Bahrain ranks 1st in MENA for financial, investment, and trade freedom according to the Heritage Foundation Index

According to the 2022 Index of Economic Freedom published by the Heritage Foundation, Bahrain ranked first in MENA for financial, investment, and trade freedom. Amongst MENA countries, Bahrain ranked 4th for overall economic freedom.

According to the report, Bahrain’s “overall investment framework remains transparent, and foreign and domestic investors are treated equally. The financial system remains vibrant and generally free from government involvement. No restrictive measures have been implemented in the banking sector during the past year,” and “the government maintains a pro-business commercial environment and supports business start-ups.”

The 2022 Index of Economic Freedom measures the level of economic freedom based on 12 factors, grouped into four categories: rule of law, government size, regulatory efficiency, and open markets. 

Commenting on the report, Ali Al Mudaifa, Chief Investment Officer at Bahrain EDB, said: “Bahrain’s high ranking amongst countries in the region is a reflection of the country’s business-friendly environment and forward-looking regulations. We’ve got exciting plans ahead of us in line with the Economic Recovery Plan, which aims to attract investments worth US$2.5 billion into the country by 2023 through the enhancement of our overall business environment.” Companies in Bahrain benefit from a range of competitive advantages and opportunities, which can be identified and leveraged with the support of the EDB’s team that has the expertise and resources to get companies off the ground. These competitive advantages include the country’s 45% operational cost savings compared to the rest of the region, and its pioneering regulation, which is reflected by Bahrain ranking 2nd globally for tax burden in the 2022 Index of Economic Freedom.

Tap Payments grows client base by 60% in a year as global firms seek to tap into Gulf’s $29bn e-commerce boom

  • GCC-based fintech, launches in Bahrain to expand its regional operational hubs in the MENA region.
  • Enables 80% of the region’s consumer payments through highly adopted country specific local payment networks with a unified relationship, technology and clearing process.
  • Resolves the challenges of the region’s fragmented payment networks so international players may unlock the true potential of MENA’s ecommerce market.

The GCC-based fintech company, Tap Payments, has launched its Bahrain hub in 2020. Over the past year, the company has onboarded around 30,000 new merchants across the region. This is a result of the company’s innovative solutions that can cater to regional and international players looking to break into the GCC booming e-commerce market, currently worth an estimated $29 billion. 

Tap Payments is serving merchants worldwide due to its capacity to tailor payment solutions in the MENA region with its multidimensional approach that addresses payment clearing, product, technology, relationship, and the regulatory environment. The company connects players around the world to the region through its payment infrastructure by facilitating connection to the highly adopted local payment networks in Saudi Arabia, UAE, Kuwait, Bahrain, Qatar, Oman, Jordan, Lebanon and Egypt.

In 2020, Tap Payments set up operations in Bahrain to take advantage of its advanced financial services sector, best value operating model and progressive legislations. Bahrain is home to the region’s oldest and most established banking and financial services sector, with over 350 financial institutions. The sector, which accounts for 17.3% of non-oil GDP in the Kingdom, benefits from a stable, predictable, and forward looking regulatory and business environment. Financial services continue to be a key contributor to Bahrain’s economy and will play a critical role in the Kingdom’s economic recovery plan which was announced in October 2021.

There are currently five GCC country specific local payment networks and another two in Egypt, in addition to the internationally known payments networks. This means that it is an expensive process for e-commerce companies to expand their offering regionally. Tap Payments provides the ease of doing business in the region without the hassle of setting up offices, licenses, and bank accounts in each country due to its multidimensional approach.

Tap Payments’ system unifies the commercial and technical aspects of each local payment network so that businesses may instantly accept payments from across the region. The company’s solutions include a payment gateway that accepts payments online and on mobile, as well as peer-to-peer payment request solutions so businesses can send payment links to customers.

“We are pleased with the growth rate of our operations in Bahrain, thanks to the best-in-class business and regulatory environment. We are keen to operate under a developed regulatory environment that attracts financial innovation. We appreciate the welcoming environment that the EDB has put in place to attract our investment in Bahrain and value the role of the CBB in guiding us through establishing a healthy regulatory setup that supports our financial activities in the country. In less than a year, our local team was able to secure a significant number of clients in Bahrain and the wider region.” said Ali Abulhasan, Co-Founder and CEO of Tap Payments.

