On the back of higher oil prices and a stronger global economic environment, the Middle East returned to growth in 2021, with a number of governments taking the opportunity to implement long-term plans aimed at diversification and modernisation.
Bahrain Economy
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Economic update | Report: How can Bahrain stand out as a post-pandemic investment destination?
13 Jul 2021
Bahrain entered the pandemic with the most diversified economy in the GCC, which meant it was not overly susceptible to the sharp drop in the oil market.
Economic update | Privatisation in the Gulf: the key to both recovery and diversification?
27 May 2021
With Saudi Arabia announcing plans to raise $55bn through its privatisation programme, Gulf countries are stepping up efforts to stimulate private investment in public assets and projects, with a view to strengthening state finances, spurring diversification and driving their respective Covid-19 recoveries.
– Economies in the region were hit by reduced trade volumes and lower oil prices
– Governments launched extensive stimulus packages to stabilise their economies
– Short-term recovery will be tied to oil prices and the resumption of travel
– The pandemic looks set to accelerate economic diversification efforts
Simultaneously strengthening its industrial potential and its foreign commercial ties, Bahrain has signed a series of deals with Italian firms in the energy and manufacturing sectors.
Bahrain pioneered oil production in the Middle East beginning in the 1930s, establishing the region’s initial framework for the petroleum industry. Some 90 years later oil and gas operations comprise 18% of GDP, with the economy well diversified to host established financial services and industrial sectors, as well as unique tourism offerings.