An important financial hub in the Middle
East ...
Bahrain's small size and central location
among Persian Gulf countries require it
to play a delicate balancing act in foreign
affairs among its larger neighbors. Possessing
minimal oil reserves, Bahrain has turned
to petroleum processing and refining,
and has transformed itself into an international
banking center. The new Amir is pushing
economic and political reforms, and has
worked to improve relations with the Shi'a
community. Bahrain, a group of 33 islands,
with an area of 707 square kilometres,
is situated in the Arabian Gulf, off the
east coast of Saudi Arabia. The local
time is GMT + 3 hours.
Bahrain is rich in history and ancient
civilizations have only recently been
discovered by international archaeologists.
Its believed that for tens of thousands
of years, nomads traveled over Bahrain's
desert and primitive flint tolls found,
testify to this history. Recent finds
have evidenced that Bahrain was indeed
the site of the lost civilization of Dilmun
dating from the third millennium BC, often
refered to as the fabled Garden of Eden
and described as "paradise"
in the Epic of Gilgamesh.
The land is repeatedly mentioned in Sumerian,
Babylonian and Assyrian inscriptions as
an important seaport between Mesopotamia
and the Indus Valley, due to the perennial
abundance of sweet water. By 600BC, Bahrain
was absorbed into the new Babylonian Empire
and once again flourished as a prosperous
entreaty. In 323 BC, two of Alexander
the Great's ships arrived and new trade
routes opened, resulting in such a strong
Greek influence that Dilmun was renamed
Tylos. Bahrain was also the site of the
largest prehistoric cemetery in the world.
At one stage an estimated 170,000 burial
mounds covered the central and western
areas. Archaeological finds of those that
have been uncovered, reveal evidence of
two distinct civilizations the Dilmunand
Tylos -two thousand years apart, dating
from the third and first millennia, respectively.
The state takes its name from the largest
island Bahrain, which is 586.5 square
kilometres. It is linked by causeways
to Muharraq (international airport)
and Sitra (industrial area and tank-farm).
There are numerous other tiny islands,
but they are mainly uninhabited and
are best known for the variety of migrating
birds which pass through in spring and
autumn. Arabic is the official language,
although English is widely understood
and it's used by most businesses. Islam
is the religion of Bahrain and is practised
by a large, majority. Places of worship
of other faiths exist on the island.
The climate is hot in summer and mild
in winter. From November to April it
is very pleasant, with temperatures
from 15 to 24 degrees centigrade. Temperatures
are coolest between December and March
when northerly winds prevail. From July
to September temperatures average 36
degrees centigrade with high humidity.The
annual average rainfall is approximately
77 millimetres.The Arabian Gulf has
an average depth of only 35 metres and
most of it in the vicinity of Bahrain
is much shallower than this.
H.H.
The Amir, Shaikh Hamad Bin Isa Al Khalifa,
came to power on the 6th of march 1999,
following the path of the late Amir. His
Highness the Amir Shaikh Hamad Bin Isa
Al Khalifa has continued in steering the
country towards prosperity, glory and
success. Evidence of the achievement are
found in every sector of the economy and
is a source of pride and inspiration.
The country is widely respected by the
international community for its progressive
policies and programmes, thanks to the
judicious leadership of His Highness and
his wise government, led by His Highness
Shaikh Khalifa Bin Sulman Al Khalifa,
the Prime Minister and the continuous
support of His Highness Shaikh Sulman
Bin Hamad Al Khalifa the Crown Prince
and Commander-in-Chief of the Bahrain
Defence Force.
Apart from providing a stable government,
it has been an active policy to encourage
foreign investment and support private
enterprise. Bahrain became a member of
the United Nations and the Arab League
in 1971. In 1981 it joined its five neighbours
- Saudi Arabia, Oman, Kuwait, the United
Arab Emirates and Qatar - to form the
strategic alliance called the Gulf Co-operation
Council (GCC).
Bahrain has an independent legal and
judicial system with a framework of
commercial laws and, on this strength
and its well developed infrastructure,
has become an international and GCC
arbitration centre.
The British perspective
Bahrain has a small and reasonably prosperous
economy with less dependence on oil than
most Gulf states. Trade between the UK
and Bahrain is increasing. In 2004 UK
exports reached £158 million, up
from £155 million in 2003.
Opportunities
Bahrain's diversity and openness continue
to present opportunities for exporters.
The principal sectors for UK businesses
are:
Electrical
and industrial machinery
Consumer goods
Food and beverages
UK services such as consultancy, financial
services and education are also significant.
Hydrocarbons continue to play a large
role in the economy, although resources
are running out and diversification
is underway.
Industry – Bahrain has one of the world's
largest aluminium smelting plants, and
its duty-free industrial zones offer
opportunities for medium and light manufacturing
industries.
Tourism – now accounting for around
10% of GDP, Bahrain is a popular destination
for Saudi Arabians and Kuwaitis, and
increasingly Western visitors.
Why Invest in Bahrain ?
Strategically located in the Gulf with
a 25 km causeway connection to Saudi
Arabia and the rest of the GCC, Bahrain
is seen as a gateway to the Gulf (a
market of over 100 million people)
Strategically located to address the
emerging market of Iran with over 60
million consumers
100% foreign ownership of companies
possible, without the need of local
partner/sponsor
Transparent commercial laws
Tax free economy; no personal, corporate,
withholding tax or VAT
Duty free access to the GCC States
No exchange control restrictions on
repatriation of capital, profits and
dividends
Stable currency linked to the US Dollar
Fast track seven days company registration
system offered by the Bahrain Investor's
Centre
No custom duties on imports of raw materials,
semi-finished commodities brought for
further processing, imports for developing
projects, machinery for manufacturing
or on goods imported for re-export
Doing Business
The Economic Development Board (formerly
known as Bahrain Promotions and Marketing
Board) is a useful contact for Investors
interested in setting up operations
in Bahrain :
The Economic Development Board
PO Box 11299
MANAMA
Tel: 973 533886
Fax: 973 531117
Email: bahrain7@batelco.com.bh
Chamber of Commerce for the
Market
Bahrain Chamber of Commerce and Industry
PO Box 248
BAHRAIN
Tel: +973 229555
Fax: +973 212937/224985
Email: bahcci@batelco.com.bh
Website: www.bahchamber.com
Trade Associations in market
The Economic Development Board (formerly
known as Bahrain Promotions and Marketing
Board) can provide information on marketing
and investment opportunities.
The Economic Development Board
PO Box 11299
MANAMA
Tel: 973 533886
Fax: 973 531117
Email: bahrain7@batelco.com.bh
Bahrain British Business Forum
PO Box 10051
Manama
Bahrain
Tel: 973 229889
Fax: 973 224385
Email: bbbf@batelco.com.bh
Website: www.bbbf.org.bh
Bahrain Embassy in the UK
Embassy of the Kingdom of Bahrain
30 Belgrave Square
London SW1X 8QB
Tel: 020 7201 9170
Fax: 020 7201 9183
E-mail: information@bahrainembassy.org.uk
Other contacts
The Middle East Association
33 Bury Street
London SW1Y 6AX
Tel: 020 7839 2137
Fax: 020 7839 6121
E-mail: mail@the-mea.co.uk
Website: www.the-mea.co.uk
In
2006 CWC Gulf opened a new representative
office in Bahrain. If you are
planning business in Bahrain then
speak to us now.
