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Bahrain Economic Development: Becoming the Financial Center in the Middle East
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Bahrain Economic Development
In the mid-19th century, Bahrain began to emerge as a major trading center in the Middle East. Bahrain was originally famous for pearl harvesting. Then oil was discovered, and in 1932, the first oil well in the Middle East was drilled in Bahrain, followed by the first refinery in 1935. Since all oil was owned by the state, the state has used the revenue to finance the state and to contribute to Bahrain economic development. Bahrain has no income or sales taxes. Since independence, the government of Bahrain has used its revenues to diversify the economic base of the country, primarily in the fields of banking and finance. This paid off in the late 1970s, when the Lebanese civil war forced out large parts of the banking system there, allowing Bahrain to replace Beirut as the banking and financial hub of the Middle East. Bahrain’s economic prominence was further enhanced by the oil boom of the 1970s. As part of its diversification, Bahrain has sought to develop its petrochemical and aluminum industries, and since the 1990s In order to increase its attraction to international business and banking, Bahrain has also become known for its open, tolerant, and liberal attitude toward all ethnic groups and religions. The government claims that it is seeking greater economic growth for all Bahrainis including Shi’ites. It also claims that Shi’ites benefit as much as other Bahrainis. Bahrain being financial center, Bahrain economic development, Formula 1 Bahrain, aluminum industries Bahrain, economic development of Bahrain, financial center Bahrain, financial hub Bahrain, petrochemical industries Bahrain, trading center in Middle East Related Articles The Bahrain International Circuit (BIC), the largest event venue in the Middle East, held a staff meeting to welcome back its reinstated employ... Bahrain Sector Analysis Gulf Petrochemical Industries Company (GPIC) Social and Economic Role in Development of Bahrain and Bahrainis GPIC pro... Feel the craze and excitement at the Formula 1 Grand Prix in Bahrain! ... Dr. Hassan A. Fakhro, Bahrain Minister of Industry & Trade How much easier it is to be critical than correct (Disaeli). I would ask those who would... |
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Bahrain Ministry of Industry: Economic & Industrial Development of Bahrain
Dr. Hassan A. Fakhro, Bahrain Minister of Industry & Trade How much easier it is to be critical than correct (Disaeli). I would ask those who would criticize Bahrain, to look to their own countries |
Bahrain National Oil and Gas Authority Outlines Future of Bahrain Oil and Gas Industry
National Oil and Gas Authority, HE Abdul Hussain bin Ali Mirza, Bahrain Minister of Oil and Gas Today, the income from oil and gas constitutes about 80% of the government's revenue. However, we were also the first GCC country to attempt diversification, in the 1960s and 70s. Thanks to those efforts, oil and gas now only constitute 24% of GDP at current prices (and 12% at constant prices). |
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Batelco Bahrain: Leading Telecom in the Middle East
Peter Kaliaropoulos, CEO of Bahrain Telecommunications Company (Batelco) - Biography Key challenge remains overall industry growth in terms of gross revenue and number of services since we have experienced price erosion due to entry of new companies. |
Bahrain Government: Reforms, Stability and Economic Growth
HE. Shaikh Fawaz bin Mohammed Al Khalifa, President of the IAA The Bahrain Government intends to carry on its steady reform for the country. |
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GPIC: Role of Bahrain's Fertilizers in World's Food Security
Abdulrahman A.Hussain Jawahery, President of Gulf Petrochemical Industries Co. (GPIC) and Member of Parliament - Biography AG fertilizer producers are expected to continue to play a strategic role in meeting this challenge by contributing towards international efforts to increase food production by substantially increasing their share of exports. |
Bahrain Masterplan: Affordable Housing in Bahrain is the Highest Priority
Aaref Hejres, CEO of Diyar Al Muharraq Another reason why we think this year is good is that we have just finished our first landsite in Diyar and sold land worth $260 million to a private developer who will build affordable housing. |
Bahrain Financial Harbour: Business Location in the Middle East
Omar Al Mardi, Managing Director, Bahrain Financial Harbour There is also a higher local demand in Bahrain that differs to other Gulf countries. Because our population density is very high- with 600-700 people per square kilometer, the local demand is enough to push the construction market. |
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