Statistics of How Bahrain did Financially in the First Quarter of 2016

Bahrain is one of the fastest growing Middle Eastern economies. The nation’s government is taking every possible step to ensure that there is growth in all sectors of the economy and not just in the oil and petroleum industry. In 2015, the non-oil sectors, which account for 80% of the country’s economy, proved resilient and grew robustly. Bahrain’s GDP was estimated at around $33.86 billion in 2014 and the economy is expected to see further growth of 2.3% by 2017. Bahrain’s Economic Development Board (EDB) expects the construction and financial sector to drive the country’s growth in the coming years. The first quarter of 2016 saw many major changes and developments across several sectors. Bahrain’s economic report will help you understand the growth of the country in a better way. The focus is on sustainable development.

Major Areas That Saw Change

  1. Growth of the Non-Oil Economy: Ever since the government announced the Bahrain Economic Vision 2030, importance is being given to a shift in dependency away from the oil sector. The aim was to double the income from non-oil sectors. After a slight loss of momentum in the latter of half of 2015, these sectors once again saw rapid growth in the first quarter of 2016. The non-oil sectors expanded by a healthy margin of 3.9%. Construction, education and tourism were the major driving forces, among others.

 

  1. More Employment: Bahrain has seen some serious growth in terms of job opportunities. The unemployment rate in the country is very low at just 3.9%. In the first quarter of 2016, the number of foreign workers increased to 582,407, while the number of Bahrainis employed were 160,883, taking the total employment to 743,290. The median monthly wage was registered at BD517. In addition, 50,960 new work permits were issued, while another 60,179 were renewed in this period.

 

  1. Greater Participation: Private companies in Bahrain are also supporting the government’s efforts by trying to increase their participation. The new regulatory reforms have also made it easier to invest in the country. The construction sector saw the highest share of regular work permits at 34%. More than 6,000 workers completed transfer transactions to new employees and nearly 55% were in small economic units (companies that have less than 10 workers).

 

Bahrain’s economic report in the first quarter of 2016 surely gives many reasons to smile for the nation’s citizens. The government’s vision for 2030 seems to already be bearing fruit.

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What Kinds of Job Opportunities are Available in Bahrain?

The Gulf countries have seen exponential growth in last 50 years and Bahrain is one of the most forward looking cosmopolitan countries in the region. It has an incredibly high literacy rate of 94.1% and a low unemployment rate of just 3.9%. According to the nation’s Labour Market Regulatory Body, the country provided employment to 582,407 workers by the first quarter of 2016. The LMRA issued 50,160 new regular work permits during this period, representing an annual growth of 48.1%. The total number of people employed in the country stood at 743,290. Bahraini careers not only provide good opportunity for its own citizens but also for qualified workers from all over the world.

Top Paid Jobs in Bahrain

 

  1. Sales/Marketing: Ever since Bahrain’s government made its rules flexible, more and more foreign companies are making their way into the market. More companies means more competition and the only way to survive in the competitive world is by marketing your product effectively. This has opened the doors of opportunity for people involved in the sales and marketing arena. The head of marketing at a multinational company was earning $10,714 per month in 2012.

 

  1. Banking: More money means more banks. This is exactly what has happened with Bahrain. As investments grew, so did the demand for people who had expertise in managing such huge amounts of money. People at the ranks of branch manager and treasury manager make a decent amount of money in the country. The average pay for these ranks is $10,344 per month.

 

  1. Human Resources: Many of you might be surprised to know that HR professionals in Bahrain earn more than the IT heads! This hike in salary is mainly because of their ability to hunt for good talent. The average salary of a human resource manager in the country is $9,673.

 

  1. Real Estate: The government’s vision to shift the economic dependence of the nation from oil and petroleum sector towards construction has helped the real estate industry. It has provided more opportunities for real estate mangers at good pay scales. The average salary for this position is $9,041 per month.

 

  1. PR and Advertising: Both these sectors go hand in hand and just like the marketing sector, they have benefited from the growing competition between investors. The average salary of an advertising creative director was $8,576, while that of a public relations director is $8,866.30 in 2012.

 

If you are looking for a better career, Bahrain careers offer good opportunities for a successful professional life.

Here is Bahrain in 2030!

