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The expected free trade agreement (FTA) between GCC states including Qatar and the UK will further boost trade between Qatar and the UK, Lulu Group International Director Dr Mohamed Althaf said.

Talking to Qatar Tribune recently, Althaf said, “There is a lot of initiative from the UK government to reach out to countries ‘One to One’ for most favoured nation status in business and free trade agreements. Maybe there will be a free trade agreement between GCC states including Qatar and UK very soon. The free trade agreement with Qatar will be a huge game changer for people like us here.”

After a very long association, he said, “The UK has already concluded one treaty with Australia. And I think they are close to finalising an agreement with India. And I think the next is going to be Qatar. Now, in terms of the British export to Qatar, it will definitely benefit because this will remove a lot of trade barriers. But as I said Qatar is always a very open economy. So more than that, more than British food coming here, I also see a huge potential for Qatari products to go towards the UK.”

“As we know that Qatar has got a very nice port here in Doha. And there is a lot of incentive here for smart manufacturing, a lot of goods can come and go. So I wouldn’t be surprised if many companies from Asia will make Qatar a hub for manufacturing. The free trade agreement with the UK will also encourage a lot of UK companies to come and set up their operations in Qatar. So I think that will give a huge boost to the trade between these two countries,” Althaf said.

Althaf also revealed that Lulu has four more projects ready to open this year.

He said, “Now that the World Cup is over we are trying to consolidate ourselves in the Qatari market. Last year, we needed to complete most of our projects to ensure we were aligned with preparation for FIFA. And we wanted to serve our guests and I think we did it well. Not only us, all the people in Qatar, and all the companies have done a fabulous job and made the World Cup extremely successful. Now that things are done and we are back to normal, we are consolidatingour operation.”

He, however, said that the growth potential for Qatar is very high. “Qatar is now on the course of one of the biggest hydrocarbon expansions in the world. A lot of investment is happening in the hydrocarbon sector and all the infrastructure investments that they have made will result in some kind of a commercial outcome. So we are also continuing to grow to align with thecountry’s growth.”

Source:https://www.qatar-tribune.com/article/66652/business/expected-fta-to-boost-uks-trade-ties-withqatar-althaf

The economies of the Gulf Cooperation Council (GCC) are projected to grow at a slower pace in 2023 compared to the previous year, in the face of lower oil and gas earnings and a global economic slowdown, according to the new World Bank Gulf Economic Update (GEU).

The GCC is expected to grow by 2.5 per cent in 2023 and 3.2 per cent in 2024.

This compares to the region’s remarkable GDP growth of 7.3 per cent in 2022, which was fuelled by a strong increase in oil production for most of that year.

World Bank forecasts for UAE, Saudi and more
The weaker performance is driven primarily by lower hydrocarbon GDP, which is expected to contract by 1.3 per cent in 2023 after the OPEC+ April 2023 production cut announcement and the global economic slowdown.

However, robust growth in the non-oil sectors, which is anticipated to reach 4.6 per cent in 2023, will dampen the shortfall in hydrocarbon activities, driven primarily by private consumption, fixed investments, and looser fiscal policy in response to 2023’s relatively high oil revenues.

The latest issue of the World Bank’s GEU states that this year’s more modest growth is nonetheless buoyed by the structural reforms undertaken in the past few years.

Improvement to the business climate and competitiveness, and the overall improvements in female labour force participation in the GCC countries, especially in Saudi Arabia, have all paid off, though further diversification efforts are still needed and is underway.

UAE economic outlook 2023
Economic growth in 2023 is expected to slow compared to 2022 due to a decline in global economic activity, contraction in oil production, and tightening financial conditions.

Accordingly, real GDP is projected to grow by 2.8 per cent in 2023 to reflect a decline in oil activity growth of 2.5 per cent while a strong non-oil sector growth of 4.8 per cent will soften the contraction in oil activities, driven by robust domestic demand, particularly in the tourism, real estate, construction, transportation, and manufacturing sectors.

Saudi economic outlook 2023
Following a stellar GDP expansion of 8.7 per cent in 2022, economic growth is projected to decelerate to 2.2 per cent in 2023.

