Heba Mohsen
The Bahrain Chamber of Commerce and Industry confirmed the expectations of GDP in Bahrain by 3.16%at fixed prices this year, by 5.97%in Saudi Arabia, then the UAE by 4.17%, Kuwait with 3.8%, Oman by 3.09%, and Qatar at a rate of 1.99%. The Chamber stated, in a report entitled “Trade Relations between the Kingdom of Bahrain and the Gulf Cooperation Council countries”, that Qatar topped the countries of the Cooperation Council with expectations of 2025 to share the individual from GDP at a rate Kuwait ranked fourth, expected that the per capita GDP will reach 31,680 dollars, while the Kingdom of Bahrain comes in the fifth place with an expected share of the individual with 29,337 dollars, then the Sultanate of Oman ranked sixth with 20660 dollars. The report pointed out that the financial institutions in Bahrain topped the most contributing sectors in the local product, which reflects the role of Bahrain as a regional financial center, as government activities came as the largest shareholder in the local product in Saudi Arabia, and in the UAE the wholesale and retail trade and vehicle reform is the list of sectors contributing to the local product, and in Kuwait, the public administration, defense and social security sector was the most influential in the local product, and in Sultanate of Oman, service activities topped the most contributing sectors, while in Qatar, construction was the most important sector in contributing to local product. According to the report, the financial services sector leads the most promising sectors to invest in the Kingdom of Bahrain, followed by the manufacturing sector, then transportation and logistical services. The tourism, information and communication technology sector also highlights as an essential part of the future of the Bahraini economy. Among these sectors is the great development witnessed by Bahrain in the financial technology sector, which has become an essential part of the digital economic environment. The report dealt with the development of the trade balance with the GCC countries in recent years, as it highlighted the factors that affected the commercial growth between Bahrain and the Gulf states. He also clarified the extent of the global pandemic impact on trade and the results of this on economic relations between countries. The report indicated that raw aluminum was one of the most prominent Bahraini exports, at an estimated value of about 77.308 million dollars, followed by iron and steel products with 538 million dollars, then the gold, whose exports amounted to 533 million dollars. This reflects the diversity of Bahraini exports and the strength of the industrial sectors in the national economy. The Chamber’s report confirmed that Saudi Arabia remains in the forefront in the Bahraini trade balance, as Bahrain recorded 32% growth in the volume of trade exchange with Saudi Arabia during the 2019-2023 period. The UAE comes second, with 36% growth in the volume of trade, which reflects the strong economic integration between the two countries. While Qatar recorded the highest growth rate among the GCC states between 2021 and 2023, by 306%, which indicates the rapid restoration of trade relations after the negative effects imposed by the pandemic. The Sultanate of Oman recorded a slight decrease in trade with Bahrain by 16%, while Kuwait witnessed 30% growth in trade exchange. In a preliminary speech to the report, the head of the Bahrain Chamber of Commerce and Industry, Samir Nass, stressed the need to intensify efforts by the private sector in order to strengthen the inter -Gulf relations and diversify integrative partnerships, with the aim of reaching a joint Gulf market capable of facing global economic challenges. Nas explained that the Bahrain Chamber of Commerce and Industry called for the establishment of a unified Gulf interactive observatory supported by the artificial intelligence system, with the aim of enhancing the competitiveness of the joint Gulf market, and providing data -based visions on economic opportunities that may be absent from the Gulf markets. It also contributes to strengthening the confidence of Gulf investors, and enhances their ability to make informed investment decisions. In turn, the Secretary -General of the Federation of Gulf Cooperation Council Countries, Saleh Al -Sharqi, indicated in his speech that the leaders of the Gulf Cooperation Council states, since the establishment of the joint Gulf market, have laid solid foundations for this ambitious project, indicating that the joint Gulf market depends on four basic pillars that represent the essence of integration and cooperation between the member states of the council, namely: economic integration, political cooperation, sustainable development, cultural and social cooperation, indicating that these foundations It has resulted in great achievements, which made the Gulf region represent a landmark globally in several economic indicators.
