Interview: Noor bint Ali Alkhulaif
What are the synergies within your dual role as minister and chief executive of the Bahrain EDB?
NOOR BINT ALI ALKHULAIF: Sustainable development and inclusive growth work hand in hand to serve the well-being of societies. Bahrain’s Vision 2030 identified social, economic and environmental sustainability as pivotal to determining economic development. The ministry is actively exploring how to accelerate sustainability efforts in terms of data, innovation, technology and financial inclusion. In addition, the Bahrain EDB remains dedicated to attracting investment across strategic sectors – including financial services, manufacturing, logistics, ICT and tourism – to drive sustainable growth and create high-quality jobs. This is in line with Vision 2030, the Economic Recovery Plan and net-zero commitments.
In what key ways is economic policy geared towards increasing investment in non-oil sectors?
ALKHULAIF: Bahrain’s nominal GDP grew from $11bn in 2003 to more than $46bn in 2023. With non-oil sectors accounting for 84% of GDP, the kingdom’s forward-looking economic policy has been instrumental in driving this growth and diversification – ensuring that Bahrain maintains its business-friendly environment, cost competitiveness, innovative regulations and local talent. In addition, the idea of uniting the efforts of the government and private-sector entities to foster innovative collaboration is expected to further boost investment in non-oil sectors of the economy.
To help solidify the kingdom’s position as a leading investment destination, Bahrain continues to introduce initiatives such as the Golden Licence, which was launched in April 2023 to provide incentives and streamline services for businesses pursuing large-scale investment projects in the kingdom. Bahrain’s long-standing partnerships across the Gulf is evidenced by the recent agreement between Bahrain and Saudi Arabia that unifies the treatment of national products in both countries, a pact that is expected to result in significant business benefits.
To what extent is the ecosystem for technology and innovation important for achieving sustainable development targets and economic growth?
ALKHULAIF: The launch of the Telecommunications, ICT and Digital Economy Sector Strategy 2022-26 stemmed from the conviction of the country’s leadership in the importance of pursuing a digital transformation. As a result of these aspirations, Bahrain has successfully developed a robust ecosystem for innovation, introducing progressive policies such as the law on data jurisdiction and focusing its efforts on upskilling a tech-savvy workforce via programmes funded by the Labour Fund (Tamkeen).
Bahrain is currently home to leading global players in the region, including Amazon Web Services. In September 2021 US-headquartered multinational Citi established a global technology centre in the kingdom, pledging to hire 1000 coders to serve the bank’s global client base. This investment highlights the country’s strong value proposition, which contributes to its innovative ecosystem, as well as boosting growth and enabling a sustainable future.
Where are the notable opportunities to leverage Bahrain’s cultural heritage?
ALKHULAIF: Bahrain’s rich heritage presents significant opportunities to advance sustainable development. The commitment to preserving the country’s cultural identity and UNESCO sites, as evidenced by King Hamad bin Isa Al Khalifa’s directive to develop the ancient city of Muharraq, aligns with sustainable tourism. Integrating archaeological sites into the cultural landscape aids economic diversification, while encouraging new generations to engage with their heritage reflects a people-centred approach.
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