His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, announced in July 2014, the implementation of a series of development projects in the public and private sectors over the next few years.
The projects, with an investment value exceeding US $ 24.5 billion, demonstrate the kingdom's ability to bolster productive and competitive sustainable economy in a bid to reinforce Bahrain's status regionally and internationally through optimum use of its advantages and characteristics, which will further support the advancement of economic development.
The US $ 24.5 billion-development projects include the Gulf Development Programme and other substantial development projects. These projects are estimated at US $ 17 billion and will be implemented by public and private holding companies targeting various sectors including industrial, investment, tourism and entrepreneurship fields. Projects implemented under the Gulf Development Programme covering health, infrastructure, education, housing, social services and other government services. These projects are estimated at US $ 7.5 billion.
Mega projects are aimed at improving the quality of life for all Bahrainis, in line with the commitment of the leadership, led by His Majesty King Hamad bin Isa Al Khalifa, to achieve sustainable development through creating job opportunities and attracting more investments that support the Kingdom’s diversified economy. .
The projects will support initiatives that help integrate the government’s efforts aimed at enhancing development with the private sector's wide ranging contributions. This will be evident in development-investment projects which will reflect positively not only on Bahrain's economy as a whole, but also on various sectors. Thus, these projects will clearly support development, attract investments and enhance the kingdom's image and status in the global economic map.
The projects will build on liberal economic policies maintained by the kingdom as well as the strategy put forward by the leadership to achieve the optimum levels of social welfare and reach the expected economic growth. The projects will also capitalize on Bahrain's advanced infrastructure and competitive prices to increase investments and attract more businesses looking to set up in the region.
Bahrain has seen a steady economic growth since the third quarter of 2014, largely due to economic reforms which focused on driving growth, ensuring development and boosting private investments. This good indicator paves the way for carrying on the implementation of a positive financial and fiscal policy that increases demand and stimulates the economy, in light of the recent drop in oil prices.
The kingdom is among the leading countries in the field of economic diversity. Through launching mega development projects, the kingdom seeks to continue diversifying sources of income to further supports its development programmes of sustainable economy, which is designed to further improve the quality of life for all Bahrainis, a key priority and an ultimate goal and core of all development efforts across the Kingdom.
The Economic Development Board (EDB) is doing its utmost to fulfill the directives issued by HRH the Crown Prince during the EDB’s Board of Directors meeting in September 2014.. To achieve that, it is cooperating and coordinating with the relevant government entities, as well as public and private companies to ensure the smooth implementation of the mega projects. As a result, EDB and all stakeholders have agreed on the need to specify the implementation phases and time frame for every project in order to ensure they are completed according to schedule, and achieve the pre-set goals.
The mega projects in the government sector include the addition of a sixth smelter line in Aluminium Bahrain(Alba), revamping the refinery of Bahrain Petroleum Company (Bapco), developing a tourist resort in Hwar Islands, Al Fateh Corniche revamp, among others. Regarding the private sector projects, they include mainly the Diyar Al-Muharraq, Durrat Al Bahrain Marina, Marsa Al-Seef, the Water Park and Dilmunia.
The implementation of the mega projects, announced by HRH the Crown Prince, highlights the importance of focusing on improving the quality of life for all Bahrainis, a significant element that will also underpin development projects in the future.