About Bahrain
Bahrain is country with a history spanning over 5,000 years, with a rich ancient and diverse cultural heritage. Its history is a melting pot of cultural, ethnic, economic, and political influences that have, and continue to share its journey. Historically the nation is renowned globally for its vibrant trade in pearls its UNESCO-listed pearling sites and cultural heritage sites highlight its importance in Bahrain's history. Trading of goods was also particularly prominent particularly with its location - it shares maritime borders with Saudi Arabia, Qatar, and Iran.
Bahrain's contemporary history is characterized by consistent efforts to balance economic diversification, political inclusion, and social cohesion while preserving its rich cultural heritage and regional significance.
In the modern era economically, Bahrain continues to heavily rely on oil and gas, but with declining oil production, the government seeks diversification. Tourism is today a rapidly growing sector as are manufacturing, financial services and technology.
Bahrain’s Economic Vision 2030 was launched in October 2008 by His Majesty King Hamad bin Isa Al Khalifa. This is a comprehensive economic vision for Bahrain, and it is designed to provide a clear direction for the continued development of nations economy.
Practically, the government is taking steps to diversify the economy and reduce its dependence on oil through the plan, these efforts include investing in tourism, manufacturing, and renewable energy among other sectors. The guiding principles of the Economic Vision 2030 are sustainability, competitiveness, and fairness. These principals are in line with the country’s Sustainable Development Goals, that include high economic growth, government finance, improving human capital, fairness, and a highly competitive market.
Bahrain’s rich history has earned it a reputation as a cultural and intellectual hub known for mutual tolerance and peaceful coexistence among various cultures and religions.
Bahrain's commitment to cultural preservation is evident through the Bahrain Authority for Culture and Antiquities (BACA). The Authority actively promotes the Kingdom's history, civilizations, and cultures through annual festivals, artistic activities, and initiatives. Bahrain's cultural achievements have garnered international recognition, making it a beacon of openness, intellectualism, and cultural exchange in the region.
Bahrain's economic diversification efforts are significant to the nation's economic progress, and the Vision 2030 is the fundamental driving force behind this. Other sectors being targeted by the government in its bid to diversification include plastics, fiberglass, renewable energy, chemicals, petrochemicals, and food processing for manufacturing growth. The petrochemical industry, including sub-sectors like construction chemicals and water treatment chemicals, has witnessed rapid expansion.
The 2023 second quarter report released (October 2023) by the Bahrain Chamber has highlighted that the non-oil sectors expanded. The report identified transport and communications as sector that grew the fastest at 13.3pc, followed by hotels and restaurants at 9.6pc, and real estate and business activities at 4.9pc. The financial corporations sector remained the largest contributor to GDP at 17.3pc, followed by the oil sector at 17.1pc and the government services sector at 14.1pc. (Source: Bahrain Chamber 2023).
