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While Europe seems intent on showing hedge funds the door, tiny Bahrain is putting out the welcome mat.

The Middle Eastern country is hoping to build its alternative investments industry, the banking operations chief at the Central Bank of Bahrain said, calling the island nation a perfect base for accessing the entire Persian Gulf region.

“Bahrain provides opportunities for fund management and alternative assets industry as they explore the landscape post-financial crisis,” Sheikh Salman Isa Al Khalifa told the Hedge Funds Review Middle East Investment Summit. “Bahrain has much to offer.”

The country has recently updated its alternative investment regulations and licensing requirements, and Al Khalifa said the country’s financial regulator is favorable to the industry’s needs.