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After several years of stasis due to the Covid-19 pandemic, the kingdom’s energy industry is seeing a renewed pace of activity. Though Bahrain does not produce as much oil as its larger neighbours, the energy industry remains a vital part of the national economy. This has been helped by a large-scale oil and gas discovery in 2018 and the upgrade of the country’s main refinery in Sitra. Bahrain is also beginning to ramp up investment in renewables as it works towards its goal of reaching net-zero carbon emissions by 2060. The spike in oil prices in early 2022 could help to finance Bahrain’s efforts to expand its green energy capabilities. This chapter contains interviews with Mark Thomas, CEO, nogaholding; and Bassem Battisha, Country Chairman, Chevron Bahrain.

Bahrain’s capital markets have faced headwinds in recent years, as the world has confronted the Covid-19 pandemic, volatility in commodity markets and the fallout from Russia’s invasion of Ukraine. Despite these challenges, the kingdom continues to exercise an important influence on regional capital markets, attract international investors and provide a sound platform for listed companies to raise funds. As part of the kingdom’s recovery efforts, the capital markets are courting renewed foreign interest, while a return to domestic economic growth and an enhanced project pipeline also bode well for robust gains in the years ahead. This chapter contains an interview with Sheikh Khalifa bin Ebrahim Al Khalifa, CEO, Bahrain Bourse.

Bahrain is home to one of the region’s most vibrant financial sectors, with financial services rivalling oil and gas in terms of economic importance. Indeed, by late 2021 the financial sector had overtaken hydrocarbons as the largest contributor to the economy. The Islamic finance sector is also strong, with Bahrain ranking fourth out of 135 countries and second in the MENA region in terms of Islamic finance development in a 2021 report by financial analysis firm Refinitiv. Through initiatives such as the launch of the region’s first cross-border innovation centre in 2020, the kingdom is also working to establish itself as a global financial technology centre. This chapter contains interviews with Jean-Christophe Durand, CEO, National Bank of Bahrain; Abdulrahman Ali Saif, CEO, Bank of Bahrain and Kuwait; and Hassan Jarrar, CEO, Bahrain Islamic Bank.

A wave of labour and regulatory reform is under way in Bahrain, as is an ambitious programme that aims to attract $30bn in investment in the tourism, transport, health, education, construction and real estate sectors. Meanwhile, the Fiscal Balance Programme launched in late 2018 has been updated – taking into account the Covid-19 pandemic’s impact – with a new target of balancing the budget by 2024. This chapter contains interviews with Zayed bin Rashid Al Zayani, Minister of Industry and Commerce; and Mohamed bin Thamer Al Kaabi, Minister of Transportation and Telecommunications.

Foreign investors looking to establish a business in Egypt – whether directly or through a joint venture – can enter the market by establishing a legal entity, the structure of which would depend on the needs and the scope of business involved. The government continues to work to attract investment, especially in several mega-projects in fields such as electricity, energy, industry, agriculture, health care and construction. Investment Law No. 72 of 2017 grants general incentives and guarantees for companies incorporated under its remit, as well as special incentives for projects that are prioritised by the government. These guarantees include equal opportunities for all investors – irrespective of their nationality. This chapter contains a viewpoint with Girgis Abd El Shahid, Managing Partner, Shahid Law Firm.