Bahrain’s industrial sector is booming with a bumper crop of new licences.

“A record 236 initial industrial licences were issued last year, generating a potential windfall of investment and jobs,” Industry and Commerce Minister Dr Hassan Fakhro said in a report to the Cabinet.
If finalised, they will secure Bahrain investments averaging BD610 million ($1.6 billion) and create 8,323 jobs for Bahrainis, he said.
A first batch of 119 industrial licences has already been approved, securing Bahrain investments worth BD277 million and 5,931 opportunities for Bahraini job-seekers.
While hailing achievements as testimony to its successful policies, the government reiterated its resolve to offer further incentives and woo foreign investors to set up projects in Bahrain.
It also stressed the importance of earmarking more industrial zones and exploring alternative sources to natural gas.
The ministerial committee for public facilities has been commissioned to ensure the necessary follow up.
Bahrain is expected to achieve six per cent economic growth this year and inflation is falling in the kingdom thanks to a healthy broad-based economy, says a top global bank.
The annual inflation rate is expected to fall to 2.4 per cent this year and to two per cent next year, compared to 3.2 per cent last year, according to HSBC’s Gulf Economic Forecast.
Bahrain’s economy grew by 6.8 per cent last year, says the report.
Per capita gross domestic product (GDP) also rose by 11.3 per cent to $19,680, up from the $17,685 per capita GDP recorded in 2005. The country’s non-oil economy has generated significant momentum and will drive growth over the next two years, says the bank.