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Statistics
• GDP: US$19.68 billion (2008 estimate).
• Main exports: Petroleum and petroleum products, aluminium and textiles. • Main imports: Crude oil, machinery and chemicals. • Main trade partners: USA, Saudi Arabia, Japan, UAE and China. Economy
Oil dominates Bahrain's economy and, together with gas and petrochemicals, accounts for the bulk of exports and government revenue. That proportion is falling, however, as reserves dwindle. Recognising the need to diversify the economy, the government took early measures to build the banking sector and encourage international investment in large-scale projects such as the Bahrain Financial Harbour in Manama.
Local tourism (largely from Saudi Arabia) accounts for a robust service industry, and international tourists have been won back through the inauguration of the Grand Prix in April 2004 and high-profile spending in tourist infrastructure, particularly at complexes such as Al-Areen and Durrat al-Bahrain. In September 2004, Bahrain signed a Free Trade Pact with the USA but continues to discuss regional economic integration and a proposed single currency. Business Etiquette
Working attire is formal (suits and ties for men, business clothes for women). Commercial interaction is facilitated through personal introduction and greetings and polite conversation are expected before business discussions begin. Bargaining is common practice. Arabs regard their word as their bond and expect others to do the same. The best time to visit is October to April.
Office hours: Sun-Thurs 0800-1300 and 1500-1730 or 0800-1530. Business Contacts
Commercial Arbitration Centre
PO Box 16100, Adliya, Bahrain Tel: (17) 825 540. Website: www.gccarbitration.net |
