BAHRAIN DELEGATION ARRIVES AT WORLD ECONOMIC FORUM

25 january 2011
Source : Bahrain Economic Development Board

A Bahrain delegation including Governor of the Central Bank of Bahrain, Rasheed Al Maraj, Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of the Kingdom’s Economic Development Board (EDB) and Talal Al Zain, Chief Executive Officer of Bahrain Mumtalakat Holding Company, will arrive in Davos-Klosters, Switzerland, today for the World Economic Forum (WEF) Annual Meeting.

The global summit runs from 26-30 January and is a timely gathering of global leaders under the theme ‘Shared Norms for the New Reality.’  According to Shaikh Mohammed, the focus must be on getting business fundamentals right and working towards a positive set of values as a successful foundation for long term economic prosperity.  Bahrain itself has taken a number of measures to strengthen the long term sustainability and prosperity of the Kingdom, including a prudent fiscal and monetary approach and tried and tested regulatory framework.

Shaikh Mohammed said: “We must together ensure that the world no longer talks about growth at any price.  Growth must be ‘real’ rather than for the short term.  How business is done is as important as how much; in 2011 there will rightly be an emphasis on Fairness, Competitiveness and Sustainability.  In Bahrain these values have long formed the basis for steady and sustainable economic growth and are now enshrined in Vision 2030, the blueprint for the development of our economy, government and wider society over the coming decades.”

According to the EDB’s 2010 Annual Economic Review, Bahrain enjoyed real GDP growth of 70 percent over the past decade, representing a sustainable growth rate in real GDP of more than six percent year-on-year.  Last month The International Monetary Fund (IMF) announced growth is expected to accelerate from the 3 percent recorded in 2009 to 4 percent in 2010 and further to 5 percent in 2011.

Earlier this month Bahrain was ranked among the world’s top 10 most economically free nations and the most free in MENA by the annualIndex of Economic Freedom, published by The Heritage Foundation and Wall Street Journal.

Shaikh Mohammed will tomorrow participate in a panel session titled ‘Insights on the Middle East and North Africa (MENA)’, discussing the economic challenges, political priorities and business issues shaping the MENA region.  Also speaking at the event is Talal Al Zain, CEO of Bahrain Mumtalakat Holding Company, as part of a panel focusing on the trends around the role of government and state-owned entities in the economy.  He joins the delegation alongside senior figures from the Kingdom’s thriving private sector – the engine of growth under Vision 2030; the EDB itself is leading the process under the guidance of His Royal Highness Prince Salman Bin Hamad Al Khalifa, the Crown Prince of Bahrain and Chairman of the EDB.

Talal Al Zain said: “The World Economic Forum provides a platform to highlight how Mumtalakat, the investment arm for the Kingdom of Bahrain, is working with the government to increase levels of transparency and corporate governance.  This approach sets us apart from many other state-owned enterprises, and helps shape our investment strategy to create a well diversified and balanced global portfolio to generate long term financial growth for the Kingdom.”

The other members of the Bahrain delegation are: 

  - Dr. Mohammed Al Amer, Chairman, Bahrain's Telecommunications Regulatory Authority, and President, Central Informatics Organisation

  - Mrs. Suzy Kanoo, the first elected Regional Chairwoman of the Young Presidents’ Organisation (YPO), Middle East and North Africa (MENA) region

  - Shaikh Mohammed bin Isa Al Khalifa, Vice Chairman, Batelco (Bahrain Telecommunications Company)

  - Dr. Nada Haffadh, member of the Shura Consultative Council

  - Laurent Schmitt, Chief Executive, Alba 

  - Samer Al Majali, CEO, Gulf Air

  - Mohammed Al Shuroogi, President – Gulf Business, Investcorp Bank 

  - Rima Al Kilani, Director of Global Marketing, Bahrain Economic Development Board

  - Dina Kasrawi, Vice President – Corporate Communications, Bahrain Mumtalakat Holding Company