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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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Saudi Vision Drives Localization, Reduces Unemployment to 7%

A glimpse of a recent job fair held in Saudi Arabia (Asharq Al-Awsat)
A glimpse of a recent job fair held in Saudi Arabia (Asharq Al-Awsat)
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Saudi Vision Drives Localization, Reduces Unemployment to 7%

A glimpse of a recent job fair held in Saudi Arabia (Asharq Al-Awsat)
A glimpse of a recent job fair held in Saudi Arabia (Asharq Al-Awsat)

Since the launch of Saudi Arabia's Vision 2030 in 2016, the Kingdom has focused on a clear goal: building a diversified and sustainable economy, reducing its dependence on oil, and investing in the potential of its citizens.

Nearly nine years of continuous effort later, the results today reflect a new reality, showcasing the success of Vision 2030 in transforming ambitions into tangible achievements, particularly in the labor market and the empowerment of national talent.

Saudi Arabia's unemployment rate for nationals has dropped to its lowest level, registering 7% in 2024, achieving the Vision 2030 target ahead of schedule. This marks a significant achievement, considering that tackling unemployment was one of the strategic document's top priorities.

The sharp decline is largely attributed to a substantial rise in Saudi women's participation in the labor market, which reached 36%, driven by a series of social and economic reforms. These initiatives have reshaped the role of women in development, opening vast opportunities in education, the workforce, and leadership positions.

Vision 2030 initially aimed to raise women's labor force participation to 30% by 2030. With this target already surpassed a decade early, the goal has now been revised to 40% by 2030, reflecting the effectiveness of national policies in enhancing workforce localization and leveraging Saudi talent.

Historically, Saudi Arabia's labor market has been heavily reliant on the public sector. However, Vision 2030 has driven a shift toward the private sector, with the number of Saudi nationals employed there rising from 1.7 million in 2020 to over 2.4 million in 2024.

In 2024 alone, 437,000 citizens were hired in the private sector, supported by more than 7.5 billion riyals ($1.9 billion) from the Human Resources Development Fund for training, qualification, and career guidance programs. This reflects the government's commitment to preparing a generation capable of adapting to the demands of the evolving job market.

These figures are not only significant in statistical terms, but also serve as a clear indicator of the fundamental transformation driven by Vision 2030 in the national economy. The vision has made empowerment, diversity, and sustainability key pillars in Saudi Arabia's path toward the future.