Economic diversification tops priority: official

A top Bahraini official said diversification of the economy will continue to be a top priority for the Kingdom and will not “rely just on oil”. This policy, Ambassador of Bahrain to the United States, Shaikh Abdullah bin Rashid Al Khalifa said, has led to the licensing of the largest number of financial institutions in the region, reaching 400 and registration of nearly 3,000 funds.

Shaikh Abdullah was speaking during the third Emerging Technology Forum, organised by the American Council for Technology (ACT) and Industry Advisory Council (IAC), on “From Local to Global: Emerging Technologies for the Digital Age”. In this context, he explained that the future of the financial sector is focused on innovation in the field of financial technology, “thus the Kingdom is at the forefront of countries that provide an ideal environment for financial institutions.”

He also reviewed a couple of examples in pioneering regulatory policies in the region, such as the Central Bank of Bahrain (CBB), which set up a regulatory sandbox for financial companies to test and develop digital banking products, and the announcement of the largest and most comprehensive digital currency regulation in February. The policies are in line with the reform approach of HM King Hamad bin Isa Al Khalifa and the Economic Vision for Bahrain 2030.