A fall in oil production, as Saudi Arabia abides by OPEC+ agreed production cuts, will contract oil sector GDP by 2 per cent.

However, with oil prices remaining at relatively high levels, loose fiscal policy and robust private credit growth are expected to cushion the contraction in the oil sector.

As a result, non-oil sectors are anticipated to grow by 4.7 per cent in 2023.

Bahrain economic outlook 2023
Bahrain’s economic outlook hangs on oil market prospects and the results of the accelerated implementation of its structural reforms’ agenda under the revised Fiscal Balance Program.

Growth is projected to moderate to 2.7 per cent in 2023 before averaging 3.2 per cent during 2024-25 as fiscal adjustments continue.

Growth in the hydrocarbon sector is expected to contract by 0.5 per cent in 2023 while the non-hydrocarbon sectors will continue expanding by 3.5 per cent supported by the recovery in the tourism and service sectors and the continuation of infrastructure projects.

Kuwait economic outlook 2023
Economic growth is expected to slow to 1.3 per cent in 2023 in response to a more cautious OPEC+ production approach and sluggish global economic activity.

The Oil sector is anticipated to contract by 2.2 per cent in 2023 despite the newly established Al Zour refinery.

Kuwait’s non-oil sectors are anticipated to grow by 4.4 per cent in 2023 driven primarily by private consumption. Policy uncertainty caused by political deadlock is expected to undermine the implementation of new infrastructure projects.

Oman economic outlook 2023
Oman’s economy is forecast to continue to grow, but at a slower pace, driven primarily by accelerated implementation of structural reforms under Vision 2040.

Overall growth is projected to moderate to 1.5 per cent in 2023 reflecting softening global demand.

Accordingly, the hydrocarbon sector is anticipated to contract by 3.3 per cent, reflecting OPEC+ recent production cuts while the non-oil economy is projected to continue its recovery trajectory by growing 3.1 per cent in 2023 supported by frontloading of infrastructure projects, increased industrial capacity from renewable energy, and the tourism sector.

Qatar economic outlook 2023
Real GDP is estimated to slow down to 3.3 per cent in 2023 after the strong performance registered in 2022, with the hydrocarbon sector expanding by 0.8 per cent.

The North Field expansion project is expected to boost the hydrocarbon sector in the medium term once the field enters commercial operation.

Meanwhile, robust growth is anticipated during this year in the non-hydrocarbon sectors, reaching 4.3 per cent, driven by private and public consumption.

The United Nations has revised its projections on global economic growth this year to be at 2.3 percent, up 0.4 percentage points from its January forecast.

The multilateral body in its latest report, however, lowered its prediction for world economic growth by 0.2 percent to 2.5 percent for 2024.

Source:https://www.arabianbusiness.com/politics-economics/in-detail-world-bank-forecasts-2023-economy-growth-for-uae-saudi-qatar-bahrain-oman-and-kuwait

Bahrain’s high-level delegation concluded its official visit to India, which took place from 14 to 17 March 2023, in New Delhi and Mumbai.

Organised with the support of the Ministry of Industry and Commerce (MOIC) and the Bahrain Economic Development Board (Bahrain EDB), the visit highlighted key investment opportunities in the Kingdom of Bahrain and designed to further enhance bilateral trade relations between the two countries. In line with the Economic Recovery Plan (ERP), the investment and trade opportunities highlighted by the delegation focused on Bahrain’s financial services, manufacturing, Information and Communication Technology (ICT), logistics, and tourism sectors.

The delegation included over 60 representatives from various public and private sector entities, namely the MOIC, Bahrain EDB, Bahrain Chamber of Commerce and Industry, Bahrain Tourism and Exhibition Authority, Export Bahrain, alongside several leading Bahrain-based businesses and business societies. The visit additionally witnessed the signing of a Memorandum of Understanding between Export Bahrain and the Confederation of Indian Industry (CII), in the presence of H.E. Abdulla bin Adel Fakhro, the Minister of Industry and Commerce in Bahrain and H.E. Abdulrahman Mohammed Al Qaoud, Ambassador of the Kingdom of Bahrain to the Republic of India, which outlined a framework to increase bilateral trade between the two entities.

