Bahrain was the first Gulf country to establish government-sponsored education in 1919 and it continues to invest in strengthening its education system. With Bahrain Economic Vision 2030 – the country’s economic diversification blueprint – and the National Higher Education Strategy 2014-24 guiding the kingdom’s schooling strategy, Bahrain is expanding its public education infrastructure, and…
Policy interventions and an investor-friendly regulatory environment continue to attract investors to Bahrain as both a place to establish a business, and as a gateway through which to enter the markets of the broader GCC and MENA regions. A more strategic and sustainable funding model has been adopted by the government, and this shift in approach is beginning to be reflected in the fiscal balance
Bahrain’s approach to achieving a net-zero and sustainable energy future involves harnessing solar, wind and waste resources. The country is prioritising solar energy, and the kingdom has devised innovative plans to leverage solar power for green energy production, including the implementation of floating solar farms, widespread deployment of rooftop solar panels and the establishment of power plants…
In November 2022 Bapco Energies, Bahrain’s oil and gas holding company, announced a significant hydrocarbons discovery, marking the first major find in the kingdom since the unveiling of the Khaleej Al Bahrain field in 2018. The discovery consists of two natural gas reservoirs located in the unconventional Al Jawf and Al Joubah layers, underneath the Al Onaiza and Al Khuf reservoirs. The last two…
As a response to Russia’s ongoing war in Ukraine, the EU has imposed bans on Russian oil and oil-product exports, set to be enforced in 2023. These bans present an opportunity for emerging market producers to secure larger shares in an evolving market. In February 2023 the EU implemented bans on Russian oil products like diesel, following previous bans on Russian seaborne crude oil exports that started…
As hydrocarbons producers reap sustained revenue from high global prices, national oil companies (NOCs) in the Gulf are accelerating investment in carbon capture, utilisation and storage (CCUS); hydrogen; and cleaner sources of energy to make their activities less carbon-intensive and support the energy transition. Gulf NOCs’ low-cost production advantages and massive hydrocarbons resources mean…
The GCC saw a rise in initial public offerings (IPOs) in 2022 despite volatility in secondary markets, surpassing the previous year’s record high. The total number of IPOs in the region increased from 20 in 2021 to 48 in 2022, marking a 140% rise, and proceeds from GCC issuers increased by 211% from $7.5bn to almost $23bn over the same period. The growing number of successful IPOs in the region has…
Insurance companies worldwide have been preparing for the most significant change in global accounting standards in almost two decades. On January 1, 2023 the International Financial Reporting Standard (IFRS) 17 came into effect. Replacing the previous standard, IFRS 4, which was issued in 2004, IFRS 17 aims to standardise insurance accounting globally through a uniform approach in order to improve…
Bahrain is the seventh-largest Islamic finance market globally, with $41.6bn in total assets at the end of 2022. It has the largest concentration of Islamic financial institutions in the Middle East, comprising 38.3% of domestic banking system assets over the same period. The Islamic banking segment experienced a 7.6% increase in assets during 2022, surpassing the 2% growth observed among conventional…
While 2022 was a year of global economic uncertainty fuelled by inflation, geopolitical crises and supply chain insecurity, the Middle East witnesseda second consecutive year of economic growth, with countries in the region investing in new technologies and projects that could herald greater integration in the years ahead. In April 2023 the IMF’s “World Economic Outlook” projected that…
