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Economic recovery plan Bahrain [Infographics]

On October 31st 2021, the government of Bahrain announced an action plan to secure the economy’s long-term competitiveness and help the post-COVID 19 recovery. This represents one of the kingdoms largest economic reform programs. The five-pillar plan supports the goals of the Economic Vision 2030 and the intention to achieve net zero by 2060.

With a budget of 30 billion US Dollars for strategic projects, direct foreign investments and further GDP growth should be achieved. The five pillars of the plan include upskilling the Bahraini workforce to create valuable people for employment - Other pillars are to simplify business regulations and urban planning, promote business opportunities, and foster fiscal reform to reduce costs and adjust prices for businesses and investors.

Further the plan focuses on six industrial sectors with priority. The main segments are oil & gas, tourism, logistics, manufacturing, financial services, and digital economy plus ICT. All these efforts are aimed at reducing the dependencies from oil & gas. In addition, the strategic investment will help to build 5 new cities, infrastructure and ICT, tourism attractions, and industry zones.

Also Read: Tamkeen Bahrain - Unlocking Growth and Empowering Businesses

As of now, some of the goals have been already achieved. With Sijilat, the commercial registration portal, business registrations and access to policies and regulations have been eased significantly. And by the 3rd quarter of 2022, direct foreign investments have totaled to 921 million US Dollars.

Facts

 

General Overview
Overall goal
  • achieve net zero by 2060
  • fulfill Bahrain’s Economic Vision 2030

 

Means Available
  • 30 Billion USD Investment
5-pillars of national economic growth and fiscal balance plan
  • Upskill the Bahraini workforce
  • Simplify business regulations and urban planning, promote business opportunities
  • Channel $30 billion UD of investments in strategic projects
  • Set priority for six business sectors
  • Fiscal reform to reduce costs and adjust prices
6 Sectors of Priority
  • Oil and gas
  • Tourism Logistics
  • Manufacturing
  • Financial Services
  • Digital Economy
  • ICT
SubSectors of Tourism
  • Maritim & Waterfront
  • MICE & Business
  • Sports & Recreation
  • Media & Film
  • Leisure & Entertainment
Subsectors of Logistics
  • Air Cargo Logistics
  • E-Commerce Logistics
  • Regional Distribution Centers
Subsectors of Manufacturing
  • Renewable Energy
  • Downstream Aluminium
  • Microelectronics
  • Blue & Green Hydrogen
  • Food & Pharma
  • Petrochemicals
Subsectors of Finance
  • Digital Banking
  • Fintech
  • Insurance
Data Centers and Cloud
  • Digital Entertainment & Platforms
Economic Diversification Reduce dependencies from Oil & gas (42% in 2002, 18.4% in 2021)
Major Development Projects worth 30b USD
  • 5 New Cities
  • Infrastructure and ICT
  • Tourism Attractions
  • Industry Zones
Sijilat - Commercial Registration Portal
  • Convenient Policies and Regulations
  • Minimal Requirements to Setup a Company
  • Opening Activities for Foreign Ownership
Fastlane high-impact legislation to grow the economy
  • Through dedicated committee
  • Achieved 16 priority legislations in one year
  • 14 Industry Round Tables
  • Pipeline of 100 legislations for economic competitiveness
Specific direct foreign investments in 2022 (921m USD in total)
  • 290m USD in manufacturing and logistics
  • 72.7m USD in financial services
  • 98m USD in ICT Sector
Sources
http://bahrainmirror.com/en/news/60944.html
https://edition.cnn.com/2022/03/07/middleeast/bahrain-solar-diversifying-economy-spc-intl/index.html
https://oxfordbusinessgroup.com/analysis/making-strides-new-strategy-seeks-achieve-economic-growth-and-recovery-accelerating-expansion-key
https://w.media/bahrain-economic-recovery-programme-hinges-on-foreign-cloud-computing-investments/
https://www.bahrainedb.com/
https://www.bna.bh/en/Bahrainannouncesmajorneweconomicgrowthandfiscalbalanceplan.aspx?cms=q8FmFJgiscL2fwIzON1%2BDlESzm9gK1FrA5B%2Fj4gxGrs%3D
https://www.bna.bh/en/Bahraineconomyachievesrealgrowthrateof6.95duringQ22022ComparedtoQ22021.aspx?cms=q8FmFJgiscL2fwIzON1%2BDneGvgJd9J73pwODneVyPeA%3D
https://www.bna.bh/en/news?cms=q8FmFJgiscL2fwIzON1%2BDuFNbHpJdWwwJFJb%2BtFMBDU%3D
https://www.bna.bh/en/TheMinistryofFinanceandNationalEconomypublisheditsQuarterlyReportforQ22022.aspx?cms=q8FmFJgiscL2fwIzON1%2BDtQ7ybEmCgHSb6z1FS%2B6ez4%3D
https://www.evisa.gov.bh/Vision2030Englishlowresolution.pdf
https://www.newsofbahrain.com/bahrain/81686.html
https://www.newsofbahrain.com/bahrain/83663.html
https://www.trowers.com/insights/2022/june/bahrain-economic-recovery-plan#:~:text=The%20Plan%20is%20in%20line,Kingdom%27s%20long%2Dterm%20international%20competitiveness.
https://www.youtube.com/watch?v=l3h4doOJAqs
https://www.zawya.com/en/economy/gcc/bahrain-recovery-plan-completes-16-programmes-n0qr9t76

 

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