From The Report: Bahrain 2023
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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 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. The plan is centred around securing over $30bn for investment and financing infrastructure projects. Additionally, the Central Bank of Bahrain devised the Financial Services Development Strategy 2022-26, which outlines five pivotal priorities: job creation, legislation and policies, financial markets, financial services and financial technology, as well as the insurance segment. This strategic framework aims to achieve medium-term goals, including raising the sector’s contribution to GDP to 20% by 2026 and
further expanding it to 25% over the longer term. 

This chapter contains interviews with Usman Ahmed, Group CEO, National Bank of Bahrain and Yaser Alsharifi, CEO, Bahrain Islamic Bank.