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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...

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...

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...

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...

Bahrain has long taken a liberal approach to international trade and investment policy, which it conducts largely in line with its partners in the GCC, especially neighbouring Saudi Arabia. Historically, its closest foreign relations outside the region have been with the US and the UK. Initially built around the defence industry, these ties have expanded over the years to areas such as...