Bahrain unrest ‘big blow to businesses’
Manama, September 11, 2011
Bahrain's businessmen have suffered heavily due to the recent unrest, with 21 per cent of them saying they will not be in a position to overcome the repercussions, said a report.
While 36 per cent confirmed the possibility of overcoming the difficulties faced by them, 43 per cent were unable to predict future economic conditions and 28.4 per cent said average losses exceeded their capital by 76 per cent to 100 per cent, according to a survey conducted by the Bahrain Chamber of Commerce and Industry (BCCI).
The study also found that 87 per cent of institutions and companies incurred losses and only 5 per cent made profits.
New investments dropped by 70.4 per cent, profits by 86.4 per cent, Bahraini companies' reserves by 43.8 per cent and 55.5 per cent of businessmen found financing difficult, BCCI chairman Dr Essam Fakhro told our sister publication Akhbar Al Khaleej.
The commercial sector suffered the most followed by services, contracting and industrial sector, Dr Fakhro said. – TradeArabia News Service