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Bahrain’s growing stature in the realm of finance, technology, and innovation has been further corroborated by a new report by the Milken Institute. The report highlighted the Kingdom’s potential to emerge a major global hub in these fields, along with the challenges it needs to overcome.

Bahrain is already a leading regional hub for FinTech and ICT innovation. The report noted that some bold regulatory reforms and careful planning will help the Kingdom further improve on that front on a global scale.

As for the challenges facing Vision 2030, an ambitious doctrine designed to help the Kingdom become a knowledge- and innovation-driven economy, the report noted that Bahrain needs to continue its ongoing efforts to overcome the regulatory and infrastructure-related hurdles.

Dubbed Bahrain and the Fourth Industrial Revolution, the report specifically recommended certain changes in policy that could better accommodate investors, increase transparency, and enhance access to the Bahraini capital market.

“Bahrain has developed a business-friendly environment, regulatory framework, and support system that makes the kingdom an attractive destination for global companies, investors, and entrepreneurs,” said Claude Lopez, Milken Institute director of research.

“With its skilled population, low cost of living, and continued investment in technology infrastructure, Bahrain is positioned to continue to achieve positive outcomes.”

The report also suggested that the government should continue supporting small local firms with services that could help them transit to digital infrastructure.