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Bahrain's Economic Outlook: Growth Projected for Key Sectors in 2024

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

Bahrain is on the move!The Kingdom's economic landscape is undergoing a dramatic shift, with tourism, technology, and healthcare emerging as the new powerhouses.

This exciting evolution is creating a dynamic environment for businesses and individuals alike.

A recent economic report unveils encouraging growth projections for several key sectors in Bahrain in 2024.

At the forefront is the telecommunications sector, closely followed by financial services and banking.

The tourism and entertainment sector ranks third, with technology and healthcare also demonstrating significant potential.

The Procapita report indicates that Bahrain's financial, banking, tourism, and entertainment sectors are poised for substantial growth, driven largely by advances in fintech and artificial intelligence.

Increased investment and technological progress in these sectors are expected to spur job creation and economic expansion.

Examining employment trends across the GCC region, the report highlights a rising demand for software developers, AI experts, and healthcare professionals.

Conversely, roles such as travel agents and print journalists are witnessing declining prospects, reflecting the region's shift towards technology and specialised skills.

Healthcare emerges as a high-growth sector throughout the GCC, with an increasing demand for specialised medical professionals.

Meanwhile, jobs in administration, journalism, and assembly lines are on the wane, indicative of the region's heightened focus on healthcare infrastructure and services.

The report suggests that Gulf economies will continue to expand in 2024, as they reduce their reliance on oil and diversify their income streams.

Strategic investments in AI and fintech are anticipated to transform industries from banking to e-commerce.

Tourism, too, is set for further growth, buoyed by major new projects and cultural initiatives aimed at establishing the GCC as a premier destination for both business and leisure travel.

Looking at individual countries, the report highlights contracting, renewable energy, tourism, technology, and manufacturing as Saudi Arabia's top growth sectors.

In the UAE, tourism, healthcare, real estate, and e-commerce are leading the way. Qatar is seeing booms in food/beverage, renewables, tourism, and hospitality.

Kuwait's bright spots include oil/gas, tech, finance, and food/beverage. Oman's strongest sectors are oil/gas, tourism, finance, manufacturing, and tech.

In sum, the report emphasises that employment trends provide crucial insights into economic development across the GCC. The region's emphasis on sustainable growth, regulatory reform, and emerging industries such as luxury goods and renewable energy is propelling this transformation.