Gulf Future Business (GFB), a Bahrain-based company, has announced plans to open its first business centre in Saudi Arabia’s business district area this year.
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, support their ongoing operations and generate opportunities for each company that will be on board, said the company in a statement.
The GFB Center of Business in Saudi Arabia was specifically designed to incubate ICT companies in addition to companies operating in other activities and have products, services, solutions, and expertise required by the Saudi market, it added.
CEO Ahmed Al Hujairy said: "We aim to assist Bahraini companies seeking to capitalize on development prospects in the Saudi market by offering them workspace with a well-equipped facility that includes comprehensive business solutions, superior information technology infrastructure, and professional administrative services."
The center, he stated, is now prepared to incubate 15 companies, with the group hoping to expand the facility further to fulfill the needs of additional Bahraini enterprises.
He affirmed 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.
"Saudi Arabia’s ICT sector has a 45% e-commerce share of the GCC market in 2021; and a 32% growth of the e-commerce market from 2015-2020," stated Al Hujairy.
"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 added.