firm specialized in empowering organizations to be results driven – invited prominent business leaders to its second quarterly Falak Power Lunch, 2016 for a discussion on measures being taken to steer investments in various sectors and thereby bolster Bahrain’s growth story.
The guest of honor at this event was the Chief Executive of the Economic Development Board – Bahrain, Mr. Khalid Al Rumaihi, and took place at the Al Fayez Restaurant, Reef Island, Manama, Bahrain. Also present at the event were, Alia Almoayed (Nutritional Therapist), Deena Al Ansari (MD – Al-Ansari Lights), Amin Al Arrayed (CEO – First Bahrain), Basim Al-Saie (MD – INSTALLUX GULF), Hisham Al-Saie (CIO – Premier Group), Shaikh Khalid M Al Khalifa (CEO – Palm Capital), Khalid Al Quod (MD – AlQuod Consultancy), Jean-Baptiste Lucas (CEO – GARMCO) and Shahd Al-Zaki (Creative Director – MIEVENTO creative hub). Representing Falak Consulting were the CEO, Suhail Algosaibi and Executive Director, Jitender Shekhawat. Commenting on the Falak Power Lunch, Suhail Algosaibi said:
“The idea behind Falak Power Lunch is to provide top business leaders in Bahrain with a platform to meet and engage in a free exchange of ideas, share concerns and examine ways to further strengthen Bahrain’s commercial advantages and bring in investments. The Falak Power Lunch is held every quarter and has proved to be a huge success since its launch, and just like this afternoon, it has regularly witnessed participation from leaders across diverse sectors who are all united in their resolve to strengthen Bahrain’s credentials as an investor friendly nation.”
The discussions revolved around the impact of the oil prices on the business environment, the effect on the overall economy of the BD 32 billion worth projects planned over the next seven years, the general flow of
contracts awarded, and how mindsets need to change in order to battle negative sentiments around perceived slowdown.
The Economic Development Board has already identified five core sectors for growth and investments: financial services, manufacturing, logistics, tourism and leisure, and information, communications and technology. Commenting further on EDB’s mandate to steer Bahrain towards emerging as an investor friendly nation, Mr Al Rumaihi said:
“The role of the EDB is focused on economic planning, encouraging local and international investments and policy advocacy. However, the key questions we ask while assessing the cash flow is – what do we need investments for? And then, what is the value proposition for investors? We have already identified five core sectors where we expect both growth and investments, and hence, a more targeted approach is adopted to each of the sectors to ensure results match expectations.”
EDB-Bahrain has introduced KPIs to track investment activity in these sectors, and these KPIs put the spotlight on how much foreign direct investment has been achieved, how many projects have been finalized, how much employment will be generated through these projects, and whether or not people perform their functions in a timely manner.
Mr. Al Rumaihi added that for any development to achieve success, infrastructure is not always an issue but logistics holds the key. The Bahrain Logistics Board, for example, has been set up to reduce waiting time at the causeway through quicker processes. The causeway sees an ongoing traffic of both goods and people, and if these processes can be tackled smoothly and effectively it will have positive impact on business.
The Falak Power Lunch also looked at the entrepreneurship environment, and discussed steps to encourage private participation in incubators, to promote Bahrain as the entrepreneurship hub of the region and to provide a conducive environment for venture capital firms to thrive. Mr. Algosaibi thanked each of the participants for attending the Falak Power Lunch.
“We appreciate the support of each of our distinguished guests for their participation and sharing their valuable insights on Bahrain’s growth story. I would like to take this opportunity to thank our guest of honor, Mr. Khalid Al Rumaihi for his presence at this event. All of us in the business community truly respect the positive work being done by EDB in making Bahrain a business friendly nation.”
The Falak Power Lunch is held every quarter, and involves discussion on topics related to Bahrain’s economy and business environment. Guests comprise some of the big names in industry, government and regulatory bodies, and has been a huge success since it was first started in April 2015.