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The long-term rewards the kingdom is beginning to reap following its move to diversify the economy are analysed in the most comprehensive English- language report on the country's investment and business opportunities ever published.
The Report: Bahrain 2009, which has been produced by Oxford Business Group (OBG), global publishing, research and consultancy firm, was launched this week and includes a detailed, sector-by-sector guide for foreign investors, together with a wide range of interviews with the most prominent political, economic and business leaders.
Those interviewed include Crown Prince Shaikh Salman bin Hamad Al Khalifa, Minister of Finance Shaikh Ahmed bin Mohammed Al Khalifa, former UN secretary-general Boutros Boutros-Ghali and Bahrain Economic Development Board (EDB)_chief executive Shaikh Mohammed bin Essa Al Khalifa.
High-profile international figures, such as Bill Rammell, the former UK Minister of State for Foreign and Commonwealth Affairs, presently Minister for the Armed Forces; Javier Solana, the EU high representative for the common foreign and security policy and Lim Hng Kiang, the Minister of Trade and Industry for Singapore, also gave their views on Bahrain's economic development.
The Report: Bahrain 2009 looks in detail at the extent to which the kingdom is flying the flag of change in the region. It highlights the socio economic developments and reform processes that are not only gathering pace, but already paying dividends and playing a key role in attracting foreign investors to Bahrain.
As Bahrain's government gears up to shift its dependency away from hydrocarbons, The Report: Bahrain 2009 maps out the steps that the kingdom is taking to attract foreign investment, which include offering fully integrated infrastructure, 100 per cent foreign-owned companies and a well-documented, business-friendly environment.
There is particular emphasis on the significant growth taking place in the financial services sector, which is generating worldwide interest.
OBG's report also analyses the transformation that has taken place in telecommunications since the sector was liberalised. It looks in detail at the rapid growth that has followed and considers the further reforms earmarked for this area of business.
The report has been produced in partnership with the EDB. Contributions have also been made by Securities and Investment Company (SICO) as OBG's capital markets research partner, Qays H Zu'bi Attorneys and Legal Consultants as its legal partner, and Ernst and Young as its accountancy partner.
Among those attending the launch were Abby Lindenberg, regional director OBG, Oliver Cornock, regional editor OBG; Dr Zakaria Hejres, deputy chief executive of the EDB; Samir Sami, chief corporate officer of Securities & Investment Company; Essa Al Jowder, senior partner at Ernst & Young and Hatim Zu'bi, partner at Qays H Zu'bi attorneys and legal consultants.
Suzanne Claiden, OBG's country director, said: "Bahrain was not only the first oil producer in the Gulf, it was also the first state in the region to become aware of the need for diversification. With this decision now paying off, these are exciting times to launch our new report on Bahrain."
Oliver Cornock, OBG's Regional Editor, agreed, saying that the move to open up the economy to foreign players and make the most of its location at the gateway to the northern Gulf had helped to strengthen Bahrain's strategic position.
Dr Hejres said: "I am confident that this important report will prove to be vital to members of the international business community when they are considering their business and investment decisions.
"We are delighted to have played a key role in the compilation of The Report: Bahrain 2009 and to have collaborated with OBG, which is recognised as the premier intelligence provider on emerging markets around the world."
The report marks the culmination of more than six months of groundbreaking field research by a team of analysts from OBG, assessing trends and developments in all major sectors of the economy, including energy, industry, finance, banking, tourism, transport and real estate.
With an international distribution of 73,000 copies, The report forms part of the range of OBG's publications, which are renowned as leading sources of information on developing and emerging economies around the world.
