Gulf Industry Fair opens in Bahrain

The high-profile event, which has attracted over 125 exhibitors from 25 countries to the Bahrain International Exhibition Centre (BIEC), was inaugurated yesterday by Bahraini Prime Minister, HH Shaikh Khalifa bin Salman Al Khalifa.

The collapse of leading international banks, closure of established firms and billion-dollar bail-outs caused by the global credit crunch have led news bulletins around the globe, but top businessmen were at pains yesterday to underline the opportunities available to Gulf firms if they refrain from the speculative actions which caused the current turmoil.

Speaking amid the wide range of stands at the event, each showcasing a particular industrial service, Bahrain Chamber of Commerce and Industry (BCCI) Chairman Dr Essam Fakhro said simply "This is the real economy."

"We have come to learn that we should always try to concentrate on the productive sectors of the economy. Sustainable growth comes from placing more emphasis on expertise, on know-how, on enterprise - these are the things that will make
you competitive," he added.

Dr Fakhro said he expected the Gulf to be shielded from the worst of the economic fallout from the current crisis, due to the fact that most companies in the region are small or medium enterprises (SMEs) - often family run - which have not engaged in the speculative actions of the worst-hit firms.

"These are still on solid ground because they have been involved in core business," he said, adding: "the productive sector and SMEs are the core of the economy here. Most of these are not run on a speculative basis but on a productive basis."

Kuwait Finance House (KFH) head of project development Osama Al Khajah was also cautiously optimistic. Attending the event to promote the Baytik Industrial Oasis (BIO) - a modern industrial park currently being constructed at the Bahrain International Investment Park (BIIP) in Hidd - he said industry has weathered such storms before.

"This is the sustainable economy - industry has always proved to be the more sustainable compared to other economic sectors. That's why we strongly support industries and increasing our exposure to industrial developments because it is much more sustainable and it can resist crises more than other sectors," he said.

Firms can be looking to do more than merely survive the current downturn, he added, outlining the opportunities which have recently been made possible by falling raw material prices, and decreases in the valuations of some firms which could make them ripe for mergers and acquisitions.

The Gulf Industry Fair has a total of 10 components - Gulf Metal, Gulf Aluminium, Gulf Automation, Gulf Metrology, Gulf Energy, Gulf Logistics, Gulf Manufacturing, Gulf Machine Tools, Gulf Industrial Equipment and Industrial Areas, Ports and Free Trade Zones.

The exhibition is taking place in Hall 1 of the Bahrain International Exhibition Centre from 10am to 1pm and 4pm to 8pm each day until Thursday, January 15.