Bahrain charts dynamic course for prosperity, progress in 2024
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
In a resounding declaration, Bahrain’s Cabinet has ushered in the new year with a collective vision for progress and prosperity, extending heartfelt wishes for 2024 to be a year of unparalleled advancement for the Kingdom and its citizens.
During yesterday’s session, the Cabinet chaired by HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, expressed aspirations for economic, social, and technological advancements that would enhance the overall well-being of Bahrain and its people.
The meeting emphasized the importance of fostering an environment conducive to growth, innovation, and inclusivity, outlining key objectives to propel the nation forward. Notably, the message extended beyond the borders, as they expressed earnest hopes for global peace, security, and prosperity.
This optimistic outlook sets the tone for the year ahead, with Bahrain positioning itself as a beacon of progress and a contributor to global stability and prosperity.
Non-oil sector growth takes centre stage
The Kingdom’s non-oil sector growth took centre stage in economic expansion, stealing the spotlight with a remarkable 4.48% at constant prices and 4.81% at current prices on an annual basis,, as revealed in the Economic Quarterly report for Q3 2023, Cabinet discussed.
The sector, as reported, also propelled Bahrain’s Gross Domestic Product (GDP) to a dynamic 2.45% at constant prices and 1.09% at current prices compared to the same period in 2022.
Thus, at constant prices, GDP reached BD 3,387.82 million compared to BD 3,306.71 m in the 2022 quarter. Financial Corporations, standing as one of the major non-oil sectors, made a substantial contribution to real GDP, accounting for 18.08%. Following closely was the manufacturing sector, contributing significantly at 13.85% Annually, the top-performing non-oil sectors, based on preliminary estimates from the national accounts, showcased significant growth.
The hotel and restaurants sector led the way with a growth rate of 9.36%, closely followed by financial corporations, which recorded an impressive 8.36% growth at constant prices This noteworthy achievement is not to be underestimated, with the non-oil sector commanding an imposing 83.6% share of the real GDP at constant prices.
The influential role of the sector in the national economic landscape was highlighted during yesterday’s Cabinet meeting presided over by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, at Gudaibiya Palace.
Cabinet approves MoUs to:-
- Eliminate double taxation on income taxes and the prevention of tax evasion and tax avoidance between Bahrain, the States of Guernsey, and Hong Kong Special Administrative Region of China.
- Strengthen security cooperation between Bahrain’s Ministry of Interior and the Republic of Austria’s Ministry of Interior
- Boost educational cooperation between Bahrain and the United States of America
- Approve reports by the Minister of Cabinet Affairs and Chairman of the Board of Directors of the Education and Training Quality Authority
- Highlight the government’s response to four proposals submitted by the Council of Representatives.
Bahraini economy grows 2.45% in third quarter of 2023
Meanwhile, the Consumer Price Index (inflation) maintained a steady performance at 2% from the outset of January through the month of October, as affirmed by the report. The details emerged as the Cabinet reviewed a memorandum from the Ministerial Committee for Financial and Economic Affairs and Fiscal Balance.
Real GDP is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year. It measures the total economic output of a country and is adjusted for changes in price.
Green light for Aqari
Moving on, the meeting approved the launch of a Real Estate Information Bank platform (Aqari) to provide precise and up-to-date real estate data to the government, private sector, and investors.
The integrated electronic platform will offer information on the quantity and worth of real estate transactions, property specifics, maps, land classification, and locations of commercial complexes, healthcare facilities, and educational institutions.
Improve service quality
In the pursuit of service excellence, HRH directed the enhancement of the quality and efficiency of government services and urged all government service centres to strive for excellence.
In this regard, the Cabinet reviewed a memorandum submitted by the Government Executive Committee regarding the outcomes of the fourth evaluation round (Taqyeem 4) of government service centers in 2023. Taqyeem 4 evaluated 71 government centers, where 18 received the gold criteria and six others received the silver criteria.
Other decisions
In other decisions yesterday, the Cabinet underscored the significance of His Majesty King Hamad bin Isa Al Khalifa’s address during Bahrain’s National Days celebration. Furthermore, the Cabinet commended the inauguration of the new building and facilities for the Special Security Forces Command in Safrah.
In a gesture of solidarity, the Cabinet offered condolences to Kuwait following the passing of His Highness Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah. Additionally, the Cabinet extended congratulations to the re-elected President of Egypt, Abdel Fattah El-Sisi.
Looking ahead, the Cabinet conveyed its aspirations for the year 2024 to be marked by progress and prosperity for Bahrain and its citizens. Furthermore, the Cabinet expressed collective hopes for global peace, security, and prosperity to prevail throughout the world.
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