As the region faces up to the challenge of the recent drop in oil prices, Bahrain’s fundamentals indicate the kingdom is well positioned to weather the dip. The focus on diversification goals outlined in Economic Vision 2030 is helping establish a more competitive and sustainable economy in the kingdom. The financial sector, which represents Bahrain’s second-largest GDP contributor, has continued to recover robustly since the global economic downturn.
The kingdom rose to prominence as the region’s financial hub in the 1970s and today, despite increasing competition from its neighbours, it is bolstering this position as it leads the way in the Islamic banking segment, hosting the highest concentration of Islamic financial institutions globally. The takaful segment represents one of the fastest growing segments in Bahrain’s insurance sector, itself boasting the highest insurance penetration rate in the GCC. Meanwhile a rising population is driving housing and transport infrastructure in the country with private contractors benefitting as a result. Looking forward, these expansions to rail and air links should boost the kingdom’s tourism offering, with tourism’s contribution to GDP expected to grow significantly over the next 10 years, while elsewhere the projects will drive Bahrain’s role as a regional logistics centre, with the kingdom aiming to position itself as a key entry point to the GCC moving forward.
Female economic empowerment in Bahrain
Lim Hng Kiang, Singapore Minister for Trade and Industry: Interview
Kamal bin Ahmed, Acting Chief Executive, Bahrain Economic Development Board (EDB): Interview
Sheikh Ahmed bin Mohammed Al Khalifa, Minister of Finance: Interview
Alderman Fiona Woolf, Lord Mayor of London: Interview
Mahmood Hashim Al Kooheji, CEO, Mumtalakat: Interview
Abdul Hussain bin Ali Mirza, Minister of Energy: Interview
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