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Bahrain's diversification strategy 'key to its growth'

MANAMA, March 21, 2016

Bahrain’s commitment to diversifying its economy had been instrumental in helping the country weather the storm of falling oil prices, according to a report by global publishing, research and consultancy firm Oxford Business Group (OBG).

The new report on Bahrain maps out the big-ticket infrastructure projects advancing across the country alongside the many small venture start-ups, both of which are driving key, non-oil growth.

The Report: Bahrain 2016 shines a spotlight on the country’s infrastructure project pipeline, which includes a second causeway linking the kingdom and Saudi Arabia, an upgrade to the airport, improvements to the road network and the large affordable housing undertaking.

OBG’s new publication also provides wide-ranging coverage of the other sectors that are helping to broaden Bahrain’s economic base, including manufacturing, tourism and financial services.

The challenges Bahrain currently faces, led by the issue of subsidy cuts and fall-out from ongoing regional unrest, are also explored.

The Report: Bahrain 2016 contains a detailed, sector-by-sector guide for investors. It also features a wide range of contributions from leading representatives, including the Minister of Energy Abdul Hussain bin Ali Mirza, the CEO of Mumtalakat Mahmood Al-Kooheji, the Chief Executive of the Economic Development Board (EDB) Khaled Al-Rumaihi and the Director General of the UN Industrial Development Organisation Li Yong.

Andrew Jeffreys, OBG’s chief executive and editor-in-chief, said: “While energy remains central to Bahrain’s economy, our report shows the extent to which the non-oil sector is driving growth.”
 
“The country’s business-friendly environment has played a pivotal part in maintaining investor confidence, as have efforts to resolve issues when they arise, which we saw with the national budget,” he added.

OBG’s managing editor for the Middle East Oliver Cornock agreed that the holistic approach to economic development documented in The Report: Bahrain 2016 boded well for the kingdom longer term.

“Although Bahrain’s fiscal gap is not expected to close in 2016, public spending on infrastructure and capacity expansion within the industrial sector are setting the scene for steady growth this year and beyond,” he said. “Bahrain has much to build on as it reshapes its economic base.”

The Report: Bahrain 2016 marks the culmination of nearly a year of field research by a team of analysts from OBG.

The publication assesses trends and developments across the economy, including macroeconomics, infrastructure, banking, real estate and construction, industry and other sectoral developments. The publication is available in print or online.-TradeArabia News Service




Tags: Bahrain | OBG | Diversification |

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