Bahrain's long-term strategies aimed at propelling key growth sectors will pay dividends soon, sealing the kingdom's status as an attractive destination for foreign investment and positioning it as a competitive regional player, says a new report.

 

The Report: Bahrain 2023, produced by the global research and advisory firm Oxford Business Group (OBG), provides in-depth analysis of Bahrain’s efforts to diversify its economy and boost investment against a backdrop of high oil prices.

 

Oliver Cornock, Editor-in-Chief, OBG, said while Bahrain had benefited from high oil prices in recent years, steps taken concurrently to further diversify the economy and boost inflows were already delivering results.

 

“Significantly, non-oil GDP growth is now outpacing that of the oil sector, which will provide a welcome buffer against an expected reduction in global hydrocarbons prices as the kingdom’s efforts to broaden its economic base advance,” he said. 

 

“Initiatives such as the Public-Private Partnerships guide, in particular, are proving instrumental in attracting investment for the pipeline of capital projects that will be key in supporting Bahrain’s plans for manufacturing and logistics development.”

 

Jana Treeck, OBG’s Managing Director for the Middle East, added that the report also highlighted Bahrain’s bid to put sustainability at the heart of its plans for future growth, with programmes focused on education and training, women’s empowerment and green energy already generating positive results. 

 

“Bahrain benefits from several competitive advantages, including a strategic location that makes it a natural gateway into regional markets and a favourable business environment,” Treeck said. 

 

“Looking ahead, we expect long-term strategies aimed at propelling growth in tourism, ICT and other sectors ripe for development to pay dividends, sealing Bahrain’s status as an attractive destination for foreign investment and positioning it as a competitive regional player.” 

 

The Report: Bahrain 2023 explores the policy initiatives and regulatory reforms that are attracting investment in high-potential sectors, including tourism, ICT, logistics and financial technology. It also shines a spotlight on the kingdom’s manufacturing activities, with a specific focus on the aluminium segment and its pivotal role in supporting the development of Bahrain’s downstream production and export capacity. 

 

Bahrain’s transport infrastructure pipeline is another focal point, with details provided of the major projects that will strengthen connectivity and support the country’s aim to become an international logistics centre – including plans for a new causeway linking Bahrain and Saudi Arabia. 

 

Other topical issues examined include the kingdom’s plans for navigating the energy transition by increasing the focus on renewables, in line with its 2060 net-zero target, while leveraging its remaining hydrocarbons resources.  

 

The report also evaluates progress towards the targets outlined in the kingdom’s Economic Recovery Plan, which has a key role to play in ensuring that new growth is achieved against a backdrop of fiscal and economic stability.

 

The Report: Bahrain 2023 contains an interview with Shaikh Khalid bin Abdullah Al Khalifa, Deputy Prime Minister, together with a detailed sector-by-sector guide for investors. 

 

It also features interviews with a broad range of high-profile personalities, including: Abdulla bin Adel Fakhro, Minister of Industry and Commerce; Khalid Humaidan, CEO, Bahrain Economic Development Board; Maha Mofeez, Chief Executive, Tamkeen; Hala Al Ansari, Secretary-General, Supreme Council for Women; Mark Thomas, Group CEO, Bapco Energies; and Mikkel Vinter, CEO, Beyon. 

 

The Report: Bahrain 2023 has been produced with the Bahrain Bourse, KPMG Bahrain and Zu’bi & Partners. It marks the culmination of more than six months of field research by a team of analysts from OBG. The publication assesses trends and developments across the economy, including those in macroeconomics, infrastructure, banking and others.  - TradeArabia News Service