Manama: Mahmood Rafique, Editor: A tri-nation project, with an economic outlay of $10 billion, envisaged by Bahrain, Jordan and Egypt will provide a strong pillar to meet the challenges as food security, agriculture, pharmaceuticals, and industrial sector.
This was stated by the Minister of Finance and National Economy Bahrain and said that as part of a medium to a long term strategy issues related to food security, development, industry and other vital sectors of the economy are earmarked and will be targeted through this three nation project.
“Currently, we have $30billion development projects in the pipeline, the Kingdom of Bahrain’s economy is treading on the right path of development and posted a healthy yield in terms of growth in the first half of the year,” he said.
Shaikh Salman bin Khalifa Al Khalifa, the Minister of Finance and National Economy during a media briefing revealed that all economic indicators show that the growth patterns have impacted positively. “From January to October around 24,000 new jobs added and the sustained growth will further bolster the economy towards the end of the year.
The Minister Finance, who was joined by Noor Bint Ali Al Khulaif, the Minister of Sustainable Development, was speaking at the National Communication Center Press briefing at the Diplomat Hotel and provided an opportunity to 80-member strong media entourage, travelling with His Holiness Pope Francis, to get a firsthand information about Bahrain’s economic outlook.
The Minister said that in the first half of the year Kingdom has attracted $1billion in foreign direct investments (FDIs).
Talking about the economic diversification and its impact on the GDP growth the Minister said that Bahrain’s economy recorded a significant growth in real terms during Q2, 2022 on an annual basis. The indicators show that the an 80 per cent of the Kingdom’s GDP growth recoded by the non-oil sector, means diversification and the policy of less dependence on hydro-carbon are yielding positive results.
Total real GDP grew by 6.9 per cent in Q2, the highest YoY growth rate since 2011 and the positive economic growth driven by the strong performances of the non-oil sectors according to the positive results across the sectors earmarked by the Economic Recovery Plan.
