In an interview with Global Platform, Mahmood Hashem Alkooheji, CEO, Bahrain Mumtalakat Holding Company, speaks on the growing diversification of the country’s economy, and the depth and breadth of Bahraini investment, both locally and globally. Major focus areas for the company include manufacturing, education and health care. With the country having already established itself as a financial hub,
Bahrain has benefitted from a series of reforms aimed at increasing foreign direct investment (FDI), recording a strong jump in inflows in 2017. Last year saw $519m in inward FDI, a 114% increase on 2016 and the highest rate of foreign investment growth in the GCC, according to a report issued by the UN Conference on Trade and Development (UNCTAD) at the end of June. The result is Bahrain’s best…
Rising investment in infrastructure and stronger capital inflows for industrial expansion are combining to boost activity in Bahrain’s construction sector, which expanded by 6.7% year-on-year (y-o-y) in the first quarter of 2018, according to data released by the Information and eGovernment Authority last month. Given that the sector makes up around 7.5% of overall economic activity, construction…
All eyes were understandably on Vienna at the end of June, and the gathering of oil ministers from the Organisation of the Petroleum Exporting Countries (OPEC). Their decision to increase output was endorsed by the non-OPEC producers who signed up to the original cuts 18 months ago. Oil prices are a thorny issue for the Gulf economies as their diversification strategies accelerate. On…
Both the government and the private sector are continuing efforts to develop the financial technology (fintech) industry in Bahrain, providing a platform for new financial services growth. In early June Bahrain Islamic Bank inaugurated its Innovation Lab, an in-house fintech space designed to test new banking products and services before they go to market. Equipped with a range of new technologies,…
Newly identified oil and gas deposits are expected to increase momentum in Bahrain’s energy sector and could have a wider economic impact by easing concerns over rising debt levels. On April 1 Bahraini officials announced initial testing had identified a new hydrocarbons field off the country’s west coast, the first major find since oil was discovered in the country in 1932. The field, in the…
For the nations of the GCC, the drop in oil prices highlighted something many already knew: there is a pressing need for economic diversification and to further engage with global partners across different markets. To this end, countries in the region have made efforts to expand their international role and reach in recent years, with trade deals and investment being pursued in the US, China…
In an interview with Global Platform, Tim Murray, CEO of Aluminium Bahrain (Alba), speaks on the role of aluminium and other manufacturing in Bahrain and the region. Especially with regards to Alba’s Line 6 expansion project, the aluminium industry is set to grow, increasing the GCC’s already significant role in manufacturing.
The launch of Bahrain’s Real Estate Regulatory Authority (RERA) on March 1 seeks to drive growth in the real estate sector by improving industry standards and transparency, moves that could increase foreign investment. RERA is charged with overseeing the property sector, regulating the planning and development process, and licensing service providers, and will be responsible for reinforcing the…
Among the GCC countries, Bahrain was in many senses the first to fully embrace the need to diversify its revenue streams away from hydrocarbons. The arrival of banks from Lebanon in the late 1970s gave it a head start in developing financial services and, in particular, offshore investment fund activity. This has stood the economy in good stead, but competition in sectors targeted for diversification,…