Commenting on the visit, H.E. Abdulla bin Adel Fakhro, the Minister of Industry and Commerce in Bahrain, said: “This is an important visit that will pave the way for a more strategic partnership between Bahrain and India, on a government, economic, and business level. With a focus on key economic sectors, it moves us another step closer towards achieving the goals set under Bahrain’s Economic Recovery Plan.”

H.E. Khalid Humaidan, Chief Executive of the Bahrain Economic Development Board said: “India and Bahrain are strong trading partners with a long history of cooperation. The relationship between our two countries has gone from strength to strength ever since we entered diplomatic relations at an ambassadorial level since 1971. Today, non-oil trade continues to grow between both nations, and these visits are crucial as we continue to focus on driving investment into key sectors of the Kingdom’s economy .”

The lineup of sessions and activities, which hosted key Indian government officials, business representatives, and potential investors, included the 2023 Partnership Summit accompanied by the Confederation of Indian Industry (CII) in New Delhi. Additionally, the delegation attended two key networking events, hosted by Bahrain EDB and supported by Bombay Chamber, and CII in Mumbai.

According to the latest statistics, trade between both countries reached USD 1.4 billion in 2022, and Inward FDI stocks of India to Bahrain reached USD1.4 billion as of Q3 of 2022, accounting for around 4% of Bahrain’s total FDI stock of USD33.9 billion.

Source:https://www.bahrainedb.com/latest-news/bahrains-high-level-economic-delegation-concludes-a-successful-visit-to-india

Supported by the Bahrain Economic Development Board (Bahrain EDB), two India-based leading companies, Aerolam Middle East and Titan Company Limited (Titan), are set to launch their operations in Bahrain. With a total investment of approximately USD 45 million, the milestone achievement was announced on the sidelines of the recent high-level Bahraini delegation visit to India this week, which was organised to highlight investment opportunities in Bahrain across priority sectors.

A part of the billion dollar Tata group, Titan is the world’s fifth largest wristwatch manufacturer widely known for transforming the industry in India. Titan operates several businesses including Tanishq, its flagship and fastest growing fine jewellery brand in India.

With a total expected investment of approximately USD 30 million, Titan is gearing up to launch Tanishq in Bahrain, backed by a franchise partner from India.

Tanishq, India’s most-loved jewellery brand from the TATA Group, has been synonymous with superior craftsmanship, exclusive designs, inimitable customer service and guaranteed product quality for over two decades. At Tanishq, jewellery is not just a product but a manifestation of artistry and our exquisite range of gold and diamond jewellery strikes the perfect balance between traditional charm and contemporary appeal. With designs that capture the beauty and celebration of special occasions, Tanishq aims to be an integral part of every woman’s journey. Attesting to this commitment towards excellence, in 2019, Tanishq has been awarded the title of The Most Trusted Jewellery Brand in India by the Trust Research Advisory. Tanishq currently has a presence of 410 stores and is India’s most trusted jewellery brand with an extremely high brand recall.

Mr Naresh Nair, Head of operations, at Tanishq said, “Thanks to the level of support and agility of Bahrain’s government, they made it incredibly easy for us to set up our operations in Bahrain. We look forward to bringing our leading brands and products to Bahrain. We have earmarked the location of our first store and will be opening 3 retail outlets over a span of 15 months to 18 months.”

As for Aerolam Middle East, the company is a subsidiary of Aerolam Insulations from India. This marks its first overseas manufacturing unit specialising in the production insulation material in the likes of foam sheets and Cross-Linked Polyethylene pipes, precisely designed with high-end engineering and advanced research and development teams. With an investment of USD 14.5 million, the plant will operate out of Bahrain International Investment Park (BIIP).

Brijesh Patel – Managing Director at Aerolam Insulations Pvt. Ltd., said,“We have gained from the active support of the government of Bahrain look forward to setting up our first manufacturing unit out of Gujarat, India. Bahrain was a natural choice given its central location and advanced logistics infrastructure, enabling us to cater to the GCC from Bahrain with greater speed and efficiency.”

