Bahrain's Main Business Sectors
Bahrain is the Gulf region's most well-established business center, with many of the area's biggest financial institutions. The country's banking industry is regulated solely by the CBB (Central Bank of Bahrain); other countries in the region look at Bahrain when they are creating their own infrastructure and regulations, because of how well Bahrain's system works. The country provides an open environment where businesses can grow and flourish. Here, you will learn more about the country's main business sectors.
* Financial services: Bahrain is widely believed to be the best financial center in all of the Middle East, and it has been the region's financial capital for more than four decades. As of now, 27.6% of Bahrain's GDP comes from the financial sector, and the country has over four hundred licensed and regulated financial institutions. The sector has over fourteen thousand employees, with almost 70% of those being of Bahraini descent.
* Business and professional services: The country of Bahrain is committed to providing opportunities for continued professional development. The rapid growth of the oil and gas market in Saudi Arabia and the growth of the financial services sector have created a booming industrial sector for law firms, accountants, marketing and management consultants, human resources personnel, and engineers. Bahrain is a service center for other markets in the Gulf region, due to its political neutrality, closeness, skilled labor force, low costs and good legal environment.
* Bahrain has the most advanced information technology sector in the entire Middle East; the island nation has one of the highest saturation rates for both mobile phones and Internet service. The kingdom of Bahrain has always been a technology pioneer- with their open minds and forward thinking, the country has been a great proving ground for new technologies. Bahrain was the first Middle Eastern country to have a computer, to digitize its phone service, introduce 3G service, and to deregulate its telecom market.
* Bahrain is home to one of the best automotive sectors in the Middle East. The country has considerable expertise in the area, especially in the manufacture of high-performance parts and motorsports. Bahrain, in 2004, became the first Middle Eastern country to host the F1 World Championship, and will continue to host a race each year until 2016. Bahrain is an ideal locale for car manufacturers because raw materials are readily available, energy is cheap, and the workforce is largely skilled.
* The educational sector in Bahrain has seen much progress. The country established the Gulf region's first public school system back in 1919, for the first time giving Bahrain's women and girls equal access to an education. School is free and mandatory for all Bahraini children, and the kingdom has a literacy rate of 87%. This is attributed to the government's high educational spending (almost 11% of the total budget).
Bahrain, like other countries in the Middle East, is likely to see continued economic growth over the next few years. However, its open nature and strategic location will give it a distinct advantage.
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