Bahrain’s proactive transition from oil dependency to high-value industries, guided by its Vision 2030 strategic framework, has positioned it as a dynamic location for investment and business in the Gulf, says a new report.

The country’s initiatives in digital transformation, infrastructure development and sustainability are further enhancing its competitiveness on the global stage, says The Report: Bahrain 2024, the latest publication by global research and advisory firm Oxford Business Group (OBG).

Bahrain’s commitment to economic diversification, sustainability and innovation, , is the focus of the report.

It examines the kingdom’s progress in achieving long-term socio-economic transformation, spotlighting key sectors such as financial services, manufacturing, tourism, ICT and renewable energy.

A dedicated chapter on sustainability marks a significant addition to this year’s report, offering insights into Bahrain’s efforts to incorporate environmental goals into its economic framework. The report also explores the role of Bahrain’s Vision 2030 in fostering growth across non-hydrocarbon sectors, with a particular focus on the potential for new technologies to strengthen industrial capacity and boost manufacturing competitiveness.

Bahrain’s tourism landscape is also in the spotlight, with innovative strategies being employed to attract visitors and redefine the sector’s role in economic growth.

The report explores how Industry 4.0 technologies and machine learning are reshaping manufacturing, as well as the opportunities presented by new residential developments and infrastructure projects, including the introduction of a residence permit aimed at attracting foreign investment.

Jana Treeck, OBG’s Managing Director for the Middle East, said Bahrain’s strategic approach to development is positioning it for long-term economic gains.

“The kingdom’s efforts to accelerate its economic diversification and sustainability agenda are bearing fruit, with tangible progress across key industries. This report provides a timely and comprehensive analysis of emerging opportunities in Bahrain’s dynamic market,” Treeck said.

OBG’s Editor-in-Chief, Oliver Cornock, reflected on Bahrain’s ability to adapt to evolving economic trends.

“Bahrain’s proactive policies and focus on innovation are positioning it to navigate global challenges while fostering sustainable growth. The report underscores the kingdom’s achievements and highlights the key sectors driving its economic transformation,” he added.

The Report: Bahrain 2024 features interviews with high-profile figures, including Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB; Abdulla bin Adel Fakhro, Minister of Industry and Commerce; Mohamed bin Mubarak Bin Daina, Minister of Oil and Environment; Usman Ahmed, Group CEO, National Bank of Bahrain; and Ali Al Baqali, CEO, Aluminium Bahrain.

Produced in partnership with Bahrain Bourse and KPMG Fakhro, the report represents the culmination of extensive research conducted by OBG’s analysts, a statement said.

Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).