Bahrain is set for solid growth, riding on a $30-billion infrastructure project pipeline which will attract investment in high-potential industries. The key finance and industrial sectors will enable Bahrain to lay firm foundations for the next phase of its growth plans, said a report.
The report produced by the global research and advisory firm Oxford Business Group (OBG) provides details of a drive under way to bring the private sector on board for the infrastructure projects pipeline that is expected to support growth in a number of sectors.
It shines a spotlight on the projects designed to facilitate the movement of both goods and people within and across the kingdom’s borders and strengthen the country’s position in the regional logistics industry.
It also explores planned developments to support Bahrain’s tourism expansion efforts now that an easing of pandemic-related restrictions is reinvigorating the sector and increasing visitor numbers.
The report focuses on the infrastructure projects pipeline that is expected to support growth in a number of sectors, which include attracting investment in high-potential industries and rolling out big-ticket infrastructure projects.
The potential impact of Bahrain’s new 2022-26 Industrial Sector Strategy is explored in detail, with a focus on how the kingdom can better generate downstream value-added to its natural resources and capitalise on the potential of the Fourth Industrial Revolution.
Speaking at the launch, OBG’s Editor-in-Chief Oliver Cornock pointed out that high international oil prices and a robust project pipeline were helping Bahrain to rebound from the challenges of the pandemic.
“Bahrain’s economy grew by 2.2 per cent in 2021, buoyed by a recovery in energy and tourism income, with foreign direct investment also rising, by more than half, year-on-year, in the first three quarters of 2021,” stated Cornock.
“We expect large-scale projects to continue boosting infrastructure and investment, putting the country on track for a period of sustained growth,” he added.
Jana Treeck, Managing Director for the Middle East, OBG, added that the well-developed finance and industrial sectors had enabled Bahrain to lay firm foundations for the next phase of its growth plans.
“Bahrain benefits from having one of the most diverse economies in the Gulf, which is now supporting an ambitious programme to attract $30 billion in infrastructure investment alongside efforts to balance the budget by 2024,” stated Treeck.
“Higher global oil prices should also help drive economic expansion and recovery, paving the way for Bahrain to achieve its Vision 2030 targets,” he added.