The manufacturing sector is one of the most significant pillars of any economy. Many of the biggest industries in Bahrain have thrived and flourished during the recent decades. However, it has a wealth of petroleum resources; the leadership has focused on how to diversify the economic sources. As a result, you can find many industries growing and spreading throughout the kingdom.
For example, the real estate sector has witnessed many developments in Bahrain. Skyscrapers are lined the cornish road, and while you kick back on a beach or a deck overlooking the Persian Gulf, you will find many hotels and resorts scattered everywhere.
Bahrain is a lovely country to live where apartments for rent in Bahrain, villas for rent in Bahrain, and a studio for rent in Bahrain can be easily found.
Many things have been formed in the industry prospects in Bahrain, ranging from tourism, food and drink, and accommodation. And the country seems not to stop. It’s at its peak in terms of creativity and innovation research.
Here we will introduce the biggest industries in Bahrain and the highly-growing sectors.
Biggest Industries in Bahrain
Despite its small-sized economy, the government has developed a comprehensive plan since 1975 to offer new methods to invest in non-petroleum industries. As a result, many projects have come to life after a short period. And there are numerous examples to back it up.
One of the most valuable currencies in Asia is the Bahrain dinar.
The national income has increased by 17.34% till 2005, and this number is expected to double in 2022.
Most Prominent Industries in Bahrain
The kingdom comprises many kinds of industries using the natural trove of treasure—a collection of fancy chalets against resorts where you can book an unforgettable night.
Undoubtedly, Bahrain has one of the most diversified economies in the Middle East.
1- Real Estate Market in Bahrain
The real estate market in Bahrain is one of the most ever-growing industries attracting investors to inject funds more and more. Moreover, thanks to the government development strategy, many districts have grown to offer a perfect lifestyle to their residents, diversifying alternatives for everyone looking for a new house to move into.
All types of real estate units are offered right here, ranging from hotel apartments that support tourism and trade movements in many cities around Bahrain to upscale buildings, even rustic huts.
Bahrain has taken this approach because of the importance of the construction sector to enhance the country’s resources. That’s what the International Trade Administration had stated before when it identified this sector as a leading one for opportunities for firms worldwide.
To witness how Bahrain has positioned itself as an attractive investment destination, you can just have a stroll around the Diplomatic Area, a decent neighborhood in the heart of Manama.
Listen up to these critical statistics: According to Bahrain’s Information and E-Government Authority (IGA), Bahrain’s construction sector contracted by 0.9% in 2020 despite the sensitive situation of Covid-19. That reflects how robust the real estate sector in Bahrain is.
2- Food and Drink Industry
The food and drink industry is one of the substantial components of the economy of Bahrain. Therefore, it has resilience against any negative impacts due to inflation or unexpected crises like Covid19.
According to specific estimates, the total value of the food and drink business achieved 14 million dollars in 2020.
3- Biggest Industries in Bahrain: Chemicals
One of the most popular international industries that many countries are trying to develop, the chemicals sector has contributed dramatically to Bahrain’s economy.
The American Chemistry Council has stated that the annual revenues of this sector were worth 5.4 trillion in 2014, and Bahrain has succeeded in rebuilding its strategy in this industry not to be just a petroleum-based economy. Now, it has made massive progress in establishing bridges and laying the foundation of infrastructure.
And the sector is still able to handle shocks that are hard to predict.
Around Bahrain, there are more than 10,000 chemical companies with more than 784,000 employees.
4- Manufacturing Industry
The manufacturing industry has contributed to Bahrain’s economy as it has adopted a way to face the collapse of oil prices —especially during the pandemic, by establishing a number of factories to increase the volume of exports.
Estimates show it has approximately 16.8% of the world’s manufacturing share. And it’s a significant portion compared to other Gulf countries. And the government is willing to minimize the scope to 18% by 2024.
5- Oil and Gas
Bahrain is home to 124 million barrels of oil which is a little bit. So, the country is thriving to increase the investment in mining and boost this sector to increase productivity.
Unfortunately, the pandemic has negatively affected these plans and became less resilient.
But many national companies have received tremendous funds, an estimated 570.000.000 dollars, to fuel this industry and expand the operations to produce about 250.000 oil barrels daily.
Also, the kingdom has come up with a future strategy to double this number to reach 360.000 oil barrels. Moreover, Saudi giant oil company Aramco has invested in several Bahrain companies to exchange old oil pipelines and enhance the energy industry.
One of the biggest oilfields in Bahrain is Abu Safa, run by Saudi Arabia. Only 50% of its profits go to Bahrain’s government.
Regardless, the oil industry is still one of the biggest industries in Bahrain, or it occupies the most considerable portion representing 11% of GDP and around 80%-90% of the government revenues.
So, it defines the critical driver of its continued growth.
Bahrain will continue to grow from manufacturing investment, tourism, real estate, and gas industries. Every time you have a chance to visit this counter, you will see the development happening in each corner, which aligns with Bahrain’s Vision 2030 strategy. It’s a country that you will love to live and visit.
Know the most popular real estate websites in Bahrain:
