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BDO Consulting Authorized as Sponsor on Bahrain Investment Market

04 June 2017

Bahrain Bourse (BHB) has authorized the appointment of BDO Consulting as a specialized advisory firm (sponsor) operating within the Bahrain Investment Market (BIM), an equity market for growing business ventures in Bahrain and the wider MENA region. The agreement was signed by Shaikh Khalifa bin Ebrahim Al Khalifa, Chief Executive of Bahrain Bourse and Mr. Jawad Habib, BDO Chairman, in the presence of BDO Bahrain CEO Mr. Ali Jawad and Partner, Mr. Arshad Gadit.

Bahrain Investment Market (BIM), which was officially launched in March 2017 by the Bahrain Bourse, features easier admission and financial disclosure rules, access to global investors, guidance services through specialized professional advisory firms, and many other benefits.

The agreement with BDO Bahrain has added one more key partner to the cornerstone of support that BIM offers businesses and enterprise investors looking to establish and grow their presence in the region. In addition to access to capital, listed companies will benefit from the implementation of globally accepted standards for financial auditing and reporting statements as mandated by the BIM. The Sponsor plays an advisory role to all new clients helping to audit financial statements and vet other relevant reports and documents to meet the prescribed requirements. 

Established in 1980, BDO Bahrain is a member of BDO International Limited and forms part of the international BDO network of independent member firms. BDO's global network extends across 158 countries, with over 67,731 people working out of more than 1,400 offices.   BDO Bahrain is led by 7 partners with a multi-sector focus.

Bahrain Investment Market’s partnership with BDO Bahrain follows similar tie-ups earlier this year with well-known professional advisory firms, KPMG in Bahrain and Keypoint.  The increasing network of authorized sponsors and specialized advisory firms that BIM is partnering with have significantly enhanced the options available for prospective companies wishing to list on Bahrain Bourse. For the Sponsors the benefits include being associated and authorized by a licensed exchange with minimal costs, as well as access to dynamic companies. Once a company appoints a specialized advisory firm, the Sponsor becomes their first point of contact.

It is relevant to note that in the last year Foreign Direct Investment in Bahrain doubled as the country secured a total of USD 281 million of foreign investment from 40 new companies. Bahrain Bourse has seen trading volumes increase by 42% between 2015 and 2016, reflecting a real need for such a market.

Shaikh Khalifa bin Ebrahim Al Khalifa, CE of Bahrain Bourse noted, “A diverse and supportive ecosystem is not only essential for driving private sector growth, but also an important determining factor for foreign investors when considering where to invest. The partnership with BDO Bahrain provides additional multi-sector support and advisory services that will encourage and enable investment opportunities for companies and investors around the world.”

Mr. Jawad Habib, BDO Chairman said, “As one of the world's largest accounting and consulting networks, with a team that is drawn from a variety of multi-disciplinary backgrounds, BDO has helped a diverse clientele with a range of needs.  We are looking forward to using our international expertise and network with our local presence to provide support and key advisory services for companies wishing to be listed within the BIM. With our capabilities, we offer distinctively different relationships and show results regardless of any challenges within the economic environment.”