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Bahrain Records Improvement in Economic Sector Indicators

Bahrain’s capital Manama (Asharq Al-Awsat)
Bahrain’s capital Manama (Asharq Al-Awsat)
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Bahrain Records Improvement in Economic Sector Indicators

Bahrain’s capital Manama (Asharq Al-Awsat)
Bahrain’s capital Manama (Asharq Al-Awsat)

Bahrain’s Ministry of Finance and National Economy has announced continued improvement in the financial and economic indicators of various economic sectors during Q1 2022, exceeding the pre-pandemic 2019 benchmarks.

This improvement comes in line with the Kingdom’s launching of its economic recovery plan, which includes initiatives and strategies targeting several promising sectors to serve citizens.

In the tourism and hospitality sector, the average occupancy rate in four and five-stars hotels was 55%, while the number of mall visitors increased by 26.9% compared with the same quarter in 2021.

Another sign of the turnaround is the 35.4% increase in new commercial licenses in 2022 and so did the value of sales using Bahrain ATM cards, which increased by 4.2%.

Remarkable growth was achieved in February in the financial services sector as Fawri+ transactions grew by 55.1% and Fawri transactions increased by 22.1%.

In terms of international trade, the total value of exports amounted to 64.7%, and the total fuel sales increased by 12.2%.

Similarly, total non-bank deposits grew by 12.7% and the Bahrain Bourse index witnessed a 33.3% increase.

In the real estate sector, transactions registered with the Survey and Land Registration Bureau increased by 19.6%, while the number of building permits increased by 15.8%.

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Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
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Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)

Egypt has reported significant progress in the construction of the El-Dabaa nuclear power plant in the country’s northwest, a project being developed in cooperation with Russia. The government announced on Tuesday that more than 20% of the project has been completed.

Egypt and Russia signed a cooperation agreement on November 19, 2015, to establish the nuclear power station at a cost of $25 billion, funded through a Russian government loan. The final agreements for El-Dabaa were signed in December 2017.

The plant will consist of four nuclear reactors with a total generation capacity of 4,800 megawatts, each producing 1,200 megawatts. The first reactor is scheduled to begin operations in 2028, with the remaining units coming online gradually as part of Egypt’s energy mix.

In its quarterly performance report, the Egyptian government stated that the project aligns with efforts to expand the peaceful use of nuclear energy within the national power grid.

President Abdel Fattah al-Sisi emphasized in November the importance of executing energy projects efficiently and on schedule, calling them a pillar of Egypt’s development strategy. He underscored the need to adhere to the project timeline while ensuring the highest standards of execution and workforce training.

Also in November, Prime Minister Mostafa Madbouly reaffirmed Egypt’s commitment to the project, stating that El-Dabaa would enhance renewable energy capacity and stabilize the national power grid.

In early March, Russia’s Atomstroyexport announced that construction on the second reactor at El-Dabaa had progressed ahead of schedule. According to the Egyptian Nuclear Power Plants Authority, the second tier of the inner containment structure had been installed at the reactor building.

Egypt experienced widespread power outages last summer, which ended in late July after securing sufficient fuel supplies for its power plants.

The El-Dabaa project is part of Egypt’s strategy to diversify its energy sources, generate electricity to meet domestic demand, and reduce reliance on imported gas and other fuels.

On Tuesday, the government also announced an additional 200 megawatts of private-sector solar power capacity as part of its efforts to expand renewable energy. Officials said the move would support energy diversification and advance the country’s sustainable development strategy.