Ali AlMudaifa, Chief of Business Development at Bahrain EDB, commenting on the robust investments,added, “We’re thrilled to see these leading companies set up in Bahrain and benefit from the key advantages that the Kingdom uniquely has to offer. With Bahrain’s business-friendly environment and advanced logistics infrastructure, we expect both companies to cement a strong foothold in Bahrain, adding to the diversity of our economy and capitalising on Bahrain as gateway to the region.” With strong bilateral relations, India consistently ranks as one of Bahrain’s top 10 trading partners. The volume of trade between India and Bahrain has increased by 30% since 2018, reaching USD 1.4 billion in 2022. Focusing on key sectors, including financial services, ICT, logistics, manufacturing, and tourism, Bahrain EDB successfully attracted more than USD 1.1 billion in foreign direct investment from multiple companies across the world in 2022, which are expected to generate over 6,300 jobs in the local market over the next three years.

Source:https://www.bahrainedb.com/latest-news/two-indian-companies-to-launch-in-bahrain-with-an-expected-total-investment-of-around-usd45-million

The Kingdom of Bahrain has cemented its business-friendly reputation, ranking 1st globally as the ‘Best Destination for Getting Started Abroad’ in 2023, according to the Expat Essentials Index published by InterNations. The milestone ranking of first in the overall index, which places Bahrain firmly ahead of leading countries including the United Arab Emirates (UAE), Singapore, Saudi Arabia, and Canada, is based on a comprehensive survey that analyses the performance of countries across several key indices, resulting in a comparative scale on both regional and international levels.

Citing Bahrain as the ‘ideal place for easy beginnings’, the index surveyed foreigners across 52 countries in the world, rating each destination based on vital aspects typically associated with settling into a country. Alongside its global ranking of 1st overall, the Kingdom additionally ranked 1st in MENA and 11th globally for Digital Life, a testament to Bahrain’s advanced financial and digital infrastructure and progressive regulatory framework. The survey scored countries across four key pillars, analyzing aspects including digital readiness, online government services, ease of digital payments, ease of opening a bank account and obtaining a visa, in addition to ease and affordability of housing.

Furthermore, the metrics assessed potential language barriers, in terms of ease of living without speaking the local language, for which Bahrain ranked 4th globally, which reaffirms Bahrain’s business friendly environment and talented workforce that combines highly skilled, multi-lingual, hospitable Bahraini nationals alongside a diverse expat talent pool offering a global perspective.

Bahrain also ranked 1st in MENA and 3rd globally in ease of opening a bank account. 67% of surveyed expats reported high levels of ease in dealing with local authorities, versus the global average of 40%. Ranking 2nd globally in ease of finding housing, 82% of expats found it easy to find housing in Bahrain, compared to the 54% global average.

Source:https://www.bahrainedb.com/latest-news/bahrain-ranks-1st-globally-as-the-best-destination-for-getting-started-abroad-in-2023

Aptar Closures, a global leader in dispensing closures and active material science solutions, recently announced the acquisition of a majority stake in Gulf Closures, a closure manufacturer for beverage products in Bahrain. AlZayani will remain as the minority shareholder.

Aptar Closures will leverage its global business capabilities and Gulf Closures’ manufacturing expertise, regional network, and experienced team to better serve the company’s existing customers in the Middle East, while opening new market opportunities and strengthening its presence in the region.

Today, Gulf Closures employs approximately 60 people at its facility in Bahrain and holds ISO and FSSC certifications. Gulf Closures is a partner to several global and other major local beverage brands in Gulf Cooperation Council (GCC) countries, Levant, and Africa.

“We are excited to have Aptar Closures on board and look forward to bringing to the table our manufacturing expertise, experienced team, and veteran understanding of the regional market,” revealed Hamid AlZayani, “We will benefit from Aptar’s global presence and seasoned perspective of value-chain ecosystems, and we will be working together closely to develop winning solutions to scale up and accelerate Gulf Closures’ operational growth and serve the needs of our existing and future clients.”

“Aptar has been present in the Middle East since 2019 when the company opened a sales office in Dubai. This acquisition will further accelerate our strategy for expansion across the region, starting with a local manufacturing footprint in Bahrain. We look forward to building on Gulf Closures’ capacity and expertise and venture into new market opportunities,” added Hedi Tlili, President of Aptar Closures.

