EDB and Ithmaar Bank join hands for major initiative

MANAMA — The Economic Development Board (EDB) of Bahrain and Ithmaar Bank, an Islamic investment bank based in Bahrain, yesterday announced their partnership in an initiative aimed at enhancing the Kingdom's competitiveness and economic prospects.

By A Staff Reporter

Published: Tue 15 Aug 2006, 10:01 AM

Last updated: Sat 4 Apr 2015, 2:13 PM

The two institutions are co-sponsoring the Bahrain and the World 2025 study, which will examine Bahrain's critical variables and develop plausible scenarios about the country's future in a global context.

The study is being launched under the World Scenario Series of the World Economic Forum (WEF), a Geneva-based independent international organisation committed to improving the state of the world.

A Memorandum of Understanding (MoU) for conducting the Bahrain and the World 2025 study was signed today between the EDB and Ithmaar Bank. The MoU was signed by Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of the EDB, and Shaikh Salman bin Ahmed Al Khalifa, Managing Director, Private Banking, at Ithmaar Bank. The study will be conducted by experts commissioned by the World Economic Forum. Work on the study is to begin in the coming weeks, with final results to be presented in May 2007 at the World Economic Forum on the Middle East gathering, to be held in Jordan.

Commenting on the significance of the project, Shaikh Mohammed said, "The extensive research and, more importantly, the future scenarios will allow for better strategic planning and decision making by both public and private sector institutions in Bahrain, maximising the potential of the country and its institutions."

"The challenge also is to develop new engines of growth for the economy in a rapidly and continuously changing regional and global environment."