Abulhasan said: “With our operating model, we are filling a region-wide payment solutions market gap for any size of business with a special angle focused on SMEs, at a very competitive value proposition. Tap Payments’ business model is profitable and less risky. Our solution means customers can buy products online from another country in the GCC while still using their home country’s payment method and currency. These local payment networks make up a huge percent of online payments in most of the GCC countries – 65% in Bahrain, 80% in Kuwait and 70% in Saudi Arabia. So, businesses need to consider how critical their reach to the markets is and no longer downplay their impact.”

Dalal Buhejji, Executive Director – Investment Origination at Bahrain’s Economic Development Board (EDB), said: “We are delighted to see Tap Payments’ rapid growth in Bahrain, benefiting from our strong, agile and pioneering financial services ecosystem. By working with companies like Tap Payments, we continue to encourage growth in e-commerce, a sector that is expected to reach $50 billion across the GCC by 2025. The young, tech-savvy population we have here will supply Tap Payments’ new hub with all the local talent it needs. In fact, over 65% of the financial services workforce in the Kingdom are Bahrainis.”

Bahrain’s real estate transactions jump 46% in 2021

  • Bahrain real estate transactions reach US$2.8 billion compared to some US$1.9 billion in 2020

Bahrain’s real estate transactions value rose by 46% in 2021, to US$2.8 billion (1,046,162,080 BHD), compared to US$1.9 billion (717,436,872 BHD) in 2020, according to figures released by Bahrain’s Survey and Land Registration Board. The total real estate transactions hit 26,136 in 2021, an increase of 35% compared to 19,405 transactions in 2020.

The growth coincides with several major developments, including Bahrain’s recently announced National Economic Recovery Plan. The plan aimed to drive economic growth based on five main pillars, including the launch of strategic projects valued at over US$30 billion in various sectors, including infrastructure, industrial, housing, tourism, and healthcare.

The housing segment of the plan includes the “Sharaka” programme, which allows private developers to bid for contracts for government land, in line with the government’s commitment to strengthening its partnership with the private sector and providing quality houses for citizens. The programme is set to expand over the coming years to include more than 16,000 housing units.

Bahrain’s real estate sector is a popular destination for investments, offering a multi-dimensional marketplace that caters to the growing demand in the Kingdom. As demand surges, residential, retail, and tourism properties present a unique investment opportunity.

Bahrain EDB and Japan External Trade Organization sign MoU to promote direct investments

The Bahrain Economic Development Board (Bahrain EDB) has signed a Memorandum of Understanding (MOU) with the Japan External Trade Organization in Dubai (JETRO Dubai). This new partnership will further strengthen relations between the Kingdom of Bahrain and Japan, resulting in a stronger partnership, and one helps to highlight Bahrain as an investment destination for Japanese companies.

The signing ceremony was held on December 12th 2021, at the Bahrain Pavilion at EXPO 2020 Dubai, followed by speeches and a reception attended by representatives from both parties. 

“Bahrain’s strategic location coupled with its strength in sectors such as logistics, ICT, and finance makes it an attractive destination for Japanese investments,” said Nobuhiko SASAKI CEO/Chairman of JETRO. “Through this MoU, we look forward to creating new opportunities for Japanese companies looking to launch or expand businesses throughout the Middle East.”

“Bahrain’s developed regulations, competitive operating landscape, and skilled workforce are some of the key reasons why we continue to be an attractive destination for international investments from various markets,” said H.E. Khalid Ebrahim Humaidan, Chief Executive of Bahrain EDB. “We are excited for this partnership which will further solidify Japan as a key strategic market for us, and we look forward to a fruitful collaboration with Jetro.

The MOU between Bahrain EDB and JETRO Dubai, has several key aims, including:

  • Exchange of information in order to attract investment in both countries.
  • Creating interaction opportunities between companies in Japan and the Kingdom of Bahrain in order to facilitate investment in various areas.
  • Providing advice on activities by both Parties which will promote the development of a two-way economic and investment cooperation.
  • Paving the way for economic and investment cooperation between companies in Japan and companies in the Kingdom of Bahrain.
  • Promotion of strategic sectors with mutual benefits to both the Kingdom of Bahrain and Japan.

As a gateway to the region’s US$1.4 trillion GCC market, Bahrain also provides unique technical skills. In fact, Bahrain was recently ranked as 1st in the GCC for availability of advanced computer programming talent in ICT as a percentage of the population, according to the International Telecommunication Union (ITU).

