Economy of Bahrain

In Bahrain, petroleum production and refining account for about 60% of export receipts, 60% of government revenues, and 30% of GDP. With its highly developed communication and transport facilities, Bahrain is home to numerous multinational firms with business in the Gulf. A large share of exports consists of petroleum products made from refining imported crude. Construction proceeds on several major industrial projects.

First oil well and more about Petrol in Bahrain (Click to see)
Natural Resources: Petroleum and natural gas, fish, pearls.

(Modern buildings in Bahrain)

Mainly because of its small population and small size, Bahrain plays only a minor importance in international economy. The economy is heavily oil dependent, but the government looking for new sources of income.

(Modern buildings are everywhere on Bahrain Islands)

The relatively high living standards of Bahrain is based upon oil revenues, as oil was discovered in 1931, but in the 1980's revenues started to decline.
Today strong efforts have been put into making the Kingdom a commercial centre, where the location of the islands is central — in the middle of the Persian Gulf, and in the middle between Western and Eastern airline destinations — as well as the proximity to Saudi Arabia (a causeway opened in 1986 have made Bahrain into a centre for leisure and pleasure for Saudis).

Street in Capital Manama

First and foremost of the industries of Bahrain is the large oil refinery at the island Sitra which processes local oil as well as oil from Saudi Arabia transported through pipe lines. Incomes from this refinery is already more important than the country's own oil production. The country has also a big aluminum smelter which is one of the largest aluminum factories in the world, getting its electricity from natural gas. Other industries are small scale, but a dry dock for supertankers brings in important revenues. Bahrain has also become a major regional banking and communications center, as well as offering services for insurance and financing.

View of Manama

Agriculture is fairly small, but springs in the northern parts of the main island provide good conditions for food production. A large portion of the consumed foodstuffs are produced in Bahrain. Bahrain grows dates, figs, tomatoes, lettuce, guavas, mangoes, bananas, okra, eggplants, garlic, pumpkin and watermelon.  The rest of the food is imported from Cyprus, Greece, Australia, New Zeeland, India, Sri Lanka, the UK, and the United States. The production of dates is at the level of 35 kg/inhabitant. Fishing brings in 11 kg/inhabitant.

Building in Capital Manama

The people of Bahrain enjoys good living standards, even if there are considerable differences between social groups. Housing and transportation is subsidized by the state. The level of telephones are 1 to every 4 inhabitant, radios 2 to every 5 inhabitant, TV-sets 1 to every 3 inhabitant.

Currency:

Bahrain's currency is the Dinar, which divides into 1,000 fils. The dinar has been officially pegged to the US dollar at the rate of $1=BD 0.377 (377 fils). Currency can be changed easily at the airport, hotels, banks, and the many exchange houses. Rates at exchange houses are generally more favorable than the airport or hotels. The dinar being the stronger currency and there are no restrictions on currency movement in or out of the country.

Working Week

Most Bahrain businesses work a five and a half day week, from Saturday to Thursday, with Friday as the day of rest.

Business Hours
Business hours are generally from 0800-1300 and 1500-18.00 / 1900 on weekdays, and from 0800-1300 on Thursday, though some companies work a straight 0800 - 1600 shift with a 1300-1400 break.

CitiBank in Bahrain

See more photos of Bahrain......(Click Here)

Shopping Malls in Bahrain (Click Here)