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Bahrain’s Economy to Grow 2.7%

General view of Bahrain World Trade Center in Manama, Bahrain (File Photo: Reuters)
General view of Bahrain World Trade Center in Manama, Bahrain (File Photo: Reuters)
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Bahrain’s Economy to Grow 2.7%

General view of Bahrain World Trade Center in Manama, Bahrain (File Photo: Reuters)
General view of Bahrain World Trade Center in Manama, Bahrain (File Photo: Reuters)

Bahrain’s economy is expected to record a 2.7 percent growth in 2020 driven by an increase in the non-oil sector which is also expected to grow 3.1 percent, the Ministry of Finance and National Economy has announced.

The number of visitors to Bahrain will rise from 7 to 15 million by 2022.

Acting director of studies and research at the Bahrain Center for Strategic, International, and Energy Studies (Derasat) Omar al-Ubaydli expected 2020 to see gradual increase in oil prices.

Ubaydli noted that a rise in oil prices will reflect positively on all sectors. He also expected the tourism sector to continue to improve due to the effectiveness of the Kingdom’s strategic tourism plan, which contributed to attracting tourists from all over the world, and reduce the previous dependence on Gulf tourists.

President of the Bahrain Economists Society Ali al-Moulani expected the financial services sector to improve in 2020, attributing it to Bahrain’s regulatory environment designed to attract financial technology services.

Moulani explained that the financial sector attracted entrepreneurs and commercial banks, and encouraged investment banks to launch technology-based banks, taking advantage of Bahrain's technology-friendly environment.

He stated that mergers and acquisitions between financial institutions will continue in Bahrain, contributing to the growth of the financial sector in 2020 and  increasing the effectiveness and productivity of the merged banks.

Infrastructure projects are also expected to actively support economic growth in Bahrain. A number of projects worth over $6 billion out of a total of $32 billion had been completed.

Service projects in industry, energy, healthcare, and education sectors are expected to be established with a value of $7.5 billion. Industrial facilities in aluminum, oil, and gas sectors will be worth $10 billion, and private investment in real estate, tourism, and industry are worth $15 billion.

The kingdom is preparing to open a $1.1 billion expansion project for Bahrain International Airport, which will contribute to increasing the airport's capacity to 14 million passengers annually.

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Saudi Arabia to Bring Together 45 Ministers, 200 Speakers to Boost Global Jobs

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia to Bring Together 45 Ministers, 200 Speakers to Boost Global Jobs

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia will host 45 ministers and more than 200 local and international speakers to boost cooperation and create more suitable job opportunities for youth worldwide, according to Dr. Abdullah Abuthnain, Vice Minister of Human Resources and Social Development for Labor and Chairman of the Executive Committee.

The Ministry of Human Resources and Social Development is holding the second edition of the Global Labor Market Conference (GLMC) in Riyadh on January 29-30.

The event aims to establish a key dialogue platform to discuss opportunities and challenges and provide solutions for the future of global labor markets.

Abuthnain told Asharq Al-Awsat that the ministerial roundtable will serve as an annual global platform bringing together policymakers, industry leaders, and decision-makers to discuss labor market challenges, solutions, and relevant developments worldwide.

Over 45 labor ministers from around the world will meet at the event to discuss innovative policies aimed at improving working conditions and youth employment, he added.

The conference will serve as a platform for sharing best practices and discussing challenges and successes in global labor markets, including Saudi Arabia, which is seeing major advancements in policy and a competitive work environment.

The ministerial meeting also aims to “strengthen international cooperation to create more job opportunities for youth worldwide,” Abuthnain added. The meeting is primarily a “platform for exchanging ideas and experiences.”

Building on discussions from the first meeting, the second session will continue to explore previous topics, incorporating new insights and developments over the past year, and looking ahead to future trends. This will give participating countries the chance to share their successes and challenges.

The ministerial meeting will encourage ongoing dialogue to strengthen collective efforts and make use of research and studies to support the future of global labor markets.

With around 200 local and international speakers, the conference will focus on six main themes: continuous learning, the impact of digital transformation on labor markets, wage growth, and the importance of skills-based employment.

Other topics will include productivity, the role of mobile workforces in economic growth, youth challenges, and the contribution of small and medium businesses to innovation and digital transformation.

The conference has strategic partnerships with over 45 countries, as well as organizations like the International Labour Organization, the World Bank, the UN Development Program, the Organization for Economic Cooperation and Development and the Misk Foundation.

It will feature experts from think tanks like Combining Trust International, the Korea Labor Institute, and the Indian Labor Economics Association, who will contribute ideas and solutions to common labor market challenges.

Abuthnain believes the diverse group of leaders and experts from around the world will have a significant impact on improving youth employment opportunities.

“Our goal is to find solutions that benefit not only our region but also provide a model for global cooperation,” he told Asharq Al-Awsat.

“We expect participating countries to learn from each other based on their unique needs. This conference is a global platform for sharing ideas and experiences, with a common goal of supporting today’s youth and future generations,” he added.

Saudi Arabia’s labor market is supported by Vision 2030, which has helped achieve historic successes, including reducing the unemployment rate to 3.7% and driving technological progress, Abuthnain said.