Commenting on Aptar Closures’ investment, Ahmed Sultan, Executive Director of Business Development of Manufacturing, Transport, and Logistics at Bahrain EDB, said: “We are thrilled to see Aptar Closures expand its reach, capitalizing on Bahrain’s standing as a business-friendly investment destination and a strategic location to effectively expand production capabilities to serve clients across the region and beyond”.

“With direct access to Saudi Arabia and the most efficient logistics hub in the region, Bahrain offers unparalleled benefits to manufacturers looking to tap into the USD 2 billion GCC market, with the added benefit of incredibly competitive costs compared to rest of the region and highly skilled workforce,” Ahmed Sultan added.

Source: https://www.bahrainedb.com/latest-news/aptar-closures-broadens-middle-east-reach-with-gulf-closures-deal-in-bahrain

In partnership with the Labour Fund (Tamkeen) and supported by the Bahrain Economic Development Board (EDB), the recently launched coding school in Bahrain, Reboot Coding Institute (Reboot01) is set to enroll around 100 Bahrainis for their first selection pool for its inaugural two-year programme. With the aim of preparing a new generation of highly-skilled professionals, the programme seeks to contribute to the development of the technology sector and bridge the tech knowledge gap across multiple industry sectors, which will help in growing the pool of tech talent in the Kingdom.

With around twenty campuses across the world, Reboot01’s program has been designed to enable people to transform their careers and enter the world of technology, regardless of their educational and professional backgrounds. Powered by 01 Edu, a French educational platform, the institute’s innovative-based approach is part of the approved 01 Edu global network of coding schools.

Graduates of the two-year program will emerge as full stack developers, and benefit from instant access to a myriad of industries, the tech industry in particular, by supplying the value-added credentials to join leading companies on a more senior level. The program additionally equips students with practical knowledge and key life skills through a collaborative, project-based applied learning approach, which empowers every graduate to adopt a solution-based mindset setting them up for a successful career in the future.

Commenting on the programme, Mr. Yanal Jallad, Managing Director of Reboot01 Coding Institute, said: “Reboot01 is a brand-new concept and the first coding school of its kind in Bahrain. It utilises a disruptive model driven by a balanced mix of peer-to-peer learning, gamification, and a collective intelligence methodology to produce highly adept developers equipped with the requisite skill set and creativity to thrive in their tech careers.”

“We’re currently set to enroll around 100 Bahrainis, and the visiting 01 team from France are impressed with the level we have here. The second selection pool will commence in early May after Eid to enroll 100 more Bahrainis and form the first cohort of 200 students,” he added.

Mr. Ali Hasan, Executive Director of Programs and Partnership Development at the Labour Fund (Tamkeen) said: “We are committed to empowering Bahrainis to become the first choice of employment for the private sector by providing the support required for them to fill high-value jobs across multiple sectors, including the ICT sector. Reboot 01 offers a unique upskilling opportunity which provides world-class training that will enhance the competitiveness of the Bahraini workforce both locally and internationally.”

Mr. Munther Al-Mudawi, Executive Director – Business Development at Bahrain EDB, said: “We are living in an era of rapid innovation and ever-changing technology, which translates into the reality of traditional skills fast becoming obsolete. As such, digital upskilling and reskilling of the workforce is imperative for our economy to be able to effectively compete on a global scale, all while achieving sustainable growth in the long-term.”

“A global technology institute in the likes of Reboot01 is an impactful addition to the current value proposition of key sectors, contributing to cementing Bahrain’s position as regional hub for innovation and niche tech skills, in the likes of coding. With a two-fold benefit of upskilling Bahrainis in the Kingdom with a highly coveted skill set of being full stack developers, the added knowledge will in parallel elevate the level of the entities operating within the Kingdom, future-proofing industries at large,” he added.

As part of the National Economic Recovery Plan launched in October 2021, Bahrain’s Telecommunications, ICT, and Digital Economy Sector Strategy (from the years 2022 until 2026) seeks to establish a world-class Bahraini digital infrastructure, as well as attract big-tech companies to the Kingdom, positioning Bahrain as a regional digital innovation hub, all while increasing national employment in the sector from 30% to 35% by the end of 2023.

