Experts upbeat on new oil find

Manama : As news of the largest discovery of oil in the Kingdom since 1932 is making international headlines, discussions are again returning to how Bahrain’s economy, which has been diversifying beyond oil, could benefit from the new find.

“It is a matter of creating, calculating and making preparation for the best utilization of the resources,” said Khalid Al Maskati, Chairman of the Financial & Economic Affairs of the Shura Council told DT News.

He said the discovery has happened at the “right time” which will show a way to mould future strategy for the country’s progress adding that, now, Bahrain has the capacity of being a player in the oil and gas market than it has ever been since 1932. 

As tapping the new resource could take time, Bahrain should stay on the path of reform and austerity, said Suhail Ghazi Algosaibi, the founder and CEO Falak Consulting and President of the Bahrain Chapter of Entrepreneur Organization said that “This is excellent news for Bahrain and this will help with our future financial stability. Diversification of the economy, coupled with a switch to renewable and sustainable energy should go ahead regardless,” he said.

“The discovery will also trigger sectors other than oil,” observed Dr Akbar Jaffari, the Chief Executive of Jafcon Consultants.

“The first sector that is going to benefit from this is the engineering industry and then it will get down to sectors like commerce and retail, tourism, which will have a longer effect on the development of private health, private education, and boosting other sectors,” he said.

He said the government’s focus on other areas of revenue, like new taxation irrespective of what the country makes from oil and gas industry, should continue steadfast.