Bahrain is set for solid growth, riding on a $30-billion infrastructure project pipeline which will attract investment in high-potential industries. The key finance and industrial sectors will enable Bahrain to lay firm foundations for the next phase of its growth plans, said a report.
The report produced by the global research and advisory firm Oxford Business Group (OBG) provides details of a drive under way to bring the private sector on board for the infrastructure projects pipeline that is expected to support growth in a number of sectors.
It shines a spotlight on the projects designed to facilitate the movement of both goods and people within and across the kingdom’s borders and strengthen the country’s position in the regional logistics industry.
It also explores planned developments to support Bahrain’s tourism expansion efforts now that an easing of pandemic-related restrictions is reinvigorating the sector and increasing visitor numbers.
According to OBG, the report shines a spotlight on the infrastructure projects pipeline that is expected to support growth in a number of sectors, which include attracting investment in high-potential industries and rolling out big-ticket infrastructure projects.
It analyses the latest developments in the country’s vibrant financial sector, which vies with oil and gas as the largest contributor to the economy. The emergence of the country as a leading financial technology centre is one of several topics examined.
The potential impact of Bahrain’s new 2022-26 Industrial Sector Strategy is explored in detail, with a focus on how the kingdom can better generate downstream value-added to its natural resources and capitalise on the potential of the Fourth Industrial Revolution.
With oil and gas prices fully recovered from the lows of the pandemic, the report also tracks the latest developments in Bahrain’s oil and gas industry, including ongoing efforts to commercialise a major shale discovery made in 2018.
Efforts gaining pace to attract investment for the renewables segment are another focal point as the country aims to meet net-zero carbon emissions by 2060, stated OBG in its report.
A major highlight of the report is a contribution by Sheikh Khaled bin Abdullah Al Khalifa, Deputy Prime Minister and Minister of Infrastructure; Chairman of Mumtalakat, in which he shares his views on the kingdom’s strategies for economic recovery and longer-term prosperity, together with a detailed sector-by-sector guide for investors.
It also features interviews with a broad range of high-profile political and business leaders, including: Mohamed bin Thamer Al Kaabi, the Minister of Transportation and Telecommunications; Jean-Christophe Durand, the CEO of National Bank of Bahrain; Ali Al Baqali, the CEO of Aluminium Bahrain (Alba); Mark Thomas, the CEO of nogaholding; and Nasser Ali Qaedi, the CEO of Bahrain Tourism and Exhibitions Authority.
The Report: Bahrain 2022 has been produced in partnership with the National Bank of Bahrain, the Bahrain Bourse and KPMG Bahrain. It marks the culmination of more than six months of field research by a team of OBG analysts.
The publication assesses trends and developments across the economy, including those in macroeconomics, infrastructure, banking and others.
Speaking at the launch, OBG’s Editor-in-Chief Oliver Cornock pointed out that high international oil prices and a robust project pipeline were helping Bahrain to rebound from the challenges of the pandemic.
"Bahrain’s economy grew by 2.2% in 2021, buoyed by a recovery in energy and tourism income, with foreign direct investment also rising, by more than half, year-on-year, in the first three quarters of 2021," stated Cornock.
"We expect large-scale projects to continue boosting infrastructure and investment, putting the country on track for a period of sustained growth," he added.
Jana Treeck, Managing Director for the Middle East, OBG, added that well-developed finance and industrial sectors had enabled Bahrain to lay firm foundations for the next phase of its growth plans.
"Bahrain benefits from having one of the most diverse economies in the Gulf, which is now supporting an ambitious programme to attract $30 billion in infrastructure investment alongside efforts to balance the budget by 2024," stated Treeck.
"Higher global oil prices should also help drive economic expansion and recovery, paving the way for Bahrain to achieve its Vision 2030 targets," he added.-
Source: TradeArabia News Service