imported 2024-03-17 17:43:07
Mr. Gallagher assess the risk of crisis in Bahrain’s banking sector and talks about significant lending opportunities in oil and gas sector, aluminium production, infrastructure projects and low income housing – well capitalized and liquid banks will be looking at.
Financial services industry in Bahrain has grown for the past 35-40 years, hence Bahrain banking industry is highly sophisticated. The system is very well regulated with capitalized, liquid banks and very strong companies on the corporate side.
According to the World Bank, Bahrain is ranked 28 out of 183 economies in the ease of doing business, which is down from 25th position in 2010.
Bahrain is over-banked, which limits the number of new entrants into the market. Otherwise, the sector is healthy and sound. It is maturing and developing more sophisticated banking products.
The February political crisis has led to a downgrade of Bahrain’s credit rating, resulting in higher cost of borrowing for banks. This will translate into higher lending costs. But overall, the Bahrain banking sector is healthy and remains strong.
Bahrain International Circuit strategy over the next 3 years will involve attracting more corporate events associated with motor-sports and focusing on the MICE tourism. Bahrain International Circuit has 1st class facilities to host events.
Bahrain Videos
History and Future of Motorsports in Bahrain and GCC: Video Interview with Sheikh Salman bin Isa Al Khalifa, CE of Bahrain International Circuit
Mr Al Khalifa talks about history of motor-sports in Bahrain and future of motor-sports in the region. Bahrain pioneered motor-sports by hosting F1 Grand Prix at Bahrain International Circuit. .
Mr. Al Khalifa discusses the direct and indirect economic impact of F1 Grand Prix on Bahrain. The grand prix generates huge economic activity and employment among others.
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).
Abdulkarim Ahmed Bucheery, Chief Executive of BBK & Chairman of Bahrain Association of Banks
I do not think that Bahrain will easily lose its brand or position as the financial hub for this part of the world. Banking in Bahrain has a tradition.
