Government Bahrain ranks Third for Expatriates Jameel bin Mohammed Ali Humaidan Labour and Social Development Minister, and Chairman of the Board of Directors of the Labour Market Regulatory Authority (LMRA) The Kingdom of Bahrain has ranked third in the Arab world, and 23rd in the world as the best country where expatriate workers enjoy living, a survey conducted by InterNations revealed. InterNAtions asked 14,000 respondents from 200 countries and overseas territories a range of questions on life abroad. Questions focused on essential topics, mainly on the costs of living in host countries, daily expenses, family income, real estate prices, costs of education and transport, as well as reasons for going abroad. Commenting on the results of the survey, Labour and Social Development Minister, and Chairman of the Board of Directors of the Labour Market Regulatory Authority (LMRA), Jameel bin Mohammed Ali Humaidan, affirmed the kingdom’s top ranking in the reports of specialised international institutions workers in accordance with the standards of the International Labour Organisation (ILO). Advanced legislation and laws have made Bahrain among the best destinations for expatriate workers, he said. The minister added that it also the result of the sound vision of His Majesty King Hamad bin Isa Al Khalifa, and the economic and fiscal policies adopted by the government, led by HRH Prime Minister Prince Khalifa bin Salman Al Khalifa, and supported by HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Premier. Bahrain’s Non-oil sector now accounts for more than 80% of real GDP Bahrain’s non-oil growth reached 3.9% in 2015 according to the latest Bahrain Economic Quarterly (BEQ) issued by the Economic Development Board (EDB), whilst overall GDP growth for the year was 2.9%. Despite the broader regional economic challenges, growth remained positive across all the non-oil sectors, with construction (6.4%), social and personal services (primarily private education and private healthcare) (6.9%), and hotels and restaurants (7.3%) all achieving strong year-on-year growth. The private sector remains a vital factor in the Kingdom’s continuing economic growth profile, contributing nearly 3% to the overall growth figure for the year. The oil sector share of real GDP fell to only 19.7%, demonstrating the success of Bahrain’s economic diversification efforts. Financial services (16%) and manufacturing (15%) continue to account for sizeable elements of the economy with government services (13%), construction (7%), transport and communications (7%), social and personal services (6%) and real estate and business activities (6%) all playing an important role. The total value of the non-oil goods export stood at approximately $17.5 billion in 2015, whilst since 2010, the value of non-oil goods traded internationally has grown by around 19%. Significant infrastructure investments have continued to progress. The total value of projects tendered reached $3.8 billion by the end of March <strong>2016</strong>, with the pick-up particularly evident in projects relating to the GCC Development Fund, in areas such as housing and the utilities sector. The first quarter of <strong>2016</strong> has also seen a number of further developments in the manufacturing sector, including various acquisitions and joint venture agreements completed by Mumtalakat and the commencement of construction of Mondelez’s new facility in Bahrain. Domestic credit growth in Bahrain has continued at a brisk pace in spite of indicators of liquidity tightening in much of the GCC region. Total credit growth peaked in the final quarter of 2015 at a 10% annual pace, with the largest segment, business loans, increasing by 5% year on year. Mr. Khalid Al Rumaihi, Chief Executive of the EDB, commented on the findings of the BEQ report: “Despite the continued global challenges, a range of different indicators continue to demonstrate the resilience and potential of Bahrain’s economy. The non-oil sector accounts for more than eighty per cent of the economy and the private sector contribution to growth continues to expand, showing the success of our long-term diversification efforts. The positive outlook is underpinned by Bahrain’s supportive business environment for investors, including a favourable tax regime, competitive operating costs and an experienced and educated workforce.” 58 May <strong>2016</strong>
June <strong>2016</strong> Open Invitation Time: 10AM - 10PM Bahrain Exhibition Centre Hall (1) All Women Needs Under One Roof SPONSOR: OUR MEDIA SPONSERS: ORGANISER: OUR ASSOCIATE SPONSORS: H A N D B A G S & A C C E S S O R I E S To participate, please contact: Tel: +973 77 33 33 39, Mob: +973 33 82 55 61 May <strong>2016</strong> Med Point Medpoint_Design Medpoint Design @med_point www.medpointdesign.com 59
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