Oil projects to boost economy: Minister

Manama : Bahrain’s Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa has said that financially self-sustainable oil projects are underway to boost Bahrain’s economy in the coming years.

The Minister was speaking at the Falak Consulting quarterly Power Lunch as the guest of honour. The lunch event gathered Bahrain’s business leaders, government officials, entrepreneurs and top industry names to discuss the Kingdom’s shifting business climate. As part of the dialogue established at the event, Shaikh Mohammed shed light on the recent economic changes implemented within the Kingdom and their long-term benefit to the citizens of Bahrain and its
economy.

The Minister highlighted the importance of sustainability and its role protecting Bahrain’s economy for present and future generations.

 “All decisions taken related to subsidization, are made with the long-term protection of Bahrain’s citizens in mind and allows for sustainable prosperity for future generations,” he said.

Additionally, he discussed the launch of five new projects, designed to be financially self-sustainable and will add to the Kingdom’s natural resources versus subtracting from
them. 

The Minister emphasized that due to their strength and long-term financial appeal, the projects have gained substantial investment by local, regional and global banks.

Shedding light on the benefit to citizens as well as the context of recent economic changes, he, said: “Bahrain’s citizens and society are the foremost priority following the country’s recent economic changes. This time is crucial to educate ourselves about our consumption as a nation and to look to the positive impact these changes will achieve for everyone in the future; the return on subsidization yields better economic growth and allows Bahrain the opportunity to keep pace with other Gulf countries with a proven record of success.”

Commenting on the successful event, Suhail Algosaibi, CEO of Falak Consulting said: “At Falak Consulting, our priority is the betterment of Bahrain’s economy and potential. A crucial step in achieving this is by engaging key opinion leaders and policy makers at our quarterly Power Lunch and to establish constructive dialogue around topics such as the country’s dynamic economy and changes to the business environment.”