Bahrain's Economic Vision 2050: Diversification, Digitalisation, and AI at the Forefront, Minister Alkhulaif

TDT | Manama

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Bahrain is charting an ambitious course for its future economic development, according to Minister of Sustainable Development, Noor Alkhulaif, in a recent interview with CNBC Arabia. The minister highlighted key achievements and future strategies outlined in the Kingdom's Economic Vision 2050.

Alkhulaif described the first phase of Vision 2050 as an assessment of progress made under Vision 2030, which prioritised sustainability, competitiveness, security, stability, and equality. 

She stressed Bahrain's significant success in economic diversification.  "While oil and gas once accounted for 40% of the nation's GDP, that figure has now dropped to 15%, with the non-oil sector comprising the remaining 85%," she highlighted. 

The minister highlighted the development of several key sectors, with a particular focus on attracting investment in five strategic areas: logistics, tourism, technology, financial services, and manufacturing. "The government also plans to support investment in other promising sectors," she stated, adding that a key focus is the digitalisation of the financial and banking sectors. 

"Investment in Bahrain has seen remarkable growth, with a 150% increase between 2022 and 2023, representing a significant leap forward, according to the minister," Alkhulaif explained. She noted that the current investment level equals 100% of Bahrain's GDP and expressed confidence that the Kingdom will continue to attract substantial investment in 2025.

Looking ahead, the minister highlighted the central role of artificial intelligence (AI) in Bahrain's future plans. "The Kingdom is integrating AI into many of its programmes, particularly to enhance productivity. This commitment is underpinned by the development of a robust AI infrastructure," she pointed out.