Bahrain is a group of more than 30 islands located at the western shores of the Persian Gulf in the Middle East. In 2010, the total population of the country was 1,234,571, including 666,172 non-nationals. According to the CIA’s Worl Factbook, the largest group of people living in the country were between the ages of 25 and 54 and consisted of 461,613 men, which was double the number of women, at 241,032. It is the home of more than 330 species of birds, including the globally endangered Chlamydotis Undulata, the Houbara Bustard. Millions of other migratory birds pass through this country during the autumn and winter. There are only 18 species of mammals on these islands but there is very rich and diverse marine life.

 

Bahrain recently revised its economic strategy, targeting better financial services and construction.  Both the sectors saw valuable growth, boosting the country’s economy.

Where Does the Nation Stand Today?

Despite facing many challenges from external as well as internal environment, the country has managed to grow steadily. It is a financial hub for dynamic economic activities. Its currency is the second most valued currency in the world. Many foreign companies have invested in the country’s capital, Manama. Petroleum is the most exported item from the country, accounting for 60% of the export receipts and generating 70% of the government’s revenue. According to the Index of Economic Freedom, it was the freest economy in the Middle East in 2011. The nation had an unemployment rate of 15% back in 2005, which declined to 4.1% in 2016. The per capita income of the country is $51,714, as of 2016. Bahrain also registered foreign direct investment of $957.4 million in the year.

Bahrain 2030

The nation’s growth is being driven by its government’s ‘Bahrain Economic Vision 2030’ plan, which aspires to shift an economy built on oil towards an internationally competitive economy based on the principles of sustainability and fairness. This how things may look like in Bahrain by 2030:

 

  • The population of the country is expected to cross the 12 million mark by the end of 2030.
  • The nation will an average age of 31.2 years.
  • The improvement in medical facilities will mean there will be more births than deaths between 2012 and 2030.
  • The age group of 60+ will grow by 91.2% in this period due to increasing life expectancy.
  •  Manufacturing, transport, IT and tourism will become important sectors and will generate a majority of revenue for the country.
  • The government’s plan of lower spending for sustainability will also help in building a brighter economic future.

 

Bahrain 2030 is not just an idea, it is a vision for a brighter future.

Work Here and Do Not Pay a Dime in Tax!

Bahrain is an ideal destination for those seeking Gulf Cooperation Council (GCC) employment opportunities, such as a tax-free regime, luxurious living, a cosmopolitan society, and a great working environment. Bahrain has many firsts to its name. It was the first to offer education opportunities to females, establish a Chamber of Commerce, set up a banking sector, put in place a diversification strategy and build up the non-oil sector so as to make economic growth sustainable, initiate reforms such as democratizing the government and privatizing the public sector, sign a free trade agreement (FTA) with the US, and co-found the GCC Common Market.

Why Seek Employment in Bahrain?

  1. Bahrain provides a lot of GCC employment opportunities, given the fact that there are many MNCs, and that Bahrain is a regional Islamic finance hub, in addition to having other growing sectors such as information communication and technology, professional and technical services, and so on. Bahrain has a high literacy rate of 95%; the workforce is bi-lingual, highly skilled and well-educated. You will find yourself working mostly with other expats; 77% of those employed were expats, and 28% were Bahraini, as of December 2014. The unemployment rate was a low 3.8% at the end of 2014. The fact that there is such a large expat workforce means that Bahrain has an international work culture and a modern work environment, along with plenty of job opportunities.
  2. Bahrain’s legal and tax framework provides incentives for businesses, thus generating more GCC employment opportunities, while also attracting expats. Bahrain allows 100% foreign ownership in all sectors. There is no corporate tax, wealth tax, withholding tax, tax on capital gains, or personal income tax. Bahrain allows for 100% repatriation of profits by companies. The legal system has deep foundations and is very robust. The Bahrain Chamber of Dispute Resolution, along with the American Arbitration Association, provides best in class dispute resolution facilities. According to the 2016 Index of Economic Freedom created by the Wall Street Journal and the Heritage Foundation, Bahrain has the 18th rank globally, and is a regional leader among Gulf countries.
  3. Bahrain provides the best standard of living and a cosmopolitan society. Bahrain attained the highest rank in the HSBC Expat Explorer Survey among the countries in the GCC, and is the fourth best place to live and work in globally. Bahrain has everything you need, the best schools and medical care, tourist attractions, a variety of shopping options, and modern spas and fitness clubs.

