With its established regulatory framework, Bahrain has become something of a hub for some of the region’s private equity firms. While the market is a small one, some of the biggest names, such as Investcorp, have chosen Bahrain as their base from which to invest in the Gulf, wider Middle East and North Africa market, as well as further afield in some cases.

Yet the Bahrain market itself is modest. Countries such as the UAE and Qatar are more focused on sovereign wealth funds and on institutional investors linked to the ministry of finance or central bank, says Nabeel Kazerooni, head of private equity at investment bank Gulf Finance House. Bahrain, meanwhile, has become an important base for private players to operate from, thanks to its business-friendly environment. And that’s despite the fact that most of the capital raised by these funds is from other Gulf states.

The investment opportunities that exist in Bahrain tend to be small, says Osman Mian, director of private equity at Unicorn Investment Bank...

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