Bahrain - Economy

Bahrain - Economy Last updated on Wednesday 14th April 2010

Bahrain's oil production is, by Gulf standards, minimal. The UAE, for instance, produces about 2 million barrels a day while Bahrain's daily production is less than 50,000 barrels. Bahrain does, however, refine a large quantity of Saudi oil which arrives in the country through an undersea pipeline.

Because of its limited oil production, the country has developed a more diversified economy than the other Gulf states.

The largest aluminium smelter in the Middle East is in Bahrain as is a large shipbuilding and repair yard and one of the area's busiest airports.

When Lebanon collapsed in the late 1970s, Bahrain made conscious efforts to attract the formerly Beirut-based banks and bankers to Manama and the efforts paid off. In the late '80s, Bahrain's financial services sector expanded into offshore banking though competition in this field from both Abu Dhabi and Cyprus has been stiff.

In the recent past, the government has also begun a drive to attract tourists to the islands.

As you like 'Bahrain - Economy' you may also like following articles . . .

Bahrain - Financial services

As the Middle East's pre-eminent financial hub, Bahrain is a key player in world financial and banking services. Its strategic location between east and west time zones and its advanced...

Bahrain History - The discovery of oil

In June 1932 oil was discovered in commercial quantities in Bahrain. It was important for two reasons: first, it was the initial discovery of oil on the Arab side of the Gulf and second, it...

Government organizations in Bahrain

Ministry of Foreign Affairs P.O. Box 547 Manama, Bahrain Telephone: (973) 262277 Fax: (973) 210575 Ministry of Justice and Islamic Affairs P.O. Box 450 Manama, Bahrain Telephone: (973)...

National Bank of Bahrain

National Bank of Bahrain was established in 1957, has grown steadily to become the country’s leading provider of retail and commercial banking services. With a major share of the total...

Business infrastructure of Bahrain

In the early 1960s, Bahrain began to diversify its industry from simple oil production into petroleum refining, petrochemicals, aluminium and downstream industries, manufacturing, ship...

Communications of Bahrain

Bahrain's telecommunications services are among the most advanced in the world with direct dialling to most countries. Postal services are speedy and reliable. Both Bahrain International...

The Central Bank of Bahrain

The Central Bank of Bahrain is responsible for ensuring monetary and financial stability in the Kingdom of Bahrain and for maintaining the internal and external value of the national...