Sheikh Ahmed bin Mohammed Al Khalifa, the Bahraini Minister of Finance, believes “it makes sense for the GCC to peg its currencies to the dollar since the oil market is priced in dollars”. The comment came in an exclusive interview featured in the UK-based publishing, research and consultancy service - Oxford Business Group’s (OBG) - second comprehensive economic, business and political review publication, ‘Emerging Bahrain 2006’.
Talking of the challenges that lay ahead on the road to the single currency he said that “The advantages outweigh the challenges. We are already linked to the US dollar and in Bahrain you can use all currencies in stores. But the implications go far beyond the basic trade. It will open the regional market and ease the flow of investment and capital. We are watching Europe’s experience, and we think we can mirror that here”.
Sheikh Ahmed also commented that Bahrain’s diversification strategy has created a thriving economy for the Island Kingdom. “Financial services today are more important than oil in GDP, which is a major achievement. There is increased activity in communications, which we liberalised, and the Economic Development Board (EDB) is looking at tourism, logistics, healthcare, education and so on, so this diversification will continue.”
Over 200 interviews were conducted with various heads of industry and government ministers, and compiled by a team of seasoned analysts based on the ground for six months in partnership with the Economic Development Board of Bahrain (EDB) – a dynamic government agency responsible for formulating and overseeing the economic development strategy for Bahrain.
“The standard of interviewees have made ‘Emerging Bahrain 2006’ the most comprehensive resource for any party interested in the extensive investment opportunities available in Bahrain to date.” said Andrew Jeffreys, Editor-in-Chief of Oxford Business Groups ‘Emerging Markets’ series.
“Further more, Bahrain’s political and social reforms have already begun to revitalise the economy. The new initiatives being implemented and the economic and social freedoms that Bahrain enjoys will, ensure that the Kingdom can look forward to enjoying continued growth and prosperity.”
A vital source of information for foreign investors, ‘Emerging Bahrain 2006’ provides a detailed analysis of the Kingdom’s politics, economy, banking, capital markets, insurance, energy, industry, transport, real estate, construction, telecoms, IT, media and advertising.
