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Analysis

Crypto rush: Decentralised financing could play an important role in GCC countries’ efforts to diversify their economies
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As GCC countries look to harness new forms of financial technology (fintech), expand their services and improve financial inclusion, governments are embracing decentralised finance (DeFi) and working to attract cryptocurrency companies. DeFi – peer-to-peer financial services with no central authority or intermediary involved in trading, lending and investing – is seen by GCC countries as an opportunity…

Analysis

Remittance start-ups expand in emerging markets around the world
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Financial technology (fintech) firms are gaining market share that was formerly the preserve of established remittance service providers. Remittances have grown in importance in recent years and today constitute the largest source of foreign income for many developing economies. They also tend to be countercyclical, increasing during economic downturns or natural disasters when other capital flows…

Analysis

How new regulations are boosting Bahrain's workforce participation
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The launch of the National Labour Market Plan 2021-23 represents the government’s decades-long effort to improve employment opportunities and conditions for workers in Bahrain. A plan detailing required policy amendments and the schedule of launch dates for strategic initiatives was inaugurated in 2004 to establish synergies between labour market and education development programmes. Both the Labour…

Analysis

Bahrain promotes women's empowerment and green energy transition
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Bahrain has made the UN Sustainable Development Goals (SDGs), adopted in 2015, a central component of its socio-economic planning. The SDGs represent 17 global objectives that call for action to eradicate poverty, preserve the planet, and promote peace and prosperity by 2030. The kingdom has made significant strides towards achieving these goals domestically, with the government taking steps to align…

Analysis

UK-GCC trade talks to boost renewable energy and food security
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In June 2022 the UK and the GCC officially launched negotiations for a comprehensive trade deal to reduce or remove tariffs on a series of goods and services. Anne-Marie Trevelyan, former UK secretary of trade, met with Nayef Falah Al Hajraf, the GCC secretary-general, and representatives from the six GCC countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. Energising Renewables With…

Overview

Bahrain makes efforts to increase renewable energy production
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Bahrain, known as the birthplace of the Arabian Peninsula’s oil industry, is navigating the challenges and opportunities of the energy transition. While focusing on renewables production, energy efficiency and sustainability, the kingdom is also leveraging its remaining hydrocarbons resources. The country has made promising hydrocarbons discoveries that indicate the potential for further expansion…

Overview

Bahrain set to strengthen financial services as trading of listed companies grows
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Bahrain’s capital markets are being revitalised as the kingdom and the broader Middle East emerge from the Covid-19 pandemic-induced downturn. New regulations, partnerships with neighbouring countries and a national plan to boost the economy are all set to help drive growth in capital markets. Structure & Oversight The Central Bank of Bahrain (CBB) is the single regulator of securities trading…

Overview

Mandatory health care and digitalisation transform Bahrain insurance market
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With the countdown to full implementation of the new national health insurance programme (Sehati) well advanced, FY 2023/24 could see a major boost for Bahraini insurers, with opportunities in health for both conventional and takaful (Islamic insurance) firms. The private medical segment has already benefitted from enhanced awareness of the scheme, while other nonlife lines of business showed growth…

Overview

Bahrain's development plans facilitate economic diversification
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Bahrain’s economy rebounded from the impact of the Covid-19 pandemic and more recently successfully avoided the worst of global inflationary pressure, largely due to the fact that its currency, the dinar, is pegged to the US dollar. Bahrain’s recovery was also aided by forward-thinking policy formulation. While the country faced economic headwinds following the global drop in oil prices in 2014,…

Overview

Digital payment innovation positions Bahrain as a fintech centre
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The financial services industry plays a crucial role in Bahrain’s economy, contributing 16.8% to GDP. Recognising the need to reduce the country’s dependence on oil, the government has prioritised the development of the sector. In order to strengthen the local economy and facilitate recovery from the Covid-19 pandemic, the government introduced the Economic Recovery Plan (ERP). The plan is centred…