Japan’s current FDI in Bahrain is already amongst the top 10 by stock and flows and Bahrain looks forward to growing this ranking further through initiatives such as this MOU that will facilitate more Japanese corporations to establish presence in the Kingdom. As referenced above, Bahrain has also recently embarked on a National Economic Recovery Plan to drive economic growth based on five main pillars including, enhancing the overall business-friendly environment to attract foreign direct investments and create new investment opportunities across the Kingdom by launching over US$30 billion of strategic projects. Find out more about these projects through the website www.invest.bh.

Bahrain Ranks Fourth Globally and Second in MENA for Islamic Finance Development Indicator

  • Bahrain also ranks first globally in Islamic finance regulation
  • Value of Sukuk issued in Bahrain increased by 40% to USD5.3 BN, and Net Asset Value of Islamic Funds increased by 142% to reach $27 MN

Bahrain has ranked fourth in the world and second in MENA for Islamic finance development according to the 2021 Islamic Finance Development Indicator – IFDI 2021 by Refinitiv, a London Stock Exchange Group (LSEG) business, the world’s leading provider of intelligent information for businesses and professionals.

The Islamic Finance Development Indicator (IFDI), which provides a detailed look at the current state of the industry measures the overall development in 135 countries based on quantitative development, knowledge, governance, awareness, and corporate social responsibility CSR (Charities and Qard Hasan). The report places Bahrain first globally for Islamic finance regulation and news. Amongst MENA countries, Bahrain ranked first in awareness, governance, corporate social responsibility activities and Islamic finance knowledge. Bahrain also tops the ranking in the region for Islamic banking, and corporate governance.

Commenting on Bahrain’s global position as a leader in the development of Islamic finance, Mr. Khalid Hamad Al Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain (CBB), said, “We have seen the total value of Islamic finance assets reach US$ 102 billion in Bahrain in 2020, making Bahrain among the top 10 countries globally in Islamic finance & banking assets. This clearly demonstrates that Bahrain has become the regional hub for Islamic finance supported by a robust and business-friendly regulatory framework that has been recognised as industry-leading by the IFDI report.

“We will continue our efforts to further develop the financial services ecosystem. This industry is the largest contributor to GDP after oil, at 17%, and such efforts are in line with the recently announced Economic Recovery Plan which includes a number of growth and development initiatives with the aim of increasing the contribution of non-oil sectors to GDP.”

According to the report the net asset value of Islamic Funds in Bahrain during 2020 increased by 142% to reach $US27 million and the value of Sukuk issued increased by 40% to USD5.3 billion when compared to 2019. Additionally, the number of institutions offering degrees in Islamic Finance increased by 14%, contributing to Bahrain attaining 2nd position in the GCC for Education in Islamic finance. 

The report, which is in its ninth edition and entitled Advancing Economies, shows that the world’s Islamic finance industry saw double-digit growth of 14% in 2020 to a total US$3.37 trillion in assets. IFDI projects the size of the Islamic finance industry to rise to $4.94 trillion in 2025. The report also forecasts that digitisation and sustainable finance will continue to be main trends in 2022 and beyond. To view the Islamic Finance Development Report 2021, please visit this link  https://bit.ly/IFDI2021.

Mueller Middle East exceeds $100m in annual exports from Bahrain trading hub

• Copper tube manufacturer eyes $1 billion of exports over next five years from Gulf logistics hub
• Bahrain’s FTAs and access to $1.4 trillion GCC market help firm to capitalise on growing demand for copper tubing

Copper tube manufacturer Mueller Middle East (MME) exceeded $100 million in global exports from its base in Bahrain and is targeting $1 billion of exports over the next five years. 40% of MME’s global exports over the last year were to the Kingdom of Saudi Arabia and the UAE, followed by Egypt and Jordan.

MME, based in Bahrain, is currently the only copper tube manufacturing facility in the MENA region. The company exports to more than 10 countries, with the US, Canada, Egypt, KSA and UAE making up the largest share. Most of MME’s products are used by Air Conditioning and Refrigeration Original Equipment Manufacturers.

MME commenced operations in Bahrain in 2018 and began to ramp up production from mid-2019 in a bid to grow market share. Despite global supply chain disruptions caused by Covid, MME was able to leverage Bahrain’s free trade agreement (FTA) with the US. The firm’s exports to the US accounted for over 4% of total Bahrain-US exports in the first half of 2021, according to the United Nations Comtrade database.

