New powerhouses: Tourism, technology and healthcare

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

The Kingdom’s economic landscape is undergoing a dramatic shift, with tourism, technology, and healthcare emerging as the new powerhouses. This evolution is creating a dynamic environment for businesses and individuals alike. A recent economic report unveils encouraging growth projections for several key sectors in Bahrain in 2024.

At the forefront is the telecommunications sector, closely followed by financial services and banking. The tourism and entertainment sector ranks third, with technology and healthcare also demonstrating significant potential.

According to the Procapita report, Bahrain’s financial, banking, tourism, and entertainment sectors are poised for substantial growth, driven largely by advances in fintech and artificial intelligence.

Job creation and economic expansion

Increased investment and technological progress in these sectors are expected to spur job creation and economic expansion. Examining employment trends across the GCC region, the report highlights rising demand for software developers, AI experts, and healthcare professionals.

Conversely, roles such as travel agents and print journalists are witnessing declining prospects, reflecting the region’s shift towards technology and specialized skills. Healthcare emerges as a high-growth sector throughout the GCC, with increasing demand for specialized medical professionals.

Healthcare

Meanwhile, jobs in administration, journalism, and assembly lines are on the wane, indicative of the region’s heightened focus on healthcare infrastructure and services.

The report suggests that Gulf economies will continue to expand in 2024 as they reduce their reliance on oil and diversify their income streams. Strategic investments in AI and fintech are anticipated to transform industries from banking to e-commerce.

Tourism, too, is set for further growth, buoyed by major new projects and cultural initiatives aimed at establishing the GCC as a premier destination for both business and leisure travel.