Exploring the Top Bahrain Expertise: Industry Insights, Trends, and Growth Opportunities
Bahrain is recognized as a business hub of the Middle East due to its strategic location, liberal policies, and strong economy. The government’s initiative to diversify the economy by focusing on non-oil sectors has attracted investors from around the world. In this blog, we will explore the top expertise that Bahrain offers, industry insights, current trends, and growth opportunities.
Banking and Financial Services
Bahrain is home to over 400 financial institutions and is known for its thriving banking sector. The Central Bank of Bahrain (CBB) regulates the financial industry and has put in place a supportive regulatory environment. Bahrain is the leading Islamic banking hub, with 29 Islamic banks and 6 takaful operators.
Furthermore, the Bahrain Bourse (BHB) is a gateway to GCC capital markets, providing local and international investors with an efficient and transparent trading platform. Bahrain has also set up a fintech regulatory sandbox to support the development of innovative financial technology.
Tourism and Hospitality
Tourism is one of the fastest-growing sectors in Bahrain, contributing around 6.6% of GDP. It is known for its rich cultural heritage, beautiful beaches, and a vibrant nightlife. Bahrain has several luxury and budget-friendly hotels offering world-class amenities and services.
The Bahrain Grand Prix, a Formula One motor race, is a major event that draws thousands of tourists to the country every year. Additionally, Bahrain International Airport is a gateway to major destinations worldwide, making it a popular stopover point.
Information and Communication Technology (ICT)
Bahrain has a well-developed ICT infrastructure, with over 1700 ICT companies operating in the country. Bahrain is home to 20 data center operators, including the largest commercial open-access carrier-neutral data center in the Middle East.
The government has launched several initiatives to promote the growth of the ICT industry and attract foreign investment. These initiatives include ‘Startup Bahrain,’ ‘Bahrain Fintech Bay,’ and the ‘National Data Center.’ These programs provide startups and entrepreneurs with access to funding, mentorship, and coworking spaces.
Healthcare
Bahrain has a well-established healthcare system and is known for its world-class medical facilities. The Kingdom has a well-trained workforce consisting of both Bahraini nationals and expatriate professionals. Additionally, the government has invested heavily in developing advanced medical technology and improving the efficiency of healthcare services.
In recent years, Bahrain has witnessed an increase in medical tourism due to its affordable medical treatment, skilled healthcare professionals, and modern infrastructure.
Industries of the Future
Bahrain has taken several steps to promote industries of the future, such as renewable energy, education technology, and creative media. The government has launched several initiatives, such as ‘The Sustainable Energy Unit’ and ‘The Bahrain Business Incubator Center’ to promote these industries.
Moreover, Bahrain offers an excellent platform for businesses. Through the Bahrain Economic Development Board (EDB), companies can avail of several incentives such as tax exemptions, streamlined processes, and access to funding resources, among others.
Conclusion
Bahrain offers excellent expertise in various industries that promise growth opportunities and innovation. In a highly competitive global market, businesses need to explore and leverage these opportunities for their success. Bahrain, with its investor-friendly policies, supportive regulatory environment, and strategic location, has much to offer investors and entrepreneurs alike.
