Bahrain ambition to put Gulf on global stage

In an interview with the global broadcaster, Shaikh Mohammed outlined Bahrain's ambition to contribute to the growth of the GCC as a whole. With Western economies suffering from the global downturn, the Gulf still enjoys enviable rates of growth and is approaching one trillion dollars in terms of GDP. Bahrain itself is set to grow by between two and three per cent this year.

Shaikh Mohammed said:

"People always talk about India and China. Our aspiration is to place the GCC as a third destination; for people to talk about India, China and the Gulf. We want to grow the pie for all of us. It's about all of us being a bigger player on the global stage."

He added that Bahrain itself remains an attractive business environment for international companies looking to access the the Gulf market. On top of a thriving financial sector, the Kingdom has strong professional services, logistics, ICT, and manufacturing sectors, with oil and gas production contributing to only 14% of GDP (2007).

He stated, "Bahrain is the most diversified economy in the Gulf and our strength is in this diversification. We have a well-balanced economy that is growing. There are sectors and islands of opportunity and optimism. Bahrain is one of them."

Bahrain has taken a long term strategy of diversification. The Kingdom has a clear sense of the sectors it intends to grow as part of its Vision 2030 and National Economic Strategy, designed to drive the private sector as an engine of growth, support further diversification of the economy and ultimately elevate national living standards by creating greater opportunities for Bahrainis.

Speaking at the World Economic Forum (WEF) on the Middle East in Jordan last week, Shaikh Mohammed said it was time for the Middle East to take its rightful place in new global architecture and called for a carefully planned redesign of global governing bodies such as the IMF, World Bank and the United Nations.