Manama: Shaikh Mohammed bin Khalifa Al Khalifa Bahrain’s Minister of Oil said that major development projects would impact positively on achieving the economic sustainability.
The event attracted Bahrain’s business leaders, government officials, entrepreneurs and top industry names to discuss the Kingdom’s shifting business climate.
Shaikh Mohammed shed light on the recent economic changes implemented within the Kingdom and their long-term benefit to the citizens of Bahrain and its economy.
The Minister while highlighting the importance of sustainability and its role in protecting Bahrain’s economy for present and the future generations.
The Government is implementing all decisions keeping in view the welfare and the well-being of Bahraini citizens as well as sustainable prosperity for future generations.
The Minister discussed the launch of five new projects, designed to be financially self-sustainable that will add to the Kingdom’s natural resources.
He emphasized that due to their strength and long-term financial appeal, the projects have gained substantial investment by local, regional and global banks. Key projects include the Exploration of Deep Gas Zones in the Bahrain Oil Field with its 44,000 and 45,000 production output capacity; Banagas’ 600 million square feet of APG attracting investment by local banks totaling $515 million and is set to yield high rate of return; Bahrain LNG Import Terminal, first of its kind in the Kingdom with its ability to dock, transport and store LNG. Financed by a collection of international banks totaling $741 million and Bapco’s Modernization Program: the single largest investment in Bapco’s history, set to increase refinery competitiveness, improve energy efficiency and meet environmental compliance, valued at $5 billion.
“Bahrain’s citizens and society are the foremost priority following the country’s recent economic changes. This time is crucial to educate ourselves about our consumption as a nation and to look to the positive impact these changes will achieve for everyone in the future; the return on subsidization yields better economic growth and allows Bahrain the opportunity to keep pace with other Gulf countries with a proven record of success,” he said.
“As the investment of past generations are still being reaped in the present, we too must look to long-term profitability, which will safeguard the Kingdom’s continued economic flourishment and will ensure a better standard of living and quality of life for its society for future generations.”
“At Falak Consulting, our priority is the betterment of Bahrain’s economy and potential. A crucial step in achieving this is by engaging key opinion leaders and policy makers at our quarterly Power Lunch and to establish constructive dialogue around topics such as the country’s dynamic economy and changes to the business environment. The lunch event provides an ideal platform and candid setting to facilitate dialogue with key individuals and change makers in attendance. To that end we are honored by the vital contribution of HE Shaikh Mohammed Bin Khalifa Al Khalifa as he sheds valuable insight on Bahrain’s future as it relates to our oil industry and business-friendly outlook,” Suhail Algosaibi, CEO of Falak Consulting said.
