Bahrain has been one of the Gulf’s most important commercial crossroads for over 4,000 years.
As the land of the ancient Dilmun civilization, Bahrain has long been a trading center linking east and west. The country has benefited from its position at the center of the Gulf’s trade routes and rich pearl diving industry.
By the mid-19th century, the country was the Gulf’s pre-eminent trade hub, emerging as a modern state. Merchants from countries across the Gulf and beyond established themselves on the islands.
Bahrain was the first Gulf state to discover oil, in 1932, and in the past 40 years has led the regional transition to a modern economy. Subsequently, as the first Gulf state to move away from dependence on oil, and become the region’s most diversified economy.
In particular, Bahrain has become the region’s leading financial center since the 1980s. Since then manufacturing, logistics, communications, professional services and real estate have also become important sectors. Throughout this period, the Kingdom has taken great care to build up the skills and talents of the Bahraini people.
In 2002, Bahrain became a constitutional monarchy, and a democratically elected parliament was established. This marked the beginning of a period of on-going reform. The country also has an established legal framework and respected regulatory system.
Manama is the capital of Bahrain and also its largest city. Manama enjoys a distinct reputation as a tourism and cultural hub regionally and internationally, as shown by its selection as the Capital of Arab Culture in 2012, and Capital of Arab Tourism in 2013, and Capital of Asian Tourism in 2014.
Bahrain has grown successfully over the past 10 years, due its liberal economic policies, and has a clear roadmap for improving the prosperity of all in society.
The country’s annual real GDP growth ranged between 2.1% and 8.3% over the period, according to the Central Informatics Organization.
Looking to the future, the Economic Vision 2030 is a roadmap for making Bahrain a more sustainable, competitive and fair economy, with the aim of doubling household income by 2030.
The National Development Strategy is a regularly updated action-plan that will turn the Vision into reality, setting specific milestones in the public and private sectors including education and training, the economy, health and society.
GCC countries granted a $ 10 billion development fund to Bahrain. This fund allotted to develop infrastructure and improving housing.