Bahrain’s manufacturing industry continues to register rapid growth, as can be seen by the number of industrial parks and logistical zones opening across the country, according to a report.
“Bahrain is treading on the right path of diversifying its economy by driving growth in services and manufacturing,” the Oxford Business Group (OBG) in its latest Bahrain 2011 Report said.
“Our report maps out the incentives which the Kingdom is offering investors as part of its long-term plans to diversify the economy. I look forward to documenting both the next stage in Bahrain’s economic development and the ongoing National Dialogue which should help the Kingdom to strengthen its position as a favoured investment destination,” OBG’s Editorial Manager Gregory Kramer said.
He showed his confidence that The Report: Bahrain 2011 had captured the government’s drive to regain the momentum of the country’s economic expansion, particularly in manufacturing.
The Report: Bahrain 2011 provides in-depth analysis of the Kingdom’s plans to develop high-potential growth areas, such as finance, IT and tourism, while moving forward from the period of unrest that hit the country earlier in the year.
The new report also looks at Bahrain’s efforts to strengthen its role as a regional commercial hub as it continues with its shift away from a reliance on hydrocarbons.
The publication includes a detailed, sector-by-sector guide for foreign investors together with a wide range of contributions from prominent political, economic and business leaders, including Deputy Prime Minister and Chairman of the Supreme Committee for Information and Communication Technology Shaikh Mohammed bin Mubarak Al Khalifa.
Other key national figures who give their views on Bahrain’s development include the Minister of Foreign Affairs Shaikh Khalid bin Ahmed bin Mohammed Al Khalifa, the Chief Executive of the Economic Development Board and Chairman of Tamkeen Shaikh Mohammed bin Essa Al Khalifa, the Minister of Labour Jameel Humaidan and the Governor of the Central Bank of Bahrain Rasheed Mohammed Al Maraj.
OBG’s 2011 report looks in detail at the Kingdom’s plans to expand its tourism industry, which was hit hard during the uprising in February and March this year, by increasing hotel capacity and improving infrastructure. It provides coverage of Bahrain’s bid to attract higher numbers of cultural and eco tourists while it also rebuilds its reputation as a destination for major sporting and conference events.
As Bahrain steps up efforts to improve regional connectivity, the Group’s new report charts the significant investment that the Kingdom has made across its ground, sea and air networks. It also considers the boost that Bahrain’s new port and roads have given the Kingdom’s logistics industry.
The Report explores the growing role earmarked for Islamic banking in the Kingdom’s financial services sector. It puts the sukuk market in the spotlight and considers how the anticipated expansion of Islamic financial products could reshape the industry over the next few years.
OBG formed technical partnerships for the production of The Report: Bahrain 2011 with leading companies in the public and private sectors, including BDO Bahrain, Qays H. Zu’bi Attorneys & Legal Consultants, the Bahrain Association of Banks (BAB) and the Bahrain Insurance Association (BIA).
Anna Dabrowska, OBG’s Country Director in Bahrain paid tribute to the contribution that OBG’s partners had made to the research process undertaken by the Group’s team.
“Oxford Business Group has long recognised the importance of pooling resources with local experts and our time in Bahrain has enabled us to build a number of valuable working relationships,” she said. “Events this year have undoubtedly heightened the need for accurate and up-to-date data on Bahrain’s economic development. I am confident that our partners here have helped us to produce a report which business leaders will find highly useful when making their investment decisions.”
The Report: Bahrain 2011 marks the culmination of more than six months of field research by a team of analysts from OBG, assessing trends and developments in all major sectors of the economy, including energy, industry, finance, banking, tourism, transport and real estate.