MANAMA: The one-trillion-dollar GCC fund market offers rare opportunities to global investors and fund managers. The Gulf economies are on the rebound with a GDP growth forecast of over 4 percent in 2009, especially at a time when other economies are still facing difficulties due to the aftershocks of the economic meltdown, a senior government official said Wednesday.

“We have 2,700 registered funds in Bahrain, with over $10 billion assets under management [it] will continue to be one of the best places to invest in,” said Sheikh Mohammed bin Essa Al-Khalifa, chief executive of the Economic Development Board (EDB), the official economic development agency of Bahrain.

The power shift toward the East, he said, has made the region one of the brightest spots for investors and fund managers. Talking about Bahrain’s unmatchable position as an emerging hub for funds industry, Sheikh Mohammed highlighted salient features of investment climate in the country.

In Bahrain, he said, the central bank’s continuous endeavour to develop the best regulatory framework supported by transparency will continue to serve as the main pillars of the economic sector’s strength. “The regulations, transparency, competitive advantage for operational costs and readily available human resources are a few of the important factors behind the development of the economic sector of this country. In Bahrain, the companies don’t require a local sponsor shareholder as they can own 100 percent of the company from the day one,” Sheikh Mohammed told the opening session of a three-day Fund Forum.

The other advantages, he said, include the tax regime and availability of complementing business firms. “The country’s political stability and consistent growth over many decades in the past has helped Bahrain become a distinguished investment destination,” he said.

The prospects and fortunes of Middle East investment management in the changed economic environment after a lengthy period of global financial turmoil was scrutinized closely at the annual forum.

The forum, supported by the EDP, was timely with growth rates for the region expected to reach 4.8 percent by 2014 and the Gulf market approaching a trillion dollars in terms of GDP, rivalling that of India, organizers said.

More than 75 investment experts were taking part in the conference.