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Bahrain Finance Minister: ‘Rising tide will lift all economies in the GCC’

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Like other Gulf Cooperation Council nations, Bahrain is making efforts to diversify its economy, developing its finance and tourism sectors.

Like many other Middle Eastern economies, Bahrain has been trying to move away from its dependence on fossil fuels. In 2000, oil and gas made up 44% of its GDP; now that figure is 16%.

According to the latest government data, the country’s top growing sectors in the first quarter of this year were accommodation and food services, finance and insurance, communications, and retail. In October, the National Bank of Bahrain launched a Bitcoin investment fund, aimed at institutional investors — a first for the GCC.

 

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