Finance & Capital Market

Financial Services ‘has key role in Bahrain’s development’

Bahrain’s Crown Prince and Prime Minister His Royal Highness Prince Salman bin Hamad Al Khalifa has placed Financial Services at the forefront of the priority economic sectors to focus on and this increases the responsibility of the banking sector in achieving the aspirations and plans of His Highness related to national development, said Adnan Ahmed Yousif Chairman of the Board of Directors of Bahrain Association of Banks (BAB).
His Highness stressed in his speech to the local press his keenness to continue focusing on the priority sectors -- financial services, ICT, tourism, logistics, oil and gas, and manufacturing industries, pointed out Yousif.
“Bahrain Association of Banks finds itself at the core of implementing the vision of His Highness the Crown Prince and Prime Minister in developing the national economy, based on the decisive role that the banking sector plays in developing various economic sectors, in addition to providing financing for projects and institutions of diverse activities and sizes, creating quality and rewarding job opportunities, developing National competencies, and contribution to GDP,” Yousif said.
Yousif noted the emphasis of HRH Prince Salman on developing policies and legislation supportive of the openness and the growth of the private sector, and continuing work to achieve financial balance in pursuit of economic sustainability. He hailed the assertion of His Highness on the necessity of removing bureaucracy, facilitating procedures, and consolidating the spirit of creativity and innovation, in addition to developing legislation supporting the private sector to play its pivotal role in the process of building Bahrain.
Yousif concluded: “We are optimistic of what His Highness indicated regarding a package of changes and the process of development coming in various facilities and institutions as this would bring about great qualitative leaps for Bahrain.  The efforts achieved by His Highness for the sake of promoting and accelerating the pace of national development and providing a fair competitive environment in Bahrain, and a diversified free economy, contributed to boosting levels of development and prosperity on the one hand and provided a solid base for facing challenges on the other hand." – TradeArabia News Service