Facts About Bahrain
With its highly developed communication and transport amenities, Bahrain is house to quite a few multinational corporations with enterprise within the Gulf. Petroleum production and refining account for over 60% of Bahrain’s export receipts, over 70% of government revenues, and 11% of GDP (unique of allied industries), underpinning Bahrain’s strong economic progress in recent times. Aluminum is Bahrain’s second main export after qatar petroleum refinery address oil. Different major segments of Bahrain’s financial system are the financial and development sectors. Bahrain is targeted on Islamic banking and is competing on a global scale with Malaysia as a worldwide banking center. Bahrain is actively pursuing the diversification and privatization of its financial system to scale back the nation’s dependence on oil. As part of this effort, in August 2006 Bahrain and the US applied a Free Trade Agreement (FTA), the first FTA between the US and a Gulf state. Continued strong growth hinges on Bahrain’s means to accumulate new pure fuel provides as feedstock to assist its expanding petrochemical and aluminum industries. Unemployment, especially among the younger, and the depletion of oil and underground water resources are long-time period financial qatar petroleum refinery address issues.