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Bahrain eyes mega projects to spur economy

Manama, March 31, 2011

A series of mega government-funded development projects could be on the way in Bahrain with His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa gaving directives for feasibility studies to be launched.

"The huge development schemes are aimed at re-energising the national economy," he was quoted as saying in a Gulf Daily News report.

He instructed authorities concerned to suggest a list of such schemes along with their estimated costs and deadlines.

"The priority should be put first and foremost on housing and infrastructure," he said as he chaired a work meeting.

The Central Bank of Bahrain (CBB) has been instructed to provide more help to businesses in overcoming negative repercussions resulting from the unrest.

The Prime Minister directed CBB officials to co-ordinate extra measures with banks and financial institutions to help the private sector regain its pivotal role as a driving force of the national economy.

"The government is working hard for the economy to emerge stronger and surmount any negative repercussions," he said, adding that this critical period required more co-ordination to adopt the sort of economic policy that meets ambitious goals and spurs growth.

He also followed up trade activities, stressing the need to reactivate the tourism sector now that normal life has been restored.

The Premier instructed the Justice, Islamic Affairs and Endowment Ministry to adopt more innovative measures for litigation procedures to be fast-tracked.

In this regard, he stressed the role of Bahrain Chamber for Dispute Resolution.

The Premier reiterated his directives to crack down on public employees who fail to abide by the rules and regulations.

"Public employees should set the model in commitment to the rules and regulations, particularly work timings and assiduous attendance," he said.

He also credited the security measures for enabling the economy and trade to be set back in motion.

He slammed certain parties for trying to hold the whole country hostage and push it to the brink, being adamant to break the law and sow chaos.

He vowed zero tolerance at any attempt which may seek to subvert the country's security and stability. "From now on we will never keep silent or tolerate any mistake or violation defaming Bahrain and its people," he said.

"We must eradicate the sick parts which gnaw at the body of the nation," the Premier said.

He regretted that some of those who benefited most from Bahrain's largesse - in the name of equal rights and services - are now at the forefront, targeting the country that embraced them and ensured their well-being. - TradeArabia News Service




Tags: Bahrain | economy | CBB | mega projects |

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