Commenting on the announcement, Hesham Alabbar the General Manager of MME said: “This milestone represents the first major step in establishing MME as a serious player in the copper tubing market. Proud of the hard work that the team put in over the last couple of years. We have our eyes set on $1 Billion in exports over the next 5 years,”

Due to its FTAs and easy access to the $1.4 trillion GCC market, including Saudi Arabia, which is 40 minutes away by road, Bahrain is seen as a destination of choice for international manufacturers and distributors. Manufacturing is one of the most important contributors to Bahrain’s economy, accounting for around 13.8% of GDP as of Q2 2021. Bahrain is seeking to attract more manufacturers to the country as part of its economic diversification.

Ali Al Mudaifa, Executive Director – Investment Origination at Bahrain’s Economic Development Board, said: “We are pleased that MME has been able to use Bahrain’s regional and international FTAs so effectively. The company’s trade milestone is a testament to the Kingdom’s business-friendly regulations and easy access to regional and international markets.

“The pandemic has demonstrated the value of robust supply chains and easy, duty-free access to key markets. Bahrain’s position as a leading logistics hub and gateway to the Gulf and beyond has enabled several major manufacturers in the Kingdom to grow exports during the pandemic. We support MME’s aim to reach $1 billion worth of exports over the next five years and hope to assist more international manufacturers in their export strategies in the coming years.”

Demand for copper tubing and other metal and alloy products is increasing throughout the region as construction projects resume in the wake of the pandemic. According to IMARC Group, the global copper pipes and tubes market is expected to reach a volume of 5.5 million tonnes by 2026, up from 4.5 million in 2020.

The Gulf is a key supply chain hub for the global manufacturing sector and Bahrain is one of the main distribution centres in the region. Home to several major logistics groups, including DHL, Bahrain is a springboard to neighbouring markets. Trade between Bahrain and the US reached $941 million, in the first half of 2021, up from $783 million in H1 2020.

BAHRAIN LAUNCHES INVESTMENT PLATFORM ENABLING INVESTOR ACCESS TO INVESTMENT OPPORTUNITIES IN THE KINGDOM STRATEGIC PROJECTS VALUED OVER USD30 BILLION

Invest in Bahrain homepage

Manama, Bahrain, 27 November 2021: The Economic Development Board today announced the launch of the investment platform invest.bh that allows investors to access investment opportunities in the Kingdom’s strategic projects as part of Bahrain’s Economic Recovery Plan which saw the announcement of strategic projects worth more than USD30 billion.

The platform enables investors to explore current investable and future planned projects in the Kingdom across a wide range of sectors including industrial, infrastructure, tourism and housing projects.

Investable projects include Bilaj Al Jazayer Tourist City, Bahrain Metro, USA Trade Zone, Aluminium downstream zone and Sports City. Future planned projects are the new planned cities of Fasht Al Jarim Area, Suhailia Island Area, Fasht Al Adhm Area, Gulf of Bahrain Gulf of Bahrain Area, and Hawar Islands Area.

 Khalid Humaidan, Chief Executive Director of the Bahrain Economic Development Board, said: “this new investment platform is a critical component in implementing the Economic Recovery Plan. With the recent announcement of the strategic projects, ensuring investors have access to current investment opportunities, as well as future planned projects gives them direct access to strategic investment opportunities and offers us a platform to engage directly with prospective partners”

 “Our Economic Recovery Plan aims to drive economic growth and boost non-oil sectors in the Kingdom of Bahrain as we emerge from the pandemic. Through the platform we are encouraging the private sector to play a bigger role in economic development.”

 The Kingdom of Bahrain’s Economic Development Board provides support for investors interested in these opportunities and enables them to benefit from the competitive advantages available to them in the Kingdom, including an agile business environment, competitive operating costs with no corporate or income taxes, and a highly skilled workforce. EDB has offices around the world, including in the USA, Europe, China, and India.

