Syed Hussein Al -Qassab
The number of Bahrainis with “private” rose to 103 thousand in 2024
The average of Bahraini wages in the private sector amounted to 853 dinars
The high non -oil contribution to 86 % of the gross product
Strategies to reduce debt to less than 60 % of the GDP
The national economy has doubled 4 times since 2004
The Minister of Finance and National Economy, Sheikh Salman bin Khalifa Al Khalifa, stressed that the contribution of non -oil sectors increased to about 86% of the gross domestic product, which reflects the success of the policies of reducing dependence on oil, before reviewing major development projects of a strategic nature within priority sectors.
He stressed that Bahrain, under the leadership of His Majesty King Hamad bin Isa Al Khalifa, the king of the country’s great country, and the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Prime Minister, has achieved prominent economic achievements thanks to the strategic visions and comprehensive financial and economic plans that it adopts and works to implement them with care and mastery, aimed at achieving sustainable economic growth, promoting financial performance, and competitiveness of the national economy And prepare it to keep pace with future variables.
The minister pointed out that the Bahrain Economic Vision 2030, which was launched in 2008, drew clear features of development and growth, and contributed to the transition from an oil -based economy to a productive and varied economy capable of competing globally, in order to achieve the aspirations and desired goals.
This came when his participation in the main session entitled “The Economics of the Kingdom of Bahrain and the sustainable financial and economic trends” in the “Towards Comprehensive and Sustainable Economic Development” forum organized by the General Secretariat of the Shura Council, in the presence of the Speaker of Parliament Ahmed Al -Muslim, the Speaker of the Shura Council Ali Al -Saleh, and a number of ministers and senior officials from the public and private sectors.
The Minister reviewed the programs aimed at enhancing economic diversity and attracting investments, including facilitating governmental procedures to practice business, providing a supportive organizational and legislative environment, through continuous review of laws and legislation supporting investment, in addition to the transparency of procedures and services, focusing on developing logistical services, and developing the labor market by expanding the work fund programs “empower”, enhancing the education sector and developing the financial services sector, Promote the infrastructure of the communications sector, investing in human capital, stimulating innovation and developing promising sectors.
The Minister of Finance and National Economy pointed out that Bahrain launched the economic recovery plan at the end of October of 2021, which included many priorities, including creating promising job opportunities to make the citizen the first option in the labor market, facilitating trade procedures and increasing their effectiveness, and developing priority sectors, in addition to enhancing the endeavors of financial sustainability and economic growth, which confirms the keenness of all members of the Bahrain team from their various locations to achieve everything that would grow and prosper for the country and all His children.
The Minister stressed that the implementation of economic plans contributed to enhancing the diversity of the Bahraini economy, as the contribution of non -oil sectors increased to about 86% of the gross domestic product, which reflects the success of the policies used to reduce dependence on oil and expand the base of national production, in addition to reviewing the most prominent economic indicators and positive results achieved in it.
He reviewed a number of major development projects of a strategic nature that work continues to implement in the Kingdom of Bahrain, within many priority sectors through integrated strategies such as industry, tourism, transportation, energy, education, and others.
He added that the strategic efforts and initiatives undertaken by the Kingdom aim to enhance economic and financial sustainability, in line with the Bahrain Economic Vision 2030, and reflects the Kingdom’s firm commitment to continuing the comprehensive and sustainable development process, revealing the completion of 80% of the economic recovery plans announced in 2021, which indicates the Kingdom’s seriousness in achieving its interim and long -term goals.
Sheikh Salman bin Khalifa Al Khalifa said that “the annual compound economic growth reached 7%, bypassing the average global growth of 5%,” noting that the national economy has doubled 4 times since 2004.
The minister pointed out that the banking sector constitutes 17% of the gross domestic product, which reflects the importance of this vital sector in the national economy, explaining that the Kingdom has set strategies aimed at reducing the percentage of public debt from GDP gradually until it reaches less than 60%, in order to enhance financial stability.
He noted that the Kingdom is working to attract companies to use Bahrain as a logistical services center, benefiting from infrastructure projects such as the High Shipping Village at Bahrain Airport, which raised the capacity from 300 thousand tons annually to more than a million tons.
He stated that the balance of foreign investments in Bahrain amounted to 17 billion dinars in 2024, compared to 11 billion dinars in 2018, pointing out that the number of Bahrainis working in the private sector increased to more than 103 thousand in 2024, after it was 94 thousand in 2020, and that the average wages of Bahrainis in the private sector amounted to 853 dinars, after it was 723 dinars in 2018.
The Minister revealed that plans to enhance the infrastructure in order to attract more tourists, explaining that the most prominent challenges in seasons and events lies in the fact that the number of visitors exceeds the current absorptive capacity. He also pointed out that there is a great focus on developing air, land and maritime connection, in a way that enhances Bahrain’s strategic location and serves its economic plans.
He explained that Bahrain has great opportunities to be a regional center to link the East to the West, especially in the fields of industry, logistics services and the distribution of goods.
He stated that the economic recovery plan includes achieving financial sustainability in the long term, by adopting supportive plans and policies, and identifying long -term financial targets that constitute a road map to achieve the desired goals.
He explained that the first of these targets is to ensure the sustainability of public finances, by increasing non -oil revenues to cover repeated expenses by 100%, in addition to enhancing strategies and mechanisms of public debt, by gradually reducing its percentage to safe levels.
It is noteworthy that the General Secretariat of the Shura Council organized the joint forum between the legislative and executive authorities, as an extension of the cooperation and coordination between the two authorities regarding economic affairs, with the aim of discussing policies and best economic practices, in addition to highlighting the importance of developing possible economic legislation and stimulating investment.
