Economic Mission to Saudi Arabia & Bahrain

Economic Mission to Saudi Arabia & Bahrain

Active in Tech or financial services? Wanting to explore the Gulf markets? Then book those dates in your export agenda: 21 to 27 October. hub.brussels, in partnership with the Belgian Finance Center and FinTech Belgium, organize an economic mission  in Saudi Arabia and Bahrain, focusing on those sectors.

During this economic mission you will : 

  • Get ample insight on what is going on in this fascinating quickly changing region; 
  • Learn and meet with stakeholders involved in the tech and financial sectors; 
  • Start building your network and assist at multiple learning opportunities with innovators, academics, entrepreneurs; 
  • Mingle and network with local and Belgian/European entrepreneurs living in the region;  
  • Access valuable exclusive information sessions and round tables on upcoming projects in this fast growing region; 
  • Identify new business opportunities and leads; 
  • Learn if your product or service can be a winner in the GCC and how to approach this enormous market; 
  • Meet with potential clients/partners. 

Temporary programme

  • Saturday 21 Oct 

Flight Brussels – Francfort LH1007 (09.30 – 10.30)  

Flight Francfort – Riyadh LH636 (13.10 – 19.55)

Checking at Al Mashreq Boutique Hotel 

  • Sunday 22 Oct  

09.00 – 10.30 Breakfast briefing of the mission 

10.30 – 13.00 Seminar : The importance of the Financial Sector in Saudi Arabia  

  • Doing business in Saudi & Legal reforms on the Saudi Financial Sector – by AP Legal 
  • Financial Sector Development Programme – Topic: Saudi Arabia the new hub of Financial Services 
  • Islamic Development Bank – Topic : The roles of the Islamic Bank in the Saudi Development Plan 2030 
  • Saudi Central Bank (SAMA) – Topics : Central Bank Digital Currency (CBDC) ; The Transformational Role of Big Tech in the Financial Sector & KSA FinTech Strategy  
  • Saudi Payments Co. – Topic: The future of the Digital Payments in Saudi 

13.00 – 14.00 Networking lunch 

14.00 – 20.00 Discovery tours of the tech and financial ecosystem and dinner in the historic city of Diriyahde

  • Monday 23 Oct 

10.00 – 14.00 Site visit to KAFD and presentations at Fintech Saudi with its members 

19.00 – 22.30 Networking reception at the Ambassador’s Residence

22.30 Departure to the hotel 

  • Tuesday 24 Oct 

Discovery tours of the tech and financial ecosystem of Saudi Arabia 

Option 1 

  • Tuesday 24 Oct

22.35 – 23.50 Flight Riyadh – Bahrain GF0170

  • Wednesday 25 Oct 

Check-in at the hotel (TBD)   

Activities and B2Bs with Bahrain Fintech Bay  

19.00 – 22.00 Networking event 

  • Thursday 26 Oct & Friday 27 Oct

Discovery of the tech and financial ecosystem of Bahrain 

23.45 07.20+1 Vol Bahrain – Riyadh – Frankfort LH637

09.00 10.10 Vol Frankfort – Brussels LH5588

Option 2

Participation to the FII 7th Edition in Riyadh : from 24 to 26 October. 

The FII – Future Investment Initiative – is an annual investment forum held in Riyadh. This event is in a way the “Davos of the Middle East” and gathers Heads of States and decisions makers from all around the world. The FII event offers a unique and valuable opportunity for investors and business leaders to connect, learn, and explore new investment opportunities and strategies.  

The participation to the FII is by invitation or becoming a member. Please let us know if you want to attend this event.  

Costs & visa  

Registration fees to participate to the economic mission (including networking events and receptions, local group travel, tailor-made program):  

  • 0€ / startup (less than 4 years)  
  • 100€ / company – SME (0-249 people) 
  • 300€ / big company (>250 people) 

Travel fees 

  • Flights with Lufthansa : approx. 700 € 
  • Flight Bahrain – Riyadh : approx. 290 € 
  • Hotel costs : approx. 200€/night (including breakfast) 

Visa procedure 

For Saudi Arabia, a single or multiple entry visa will cost SAR 440 (including insurance and taxes) (approx. 108 €) and will be valid for a maximum of 90 days in a year. Please consult the procedures on the following website : https://visa.visitsaudi.com/  

For Bahrain, a short-term visa of up to 2 weeks can be obtained on arrival at Bahrain airport. 

Financial incentives

Do not hesitate to consult the financial incentives offered by the Brussels-Capital Region! These can support your commercial prospection efforts abroad. Please note that in order to be taken into consideration, your request must be submitted before the start of the mission:
https://economie-emploi.brussels/prime-export-voyage-prospection

Economic context

Saudi Arabia

Saudi Arabia is experiencing a remarkable transformation, marked by a rapid and unprecedented pace of development. One of the most significant developments in Saudi Arabia has been the government’s efforts to diversify the economy away from its heavy reliance on oil revenues. The country has invested heavily in infrastructure, technology, and education to create a more diversified and sustainable economy. 

The country is implementing a series of economic reforms, including the ambitious Vision 2030 program, aimed at encouraging investment and growth in the country

One of the key initiatives is the development of a fintech ecosystem in the country. The government has established a regulatory sandbox for fintech startups, allowing them to test new products and services in a controlled environment. 

The government has also launched several initiatives to encourage foreign investment in the financial sector. For example, it has lifted restrictions on foreign ownership of listed companies and introduced new regulations aimed at protecting foreign investors’ rights. 

Another area of development in the financial sector has been the introduction of Islamic finance, in which Saudi Arabia is a global leader, with the largest Islamic banks in the world headquartered in the country. The government has introduced new regulations aimed at promoting the growth of the Islamic finance sector, including the establishment of a dedicated regulatory authority. 

Bahrain

Bahrain is a small country strategically located in the Gulf with easy access to major markets such as Saudi Arabia, Kuwait, Qatar and the United Arab Emirates. The country has a business friendly environment with transparent regulations, and a liberal business environment that encourages foreign investment.  

The country has a modern financial infrastructure and a stable regulatory framework. In Bahrain, the financial sector has been a key driver of the country’s economy for several decades. The country has a long history of financial services, dating back to the 1970s when it established itself as a regional hub for banking and finance. Bahrain has a highly diversified financial sector, which includes banking, insurance, investment management, and Islamic finance. 

The country has also been a leader in the development of Islamic finance, with many of its financial institutions specializing in Shariah-compliant products and services. Bahrain has also been a pioneer in the development of Islamic capital markets, with the establishment of the Bahrain Bourse, which offers a range of Islamic financial products and services. 

Any questions? Address them to Ghislain!

Ghislain Breydel

Area Manager Asia & North Africa gbreydel@hub.brussels