Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of Bahrain, signed an agreement to launch ARRAY Innovation (ARRAY), a new digital solutions provider.
ARRAY will aim to harness cutting-edge technologies such as generative AI and cloud capabilities to consultancy services, professional and managed IT services, and turnkey resourcing solutions to a diverse range of businesses locally, regionally and globally, as described by an official press release.
HE Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, said that ARRAY was launched in line with the ongoing efforts to optimise and diversify Mumtalakat’s portfolio and create an impact.
“ARRAY will provide at least 1,000 highly skilled jobs for Bahrainis, addressing the needs and serving a clientele of financial institutions, multinational corporations, and governments,” HE Shaikh Abdulla said.
Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board, said that the financial services and technology industry is advancing rapidly.
For this reason, she said, it is vital to continue to future-proof Bahrain’s young, bi-lingual, tech-savvy talent pool with in-demand niche skills and international training opportunities to maintain Bahrain’s position as a leading destination for investment on a global playing field.
“ARRAY choosing Bahrain to build a distinguished, global client base speaks volumes to the unique value proposition of our island nation, where companies benefit from competitive operating costs, progressive government frameworks, and the agility of Team Bahrain,” she added.
Alaa Saeed, Co-Founder of ARRAY, stated, “Our decision to establish our global headquarters in Bahrain was driven by the region’s exceptional talent pool, supported by a strong partnership with Bahrain Mumtalakat Holding Company and Bahrain Economic Development Board.”
Last month, Bahrain reported it had secured investments of over $1.7 billion in 2023, up 55% from 2022, through the country’s Economic Development Board (Bahrain EDB).
