Bahrain’s Non-Oil Real Growth Accelerating at 4.7%

On March 7th, Bahrain News Agency reported that growth in the non-oil sector of Bahrain’s economy reached an annual r of 4.7% in the third quarter of 2016. This marked a clear acceleration from the 3.6% pace seen during Q2, according to the latest figures published in the Economic Development Board (EDB)’s Bahrain Economic Quarterly. Overall, during the first three-quarters of 2016 the Bahraini economy expanded by a real 3.6% over the corresponding period in 2015. This compares to headline growth of 2.9% during 2015 as a whole.

The latest steps to help spur the growth in the non-oil economy include cutting the time to export goods to Saudi Arabia via the King Fahad Causeway, reducing minimum capital required for start-ups, and using regulatory innovation to support the creation of investment limited partnerships, protected cell companies and trusts.

The biggest projects currently taking place include a USD 3.0 billion project for ALBA’s sixth pot line, an associated $800mn power station deal, a  $1.0 billion contract for the Airport Modernisation Programme and a new $ 355 million Banagas gas plant.

Investment by the GCC Development Fund is an important element in this project pipeline. The total value of projects that have broken ground has more than doubled to a total of USD3.1bn since the end of 2015. During the same period, the value of tendered projects rose by 20.5% to over $ 4.3 billion.

For more information, visit https://www.bna.bh/portal/en/news/774118\

Bahrain-based digital platform and publication for startups in the Middle East. Exclusive events, in-depth workshops, insightful content, and informative news. In strategic partnership with Tamkeen Bahrain, Zain Bahrain, National Bank of Bahrain, Zoho, Tenmou, and StartUp Bahrain.

Startup MGZN © 2020. All Rights Reserved.