Sayed Hussein Al-Qassab – Photography by Suhail Wazir
The Minister of Sustainable Development and CEO of the Economic Development Board, Nour Al Khalif, confirmed that the Kingdom of Bahrain has succeeded in building a diversified economy based on effective partnership between the public and private sectors, making it a regional model in achieving sustainable financial growth and enhancing the resilience of the national economy, despite global geopolitical and economic challenges.
This came during her participation in the second session of the Fintech Forward2025 Forum, which was held under the title “Purposeful Finance: Diversification and Sustainable Growth,” and moderated by Joshua Roberts, financial markets editor at The Economist.
Nour Al-Khalif explained that the Bahraini economy has a diverse base that includes the sectors of oil and gas, financial services, manufacturing, tourism, logistics, education, and health care, noting that the growth of the gross domestic product reached 2.5% during the past year, despite the regional challenges.
She explained that this positive performance reflects the success of the national strategy for the financial sector that was launched over the past years, noting that this strategy focuses on digital transformation, promoting innovation, and supporting emerging companies in the fields of financial technology.
Nour Al-Khalif stressed that cooperation between government agencies and private institutions represents a fundamental pillar of growth in Bahrain, indicating that “the Kingdom adopts an approach based on teamwork and integration between various parties, which enhances the economy’s ability to adapt and grow sustainably.”
She pointed to a number of initiatives that embody this cooperation, including the sandbox experimental environment launched by the Central Bank of Bahrain to enable emerging companies to test their innovative financial solutions, as well as the initiatives of the Bahrain Association of Banks, which brings together banks operating in the Kingdom to develop joint plans for the future of the financial sector.
She added that one of the most prominent aspects of cooperation is also the partnerships with the Supreme Council for Women in implementing women’s empowerment programs in the financial and banking fields, stressing that these initiatives “reflect Bahrain’s commitment to enhancing financial inclusion and economically empowering various segments of society.”
Speaking about human capital, the Minister stressed that national competencies represent the greatest wealth that Bahrain possesses, explaining that the state is working to develop the skills of Bahraini youth through training programs in cooperation with universities and international institutions.
She said: “We believe that investing in people is the path to sustainability, so we seek to align education and training programs with the future needs of the economy.”
Nour Al-Khalif touched on the importance of having strong regulatory bodies capable of keeping pace with innovation, stressing that Bahrain is distinguished by its ability to balance the acceleration of technological development with maintaining the stability of financial markets, through close follow-up by supervisory authorities and close cooperation with banking institutions.
She stressed that the next phase will focus on continuing to drive digital transformation, expanding the activity of financial technology companies, developing the insurance sector, and enhancing cybersecurity, in addition to supporting green finance and sustainability ESG initiatives, noting that Bahraini financial institutions have achieved tangible progress in this field.
She concluded by emphasizing that Bahrain is continuing to consolidate its position as a regional financial center based on innovation, saying: “We are working today for a more sustainable and diversified economy, led by Bahraini people, and in which financial technology is integrated with national development goals.”
