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What is Bahrain Vision 2030?

The Bahrain Economic Vision 2030 which was launched in October 2008 by His Majesty King Hamad bin Isa Al Khalifa, is a comprehensive economic vision for Bahrain, providing a clear direction for the continued development of the Kingdom’s economy and, at its heart, is a shared goal of building a better life for every Bahraini.

The guiding principles of the Economic Vision 2030

The launch of the vision followed four years of extensive discussions with a range of opinion leaders in the public and private sectors, including governmental institutions and organizations, as well as international consultancies and bodies. The Economic Vision 2030 focuses on shaping the vision of the government, society, and the economy, based around three guiding principles; sustainability, fairness, and competitiveness. Following the launch of the Economic Vision 2030, the Economic Development Board (EDB), initiated an on-going programme of economic and institutional reform. The EDB led and coordinated with ministries to compile the first National Economic Strategy, which served as a roadmap to achieve the Vision. The vision 2030 also addresses the Sustainable Development Goals 2030 (SDGs).


Sustainability


Competitiveness


Fairness


Diving into the guiding principles

Sustainability

By 2030, the private sector should be able to drive economic growth in Bahrain independently. Bahrain will use its resources to invest in the future, improving its human capital through education and training, particularly in the field of applied sciences. In a world where modern technology and new competitors from across the globe are continually shortening product lifetimes, entrepreneurship, and innovation will ensure the sustainability of the vibrant private sector. But economic growth must never come at the expense of the environment and the long-term well-being of Bahrainis. No effort will be spared to protect Bahrain's environment and preserve the kingdom's cultural heritage.

 

Competitiveness

Higher productivity requires people with the right skills for each position. To be Competitive Bahrain will go to great lengths to educate their people, retain qualified staff, and attract foreign workers with the skills that are lacking. The key is to make Bahrain a great place to do business for both local and foreign companies. Many factors combined to make a country attractive to investors in high-value-added industries: a high-quality public service, a cutting-edge infrastructure, and a better living environment.

 

Fairness

Bahrain's Vision is that the country’s future economic success will impact society more widely, creating a broad base of prosperity. For fairness to be nurtured, all transactions made by both the public and private sectors must be transparent. Free and fair competition should prevail, with private and public activities taking place in the open, whether they concern employment, land for public auction or the outcome of a tender. Bahrain is to provide the legal and regulatory framework that ensures the protection of consumers and fair treatment for business owners and foreign investors.

How does this benefits Bahrain's real estate market?

An exceedingly favourable business environment

Bahrain is conveniently located at the heart of the GCC, and provides a gateway to Asia, Europe and Africa. In addition to the region’s standard economic incentives – zero taxation for private companies, few indirect taxes for private enterprises and individuals, and free movement of capital – Bahrain offers one hundred percent foreign ownership of business assets and real estate in most sectors of the economy. 

A progressive, stable government

In Bahrain, the strong rule of law provides stability and a safe investment environment. The political reforms our nation has embraced have built the basis for an inclusive and cohesive society, supportive of ambitious programmes for economic and social change. Our commitment to openness and democracy has invigorated economic development while preserving the Kingdom’s traditional, one-family spirit.

An ambitious, multicultural society

The people of Bahrain have always been ambitious in their collective striving for a prosperous future. Bahrainis welcome foreigners into their country, integrating them into their community in the true Islamic tradition of tolerance and hospitality. As a result, the population is diverse, living and working together peacefully.