To view the new investor platform, please visit this link: www.invest.bh

Bahrain’s aluminium cluster grows with addition of GCC’s first plant for aluminium grain refiners

  • Aleastur’s new $15m hub to serve global markets
  • GCC base to shorten lead times and strengthen regional supply chains for aluminium smelters and cast-houses

Aleastur, a major European metal producer announced launching the Gulf Cooperation Council’s (GCC’s) first state-of-the-art aluminium grain refiners and master alloys production hub at its new Middle East base in Bahrain. The hub will be the Spanish firm’s first overseas facility and will produce high quality aluminium alloys to be used for different purposes across various industries.

ALEASTUR’s new $15 million site at the heart of the Gulf region will supply speciality alloys to global markets, including Asia, North America and the GCC. The Bahrain facility will be exporting approximately 85% of its annual production to regional players in the industry, including main aluminium smelters and cast-houses.

ALEASTUR is one of Bahrain Mumtalakat Holding Company (“Mumtalakat”) portfolio companies and is considered one of the top aluminium grain refiner players in the world and is expected to hit revenues in the new facility of nearly $53 million by 2025 as it ramps up foreign exports.

As part of its expansion strategy, the facility In Bahrain, which is designed to be “an ideal” aluminium downstream hub will reduce lead times and strengthen supply chains for the aluminium industry in the region and neighbouring markets as global economies begin to reboot and construction projects resume.

The launch of this facility is a great example of the Kingdom of Bahrain’s recently announced economic recovery plan in action. This supports the mandate to continue attracting investment to the Kingdom, ultimately creating jobs for Bahrainis.

“We hope to establish a solid regional base and establish an access point from Spain not only to cater the GCC but other several regions. The geographical location of Bahrain and easy access to some of the fastest-growing markets here will provide the platform we need to achieve our international growth ambitions.  

We’re thrilled to be joining our industry peers in Bahrain and we look forward to tapping into a growing aluminium hub right next door to Alba. In combination with our Spanish facilities, the new site will be particularly well-positioned to export to the South East Asian and Indian markets. In addition to Bahrain’s well-placed geographical location, we will benefit from the highly skilled local workforce, strong logistics infrastructure and best-value operating costs. said Sergio Martinez CEO of ALEASTUR Group.

 ALEASTUR’s new hub is part of a broader plan, in partnership with Mumtalakat, who acquired a significant stake in the company in 2016, to develop the Kingdom’s downstream aluminium sector and strengthen synergies between local manufacturers and key international players.

Commenting on the announcement, HE Khalid Al Rumaihi, CEO of Mumtalakat, said, “As one of our key investments, ALEASTUR’s presence in Bahrain will add significant value to the growing downstream aluminium cluster which will enable them to cater to the growing demand in the region and beyond. We look forward to seeing their operations expand and are excited by the prospects this next phase for ALEASTUR brings.

Bahrain is already known in the Gulf region for its booming aluminium trade. The Kingdom’s national aluminium manufacturer, Alba, is the largest single-site smelter in the world outside of China, producing at full capacity more than 2% of global output. Mid and downstream clusters are fast developing around Alba, feeding off the metal it produces. Aluminium exports made up about 34.2% of Bahrain’s non-oil exports in 2020 and the sector already contributes 11.1% to GDP.

HE Khalid Humaidan, Chief Executive of Bahrain’s Economic Development Board, said, “The decision by Aleastur to build its first international base in Bahrain, is a prime example of the Kingdom’s attractiveness in the manufacturing and logistics sectors which we believe can be summarized by three main attributes. Firstly, our competitive operating costs are likely to be more profitable, secondly, our free trade agreements support businesses. Last but not least, a key decisive element is the highly skilled workforce we have to man those business and keep them successful.” Other aluminium companies operating in Bahrain include BAMCO, GARMCO, Balexco, and Midal Cables. The firms distribute internationally through Bahrain’s FTAs with 22 countries around the world, including the US.

Economic Development Board attracts nearly $40m in tourism investments ahead of industry’s bounce back

EDB’s Chief Investment Officer, Ali Al Mudaifa
  • 260 jobs to be created in local tourism industry over three years
  • Middle East’s first cylindrical aquarium and top restaurant brands among major investments in Bahrain’s tourism sector Investment chiefs optimistic about tourism industry’s future as international travel resumes

Bahrain’s Economic Development Board (EDB) has attracted almost $40 million (BD 15 million) worth of investments in the Kingdom’s tourism sector to date, which will help to create some 260 jobs over the next three years.

