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Bahrain To Challenge Dubai As Financial Services Hub?

by Carla Johnson, Investors Offshore.com

06 February 2003

The Bahrain Monetary Authority is seeking to promote the region as a financial hub to rival Dubai, according to a report from the Khaleej Times.

Speaking this week, Abdulrahman Al-Baker, director of financial institutions at the BMA revealed that a survey has been conducted to determine the current size of the private banking industry in the kingdom.

'In a relatively short time, Bahrain has already gained the reputation of being a centre for wealth management services in the region,' he explained, continuing: 'The initial results of the survey, carried out earlier, show that private banking assets exceed $22 billion, which constitutes about 20% of the total assets held by Bahrain banks.'

Mr Al-Baker went on to add that recent international political and economic developments have offered the kingdom's banks renewed opportunities to attract the wealth of Middle Eastern high net worth individuals, as well as institutional investors.

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