Source: https://www.bahrainedb.com/latest-news/reboot01-contributes-to-cementing-bahrains-position-as-a-regional-hub-for-innovation-and-tech

Bahrain today announced the launch of a Golden License, providing incentives and streamlined services to foreign and local businesses with large-scale investment projects in Bahrain, in an important step in the country’s pursuit to incentivise investments and boost job creation under its fiscal and economic reforms.

The move builds upon the growing investment attractiveness of Bahrain, which has recently recorded its highest Real GDP growth rate in almost a decade.

Companies with major investment and strategic projects that will create more than 500 jobs in Bahrain, or those with investment value exceeding USD 50 million, will be eligible for the License.

With the License, companies will enjoy a wide range of privileges and benefits, including prioritised allocation of land for investments, infrastructure services and utilities. They will also have streamlined access to government services – including business licensing and building permit approval, as well as support from Bahrain’s Labour Fund, Tamkeen, and Bahrain Development Bank.

Introduced by Bahrain’s Cabinet, which was chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Bahrain’s Crown Prince and Prime Minister, the License aims to attract investments from local and international companies, and create jobs locally. These are priorities of the Economic Recovery Plan, the blueprint of Bahrain’s fiscal and economic reforms introduced in 2021 that has been the driving force of the country’s recent robust economic performance.

Further advantages under the License include integrated cooperation with various government departments, a designated account manager from Bahrain’s Economic Development Board, as well as potential review of existing laws or regulations where necessary and applicable.

Source:https://www.bahrainedb.com/latest-news/the-kingdom-of-bahrain-launches-golden-license-to-attract-large-scale-investment-projects

Howden, the international insurance broker, announces today that it has received a regulatory license from the Central Bank of Bahrain to establish operations in the Kingdom of Bahrain. This represents a significant step in Howden’s strategic growth ambitions for the Gulf region.

The establishment of Howden Bahrain adds another key territory to Howden’s footprint in the Gulf, with existing operations in Dubai, Abu Dhabi and Oman employing over 200 people in the region. It will provide a full range of insurance broking and risk advisory services across multiple risk sectors including Aviation, Construction, Energy, Financial Institutions, Marine, Property & Casualty, Employee Benefits and Specialty Lines.

Adam Knights, Executive Director and Chief Executive Officer, Howden Bahrain, said: “I am delighted to be involved in this new and exciting venture here in Bahrain, which has been my home for 26 years. Howden Bahrain will provide Bahraini clients with personalised insurance solutions bolstered by Howden’s specialist expertise, data and analytics and technological capabilities. Our engagements with multiple renowned Bahraini enterprises have encouraged us that there is ample opportunity for an alternative insurance broker to provide services in the Kingdom, and our strategy will be to grow a sizeable market share by adding value to Bahraini clients using our international capabilities and by attracting and developing local talent.”

David Howden, Chief Executive Officer, Howden Group, added: “Howden has operated in the Gulf for over a decade, and we were attracted to the Kingdom of Bahrain due to its reputation for being business friendly, combined with its comprehensive regulatory environment and the availability of experienced and talented local individuals. Our goal is to provide choice for clients in Bahrain and the wider Gulf region. We are eager to grow our existing territorial presence and develop a range of specialist solutions, and look forward to building one of the leading brokers in the region, combining our international platform with local expertise.”

Dalal Buhejji, Executive Director of Business Development for Financial Services at the Bahrain Economic Development Board, said: “We are thrilled to see Howden enter the market benefiting from Bahrain’s earned reputation as the region’s most established financial hub with a forward-looking business ecosystem. In line with the Financial Services Sector Development Strategy under the Kingdom’s Economic Recovery Plan which outlines an overall objective to increase the financial services sector’s contribution to GDP to 20% by 2026, further developing Bahrain’s insurance subsector is a vital deliverable alongside five priorities. Attracting leading players in the likes of Howden to set up operations in Bahrain is another positive step towards realising this target.”

Howden is a proud sponsor of Bahrain’s Crown Prince’s Cup, underlining Howden’s passion for international horse racing in Bahrain and its commitment and support to local communities.

Source:https://www.bahrainedb.com/latest-news/howden-accelerates-growth-in-the-gulf-with-the-establishment-of-howden-bahrain