“Bahrain is a growing Kingdom. It has a strong vision for 2030. We are part of the development of the Kingdom. So, we need to make sure to connect to businesses. We still have the strongest Middle East network geared to the business needs of business travelers.” Björn Näf – former CEO of Gulf Air
In July 2008 the energy price boom reached its peak when it hit $147 per barrel, before plummeting below $40 at the end of last year and recently stabilizing at around $70. In order to reach break-even, which means earning $1 after costs by selling oil, Bahrain needs an average price of $77 per barrel of oil.
“We are creating a unique concept in Bahrain real estate scene a city for all strata of people who are socially driven. Something that may not ever have been offered in Bahrain real estate or maybe anywhere in the real estate world.” Aaref Hejres – CEO of Diyar Al Muharraq
“Bahrain has always been a trade zone in this region. Bahrain logistics zone and Bahrain has always been a centre of shipment to the rest of the northern Gulf.” Hassan Al Majed – Director General of the General Organization of Sea Ports Authority
“ICT is crucial to the development of a country like Bahrain Telecom especially where it is moving to offer advanced services, financial services, and tourism, ICT is critical because these kinds of services rely on a sharing of, and access to, information. And the financial services require advanced broadband communications.” Dr. Laith Sadiq – CEO of MENA Telecom
The Sovereign Wealth Fund (SWF) of the Kingdom of Bahrain is one of the youngest government-related Bahrain investments vehicles in the Gulf region. Its Arabic name, Mumtalakat, literally means ‘assets’. Mumtalakat is a government-controlled investments fund which put money into firms worldwide in order to maximize the funds’ rate of return for future of Bahrain.
Besides identifying Bahrain with the Formula One brand on TV screens around the world, the event has become a lucrative business. “In 2008, it generated 600 million USD for its direct and indirect economic impact; and on top of that it has changed people’s perceptions of how they view the Middle East”, says Martin Whitaker, CEO of the BIC.
The global fever for alternative energies has also hit the Gulf region and Bahrain industry. The iconic Bahrain World Trade Centre (BWTC) became the symbol for a carbon-rich region being in need to diversifying its energy sources and to make Bahrain industry green.
Business-friendly Bahrain is the centre of the Gulf and not the centre of attention, as Bahrain claims in its newly launched ad campaign. Nevertheless, the “Island of 1,000 smiles” also has its cultural flair with its capital city Manama hosting numerous mosques, museums, galleries, and monuments. Bahrain has places to fulfill every desire for fans of culture, arts, music, and tales of One Thousand and One nights.
By striving to be in the first rank of global business leadership, Bahrain has achieved a long series of “firsts” in order to rapidly move into a major leadership role in world banking, finance, business opportunity, tourism, high-performance sport, education, and culture.