Bahrain’s EDB is seeking to capitalise on the growth of the country’s tourism sector as meaningful international travel resumes. The Kingdom’s national carrier, Gulf Air, announced last month that around 80% of the airline’s pre-pandemic flights will resume from the summer season and Bahrain is appearing on more travel green lists across markets. 

Among the key tourism investments was Remza Investment Company’s addition of Turkish hospitality brand, Gunaydin, to its portfolio. Located at The Terminal, one of Bahrain’s unique real estate developments, Gunaydin’s $6.5 million investment will be its first restaurant in the Kingdom. The outfit will create 80 jobs over three years and add to the wide variety of international restaurants springing up in the country.

Remza Investment Company’s Chairman and CEO, Dr. Fadhel Al Arrayed, said: “Gunaydin is a prestigious global brand and is a valued addition to the Kingdom’s numerous eateries. Our first investment, a popular Istanbul restaurant, will be operated in Adliya in a 1,000-metre square space which can accommodate up to 300 customers. We would like to thank our partners and the EDB for providing us with a welcoming and supportive environment.”

Another investment by renowned chocolate brand, Patchi, allocated $8 million for the expansion of the business in the Kingdom. Launching new projects that offer unique experiences for customers, Patchi’s expansion will help create 160 jobs over three years.

On this regard, Patchi Bahrain emphasized that the Kingdom of Bahrain offers a business environment that is in line with their aspirations for expansion, both nationally and regionally. They believe that the country’s stability and openness, along with the support provided by the EDB and other organisations, helped them in developing the business, and they are proud to be part of Bahrain’s vibrant and growing tourism sector.

 ELSS Group, which specialises in the construction of aquariums and marine parks, also announced a $1 million investment in their regional operational base at the Bahrain Aquarium, which is the Kingdom’s largest aquarium at the Mall of Dilmunia. The largest cylindrical aquarium in the Middle East has a depth of 17 meters and is spread over four floors. It includes a life support (water purification) system on two floors beneath and another at the top of the aquarium. ELSS will operate and maintain the aquarium until at least mid-2025. This is in addition to other aquarium projects ELSS plans to undertake in the Kingdom and neighboring countries including Saudi Arabia, Oman, and the UAE. The group’s projects are estimated to create approximately 20 jobs in the fields of local marine biology, environmental sciences, underwater diving, and engineering.

ELSS Group’s Managing Director, Jed McAteer, said: “The Kingdom of Bahrain presents an ideal destination to develop and expand our business across the region. We have benefitted from the many competitive advantages offered by the country’s business-friendly environment. We are pleased to be working alongside the EDB as well as a number of qualified Bahraini companies in the architecture, construction, and retail industries. We welcome this valuable opportunity to share our expertise in Bahrain, which is an ideal environment for our future projects.” EDB’s Executive Director of Investment Origination, Ali Al Mudaifa, said: “Tourism, with its many restaurants, hotels, and resorts, is among the industries we expect to bounce back to previous levels of activity as the country continues to gradually reopen, and restrictions ease, allowing life to return to normal. Attracting investments such as these are in line with the EDB’s strategy to further economic diversification by contributing to the development of the sector and supporting the creation of jobs in the local market.

EDB outlines initiatives to develop key economic sectors

Following the announcement of the Kingdom’s Economic Recovery Plan, initiated by the directives of His Majesty King Hamad bin Isa Al Khalifa, and following the approval of the plan by the Cabinet, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, His Excellency Khalid Ibrahim Humaidan, the Chief Executive of the Economic Development Board (EDB), announced the Board will be focusing on several initiatives aimed at furthering economic growth and contributing to attracting direct investments across vital economic sectors to achieve the objectives of the plan.

The Economic Growth and Fiscal Balance Plan aims to create quality jobs and enhance Bahrain’s economic competitiveness.

HE Humaidan noted that the plan aims to attract USD $2.5 billion in direct investment by 2023.

The Chief Executive said the Board has successfully attracted increased investment between 2019-2020, indicating that the recovery plan prioritises supporting key sectors to boost economic development. The sectors include oil and gas, tourism, logistics, financial services, telecommunications, IT and digital economy, and manufacturing, in addition to launching Tamkeen’s new programs to stimulate medium and small companies in these sectors.

The Chief Executive said that the development of these economic sectors will diversify the national economy and support its growth.

HE Humaidan expressed confidence that the successful implementation of Bahrain’s economic recovery plan will be facilitated by its highly qualified and skilled workforce.

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