Top Businesses to Conduct in the Middle East

The Middle East presents a wide variety of business opportunities and avenues for foreign investment. The petroleum and its related sectors are of course most prominent. However, countries such as Bahrain present a lot of opportunities in other sectors as well, such as financial services, information communications and technology, professional and technical services, tourism, and so on.

Major Avenues for Foreign Investment

  1. Petroleum and Related Industries

The Middle East is rich in oil and gas reserves; hence, petroleum and related industries are a growing business. The Middle East and North Africa (MENA) region is expected to have a 10% share of the global petrochemical production business. The Gulf Cooperation Council (GCC) chemical industry covers various subsectors. These include the manufacture of basic chemicals, fertilizers, nitrogen compounds, plastics and synthetic rubber in primary forms. There are also pesticides, paint, inks, perfumes, synthetic fibers and so on. There are five segments within specialty chemicals that have shown a very strong growth; these are construction chemicals, water treatment chemicals, polymer and plastic additives, paints and coating additives, and oil field chemicals. The plastics industry alone accounts for 11% of total manufacturing in the GCC, a share which is expected to grow to 18% by 2018.

  1. Financial Services

Bahrain is a recognized global leader in Islamic finance, and has the largest concentration of Islamic financial institutions in the world. Bahrain also has a comprehensive regulatory framework covering all aspects of Islamic finance. Bahrain has been named the GCC’s leading Islamic finance market and 2nd out of 92 countries worldwide, according to the ICD-Thomson Reuters Islamic Finance Development Indicator (IFDI). As business opportunities grow in the Middle East, Islamic finance will continue to see foreign investment inflows.

  1. Information Communication and Technology

Bahrain’s information and communications technology (ICT) sector’s liberal business policies and advanced infrastructure make the country stand out in the Middle East. Bahrain’s advantage comes from having both a thriving domestic marketplace and being a base for accessing the growing regional market.

  1. Professional and Technical Services

Bahrain is ideal for foreign investments in professional services in the Middle East and, more specifically, within the GCC market. Bahrain’s educated workforce, strong regulatory environment, and business friendly laws such as 100% foreign ownership of business assets and real estate make the country an attractive foreign investment destination.

  1. Tourism

Bahrain offers significant potential for investors in its extensive tourism sector, with its many historical and other attractions. In addition, regional tourism is expanding faster than global tourism, at 5%.

Are You Looking To Expand Your Business In The Middle East?

Investment in the MENA region increased 23% between 2014 and 2015, making MENA the only emerging market to register year-on-year growth in such a measure, according to EMPEA Data Insights published in February 2016. The gulf countries have made significant efforts to transform themselves from being a transit point for global trade to establishing themselves as important business locations. Not only have the GCC countries taken several steps to attract investors, but growing consumer demand for manufactured products has also paved the way for global investment.

Business Prospects in The Gulf

The GCC countries enjoy a strategic location on the world map. This gives them easy access to nearly two-thirds of the globe. These countries have long posed as important hubs for global trade. but the advent of ultra-modern cities and growing infrastructure facilities have made them apt for business investment. Free trade agreements and the establishment of free trade zones, which allow 100% business ownership, have also boosted global investment.

The gulf countries as ranked by the World Bank’s Ease of Doing Business is led by the UAE (31), followed by Bahrain (65), Qatar (68), Oman (70), Saudi Arabia (82) and Kuwait (101). The Ease of Doing Business rankings are given after analysing the various aspects of setting up a business and the country’s openness to foreign trade and investments. The UAE and Bahrain lead the way for making it easy to set up a business, mainly because of favourable laws and simpler procedures. Also, liberal laws in general are a major factor why these countries are preferred. Saudi Arabia in comparison has stricter laws; however, with time it has made efforts to welcome foreign investment.

The gulf economy is a preferable choice for global investment as it is a fairly raw and untapped market. The development stage of its various economies offers numerous opportunities for growth and expansion. Interestingly, despite being a fairly new market, it is home to one of the oldest and strongest financial structures in the world. It has also made efforts to modernize itself in terms of infrastructure and living as evident from the evolution of cities like Dubai, Doha and Manama. Allowing expats to work alongside GCC nationals makes a fully efficient and strong labour force.

Establishing your business in the UAE or Bahrain gives you easy access to the entire gulf region through air, road and water. Some of the popular sectors for investment are Internet, e-Commerce and Apps, Food and Beverage, Real Estate, IT, Hardware and Software, Technology, Tourism and Hotels.