Bahrain has been ranked the best country for business in the Gulf by Forbes, one of the most trusted information resources for the world’s business leaders.
Bahrain is ranked No. 1 in the GCC and 33rd of 127 economies in Forbes’ Best Centres for Business 2009 report, confirming that the Kingdom is better placed than many other nations to weather the current global economic downturn and remains an attractive location for foreign investment.
The US-based publication’s fourth annual list assesses business conditions which entrepreneurs and investors consider desirable. The report highlights a number of factors that have already attracted numerous multinational firms to Bahrain, seeking access to the Gulf and MENA region: the Kingdom’s diversified economy which underpins the strong economic growth seen in recent years; its well established financial services sector and leading position in Islamic finance; and its highly developed communication and transport infrastructure.
Kamal Ahmed, Chief Operating Officer of the Bahrain Economic Development Board (EDB), said: “Bahrain provides the most attractive business environment for international companies looking to access the markets of the Gulf and wider Middle East. Our strong business track record and long term strategy of economic diversification is backed by the highest and most transparent regulatory and supervisory standards in the region. And our well developed infrastructure maximizes our strategic location as the gateway to the Gulf.”
The Forbes analysis of various socioeconomic indicators was drawn from expertise, research and published reports from the World Economic Forum, the World Bank, Transparency International, Freedom House, Deloitte Tax, the US Chamber of Commerce and Central Intelligence Agency, and the Heritage Foundation, whose 2009 Index of Economic Freedom ranked Bahrain the freest economy in the Middle East and 16th in the world earlier this year.