Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa stressed the importance of benefiting from surging oil prices in world markets to support economic diversification.
He stressed the need to consolidate initiatives that supports the contributions of non-oil sectors to the Gross Domestic Product (GDP), towards achieving development goals set out.
The minister made the comments during a discussion session focusing on the current economic landscape and prospects for growth in the Kingdom of Bahrain, the Middle East and North Africa (MENA).
The session was held as part of the annual World Economic Forum 2022 in Davos, which will continue from 22 to 26 May 2022.
Present were Saudi Minister of Finance Mohammed Al-Jadaan, Majid Al Futtaim Group Chief Executive Officer Alain Bejjani and the Executive Chairman of the Board of Directors of Investcorp Bahrain Mohammed Al-Ardhi.
The minister highlighted Bahrain’s economic recovery plan which was launched last October, focused on five main priorities- creating 25000 jobs, facilitating commercial procedures and increasing their effectiveness to attract investments worth more than $2.5 billion US dollars by 2023, implementing major strategic projects worth more than $30 billion, developing promising sectors, in addition to enhancing financial sustainability and economic stability by achieving fiscal balance by 2024.
He stressed the importance of investing in human resources which represent a key factor to spur growth, stressing the need to support initiatives, innovations and creative ideas.
He noted the importance of investing in areas that contribute to economic growth, including financial technology, pointing out that financial services represent a promising industry in Bahrain and GCC states.
The minister stressed the impact of energy transition in the Middle East, especially the oil-exporting countries, noting the importance of achieving common goals in this field.
The discussion session raised key topics, including the reality of economic growth in the Middle East and North Africa region, which is expected to achieve a rate of growth averaging 5% in 2022.
The session also highlighted global challenges related to strengthening regional and international security and their impact on various levels, in addition to the pressures of inflation which hampers economic development in the region.
It also spotlighted measures that major economies in the region can take in addressing these challenges and achieving a stronger economic recovery, benefiting from massive investments to overcome the repercussions of the pandemic.