GCC turns into investors paradise

London : The diversification efforts of the GCC economies are providing substantial opportunities for international investors, particularly those in the UK, given the historically close ties, said a top official from International Institute for Strategic Studies (IISS), yesterday. 

Dr John Chipman, Director-General and Chief Executive of the IISS viewed that “The Gulf is undergoing a great transformation.” He was speaking at the 2016 Bahrain-UK Forum on “Changing Geo-economics of Gulf Cooperation Council and the UK”.

Hosted by IISS and sponsored by the Economic Development Board (EDB), the forum evaluated the changing dynamics of Gulf-UK economic links, regional demographic and labour market trends and opportunities for British businesses to access fast growth in the Gulf, using Bahrain as an example of successful economic diversification. The event coincided with the bicentenary celebrations of the UK-Bahrain friendship.

While speaking at a panel session held as part of the forum, Khalid Al Rumaihi, Chief Executive of the Bahrain EDB said,“Bahrain and Britain have enjoyed a long and fruitful relationship, with this year being a particularly important milestone as we celebrate the anniversary of bicentennial relations.”

He also said that substantial opportunities for British businesses exist in Bahrain and across the GCC and whilst the trade flows are on a positive trajectory. Commenting on the event, Minister Zayed bin Rashid Al Zayani praised the opportunity to exchange views and explore new investment opportunities accessible to both sides, in light of the latest international economic and political developments.

Government officials and business leaders from Bahrain and the United Kingdom participated in the two-day forum, which concluded yesterday in London, including Sir John Jenkins, Executive Director at IISS-Middle East, Dr Liam Fox, Secretary of State for International Trade, Dr Jarmo Kotilaine, Chief Economist at Bahrain Economic Development Board and Simon Martin, British Ambassador. 

According to the 2015 Index of Economic Freedom, published by The Heritage Foundation and the Wall Street Journal, Bahrain is the Middle East and North Africa’s freest economy country. Overall, the Kingdom is ranked 18th out of 178 economies worldwide.