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Bahrain Targets 5% Increase in Non-Oil Sector

Bahrain Targets 5% Increase in Non-Oil Sector

Thursday, 17 March, 2022 - 09:00
General view of Bahrain World Trade Center in Manama, Bahrain, February 21, 2019. REUTERS/Hamad I Mohammed

Bahrain targets a 5% increase in the non-oil economic sector in 2022, said a report published by the Bahrain News Agency BNA.

It pointed out that the contributions of non-oil activities to the Kingdom’s GDP increased from 58% in 2002 to 81% in 2020, up $33 billion.

In order to achieve this target, Manama set a plan to implement advanced strategies aimed at developing the tourism sector to attract 14.1 million tourists by 2026, and the logistic services by raising the capacity of Khalifa bin Salman Port to one million containers, air freight to one million metric tons, and adding more than 70 air destinations.

Among its objectives are supporting the transformation of the Fourth Industrial Revolution, such as manufacturing automation and artificial intelligence, developing the financial services sector, with 365 financial and banking institutions, and supporting the digital economy.

This comes in line with ranking the Kingdom first in the Arab region on the ICT Development Index (IDI) by the International Telecommunication Union (ITU) report 2021.

The report underlined statistics by the World Bank and Digital 2021: Global Overview Report showing that Bahrain was also ranked first globally in the rate of individuals using the internet, with nearly 100% of the population.

It excels in 5G network coverage and seeks to cover 95% of households with high-speed fiber optic technology by 2023, the report added.

The Kingdom also seeks to raise the number of electronic services provided to the population from 578 to 1,600, develop the oil sector by completing the “Bapco Refinery” expansion projects, activate the LNG import platform, and develop oil and gas resources.

Bahrain has been witnessing positive economic developments in line with its advanced programs and policy to diversify sources of income, encourage investment and innovation, and provide more job opportunities for citizens.

This comes as part of its development vision that relies on transforming challenges into sustainable success opportunities.

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