Bahrain was the latest destination for the globetrotting Bermuda International Business Association (BIBA) to promote the Island as a domicile of choice as it took part in the second annual Fund Forum Middle East Conference this week.

Cheryl Packwood, chief executive officer of BIBA, was among more than 25 CEOs in attendance at the meeting, which runs until Thursday, and she was joined by speaker Roger Burgess, a partner at Conyers, Dill & Pearman.

The three-day conference sees more than 400 delegates from more than 30 countries gathering to focus on the current financial climate and global economic outlook, including the sub-prime mortgage crisis and the knock-on effect of the US market on global financial markets and financial institutions.

Mr. Burgess focused on Bermuda and some reasons why many investors choose the Island as a domicile, favouring the jurisdiction for its financial stability. He said there were a number of key factors for choosing Bermuda, including clear rules over redemption of investors' interests. "The benefits of an offshore jurisdiction like Bermuda become particularly apparent when economic times are tough, as of course they are today," he said.

"It is times such as this when jurisdictions like Bermuda, whose laws are based on English common law and whose courts have centuries of judicial precedent on which to rely, have in my view, a very distinct advantage in the global market place."

Ms Packwood said: "We have attended conferences all over the world, but the Bermuda message really resonates here in the Middle East.

"Bermuda is well-positioned to capitalise on the opportunities that exist in the current marketplace.

"This conference is a great opportunity to drive Bermuda's message of innovation, excellence, quality and credibility directly to our customer base and we think they will be extremely receptive."

H.E. Sheikh Mohammed Bin Essa Al Khalifa, CEO of the Economic Development Board in Bahrain and opening speaker at the conference, said the Middle East and North Africa (MENA) region (comprising 21 countries through the Middle East, North Africa and the Gulf with a Gross Domestic Product of $1.8 trillion and population of 400 million) was better insulated from the credit crunch because it had not indulged in the same level of "reckless" lending and borrowing as the West.