Bahrain-based professional consultancy company Gulf Future Business (GFB) has revealed plans to open its business center in Saudi Arabia’s business district area this year.
The company said in a statement that the new GFB facility will provide Bahraini companies a soft-landing zone into the Saudi market with working space and support services to accelerate their market entry.
Further, it will support their ongoing operations and generate opportunities for each company that will be on board.
The GFB Center of Business in Saudi Arabia was specifically designed to incubate information and communications technology (ICT) firms in addition to companies operating in other activities, and have products, services, solutions, and expertise required by the Saudi market, the company added.
“We aim to assist Bahraini companies seeking to capitalize on development prospects in the Saudi market by offering them a workspace with a well-equipped facility that includes comprehensive business solutions, superior information technology infrastructure, and professional administrative services. Saudi Arabia’s ICT sector has a 45 percent eCommerce share of the GCC market in 2021; and a 32 percent growth of the eCommerce market from 2015-2020. Big multinationals have already chosen Saudi Arabia due to its rapid growth of local Fintech services and a growing number of Fintech players leveraging the local investment ecosystem.”
He stated that the center is now ready to incubate 15 companies, with the organization hoping to expand the facility to meet the needs of more Bahraini businesses.
Mr. Al Hujairy further noted that “these firms’ strong presence in the Saudi market will give a boost to the Bahraini economy through increased returns and also extending the companies’ share of this market, which is experiencing rapid expansion and unparalleled potential.”