As ongoing volatility continues to hamper growth in the region, Jordan has made significant progress in preserving macroeconomic stability and reducing its fiscal deficit in the past few years. Efforts to the fulfill the stipulations of a $723m extended fund facility agreement with the IMF continue, and the government may need to pursue more widespread reforms to increase income tax revenues and limit tax avoidance so as to sustain recent momentum.
A new mining strategy and mining law in Oman, plus efforts to improve port infrastructure, are expected to increase investment and promote growth in minerals exports.
Although Bahrain has faced economic headwinds in recent years, the modest recovery of oil prices in 2017 bodes well for the future in addition to the non-oil sector driving growth, with activities unrelated to hydrocarbons extraction forecast to expand by 3.9% in 2018.
In August 2017 Bahrain’s Industrial Areas Development Directorate, which is part of the Ministry of Industry, Commerce and Tourism, moved forward with efforts to update the infrastructure of Salman Industrial City. Previously known as Al Hidd Industrial Area, the city includes Bahrain International Investment Park (BIIP), Bahrain Investment...
Which industrial sectors do you envisage leading the growth of the local economy in the near term?
Since the 1970s Bahrain has made a concerted effort to diversify its economy, with efforts visible in the vibrant manufacturing segment and from the growth of the kingdom’s heavy industries. Despite the drop in state revenues due to lower global oil prices in recent years, Bahrain continues to invest in its industrial sector, notably with the...
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