Beyond the halls of the Isa Cultural Center where Bahrain's political leaders have started a national dialogue, business leaders are pondering how to re-establish the kingdom as the Gulf's leading banking hub.
The latest protests that coincided with the opening of talks between pro-government and opposition groups last weekend, was a reminder that rebuilding Bahrain's tarnished image as a place to do business could prove as challenging as the political process taking place over the coming weeks.
"The impact has been very bad," said Jamal Fakhro, the first deputy chairman of the Shura Council, the foreign affairs, defence and national security committee. Mr Fakhro is also the managing partner at the consultancy KPMG in Bahrain.
Despite the huge financial cost of months of protest he said companies were largely staying put. "No single financial institution or business of any size has left Bahrain," he said. "Have they seen their profits drop? Definitely. Have they reduced their staff? Definitely."
Many businesses have nonetheless relocated staff to other Gulf centres this year and now the kingdom wants to ensure that such relocations do not become permanent.
Bahrain will accelerate key projects under its economic vision after the protests, said Sheikh Mohammed bin Essa Al Khalifa, the chief executive of the Economic Development Board.
International businesses had restated their commitment to doing business in Bahrain, he said. The board has responsibility for steering the future of the country's economic diversification.
"The aims and ambitions for Bahrain remain the same, and the private sector would continue to act as the engine for growth," Sheikh Mohammed said. "Furthermore, recent events have illustrated the strength of unity in the GCC, which should bring further economic benefits through closer cooperation in both the public and private sectors."
Economic Vision 2030 was launched in 2008 as a road map for weening the economy off a reliance on dwindling oil reserves and, instead, handing responsibility for driving growth to the private sector. Creating good quality jobs for nationals and at least doubling the disposable income of households are key aims of the plan.
Raising living standards for all sectors of society and developing inclusive growth have appeared increasingly crucial since anti-government protests erupted in February and March. The instability led to more than two-months of martial law, threatening the country's ambitions of becoming a centre for finance and tourism.
Despite the unrest, the economy would be boosted by "active" and "targeted" investments, said Sheikh Mohammed. He gave the example of the German delivery company DHL, which last month signed a contract ensuring Bahrain would remain as its regional headquarters for the next eight years.
Investments also included the recently approved US$16.4 billion (Dh60.23bn) budget for this year and next, which represented a 44 per cent rise in spending, and the Gulf Development Programme, he said. Saudi Arabia, the UAE, Qatar and Kuwait in March set up a fund to provide $10bn each to Bahrain and Oman to help to expand fiscal breathing space in the two countries, both hit by unrest. Equal to a tenth of Bahrain's GDP last year, the scheme will provide an annual surplus of almost $1bn over the next decade.
The Bahrain central bank governor Rasheed Al Maraj said this month the economy would grow by 3 per cent this year. The IMF has forecast growth of 3.1 per cent, the lowest in the GCC, and down from 4.1 per cent last year.
Concerns have been raised about the resilience of the financial sector. Moody's Investors Service in May downgraded Bahrain's sovereign credit rating to "Baa1" from "A3", citing political turmoil and fundamental weaknesses in the banking industry.
Despite the latest political and economic problems, the Standard & Poor's credit analyst Emmanuel Volland said their long-term legacy should not be overstated.
"Standard & Poor's has no serious doubts that Bahrain is going to remain an important financial centre in the GCC. However, we note that it was already under pressure from competition from Qatar and Dubai, which now have a good opportunity to take a more important role in the region," he added.
With additional reporting by Bradley Hope. tarnold@thenational.ae
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
More from Aya Iskandarani
What you as a drone operator need to know
A permit and licence is required to fly a drone legally in Dubai.
Sanad Academy is the United Arab Emirate’s first RPA (Remotely Piloted Aircraft) training and certification specialists endorsed by the Dubai Civil Aviation authority.
It is responsible to train, test and certify drone operators and drones in UAE with DCAA Endorsement.
“We are teaching people how to fly in accordance with the laws of the UAE,” said Ahmad Al Hamadi, a trainer at Sanad.
“We can show how the aircraft work and how they are operated. They are relatively easy to use, but they need responsible pilots.
“Pilots have to be mature. They are given a map of where they can and can’t fly in the UAE and we make these points clear in the lectures we give.
“You cannot fly a drone without registration under any circumstances.”
Larger drones are harder to fly, and have a different response to location control. There are no brakes in the air, so the larger drones have more power.
The Sanad Academy has a designated area to fly off the Al Ain Road near Skydive Dubai to show pilots how to fly responsibly.
“As UAS technology becomes mainstream, it is important to build wider awareness on how to integrate it into commerce and our personal lives,” said Major General Abdulla Khalifa Al Marri, Commander-in-Chief, Dubai Police.
“Operators must undergo proper training and certification to ensure safety and compliance.
“Dubai’s airspace will undoubtedly experience increased traffic as UAS innovations become commonplace, the Forum allows commercial users to learn of best practice applications to implement UAS safely and legally, while benefitting a whole range of industries.”
MATCH INFO
Barcelona 5 (Lenglet 2', Vidal 29', Messi 34', 75', Suarez 77')
Valladolid 1 (Kiko 15')
The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 760Nm
Price: Dh898,000
On sale: now
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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Engine: 2.4-litre four-cylinder
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APPLE IPAD MINI (A17 PRO)
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Five expert hiking tips
- Always check the weather forecast before setting off
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Christopher Robin
Starring: Ewan McGregor, Haley Atwell, Jim Cummings, Peter Capaldi
Three stars
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%20Profile
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Engine: 3.0-litre six-cylinder turbo
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Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: Dual 180kW and 300kW front and rear motors
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On sale: Now
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
RESULTS
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