Bahrain Records 50% Increase in Tourism Revenues

Bahraini Minister of Tourism Fatima Al-Sairafi
Bahraini Minister of Tourism Fatima Al-Sairafi
TT

Bahrain Records 50% Increase in Tourism Revenues

Bahraini Minister of Tourism Fatima Al-Sairafi
Bahraini Minister of Tourism Fatima Al-Sairafi

Bahraini Minister of Tourism Fatima Al-Sairafi said that her country has doubled its efforts to increase the tourism sector’s contribution to the national economy.

In an interview with Asharq Al-Awsat, Al-Sairafi touched on the strategy pursued by Bahrain to achieve growth in the tourism sector and make it the first contributor to the GDP.

“In October 2021, the Bahraini government launched an ambitious plan for economic recovery, which covered promising sectors, including the tourism,” she said, noting that four priorities were set in the relevant tourism development strategy, including facilitating the entry to Bahrain, promoting tourist attractions, increasing marketing, and developing residence.

The minister pointed to the excellent performance of the tourism sector throughout 2022.

She said that tourism revenues reached 1.5 billion dinars in 2022 (about $4 billion), an increase of 50 percent, compared with the target number, which was set at one billion dinars ($2.6 billion).

Bahrain also recorded the entry of 9.9 million visitors, an increase of 19 percent over the target number of 8.3 million visitors. The average daily expenditure of tourists exceeded the target number by 10 percent, with 76 Bahraini dinars ($200.3) per visitor, compared to a targeted average expenditure of 69 Bahraini dinars ($181.8).

Similarly, the average duration of stay for tourists exceeded the target number of 3.3 days, recording 3.5 days, according to data revealed by Al-Sairafi.

The Bahraini minister of Tourism spoke about the government’s plan to attract new investments to the sector.

“The Bahraini tourism sector has many promising opportunities, starting from the advanced infrastructure to the rich and attractive tourist destinations,” she said.

“We are keen to strengthen cooperation with the private sector and international tourism offices, to attract more tourists to the Kingdom of Bahrain, and we have tourism agreements with more than 100 tourist offices from around the world,” she told Asharq Al-Awsat.

A recent economic report showed that the recovery of large sectors of tourism in Bahrain was achieved thanks to the increase in the number of arrivals via the King Fahd Causeway by 158.6 percent during the third quarter of 2022, compared to the same period in 2021.

Commenting on an agreement between Saudi Arabia and Bahrain to promote the two counties as a common tourist destination, Al-Sairafi said that meetings were being held with the Saudi Ministry of Tourism to discuss ways of cooperation in the field of tourism.

She added that the agreement to promote the two countries as one tourist destination was likely to result in the emergence of a number of new tourism fields, in addition to new hotels, resorts, restaurants and recreational facilities.

“Saudi Arabia and Bahrain have also cooperated to develop a unified tourism marketing plan to promote the tourism sector, by using the best and latest techniques and promotional channels, opening new markets and participating in international tourism events, with the aim to highlight the two kingdoms as a global tourist destination that attracts tourists from all over the world,” the Bahraini minister emphasized.

According to Al-Sairafi, the diversity of tourism projects in Bahrain is considered one of the important pillars of tourism attraction in the country.

In this context, she pointed to the beauty and modernity of tourism projects, which offer excellent services that fulfill the aspirations of the tourists, visitors and investors alike.

The minister also stressed the importance of the sustainable growth of the national economy, in line with the Kingdom’s development goals.

She added: “Tourism growth undoubtedly contributes to increasing the demand for real estate investment and enhances opportunities for diversification and integration of private investments in the two sectors. This enhances the pillars of the tourism strategy that seeks to develop business tourism and attract investments, in a way that strengthens the recovery of the market and the expansion of real estate development."



IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
TT

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.


Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
TT

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.


Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
TT

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.