The Bahrain Association of Banks (BAB) has affirmed that the Kingdom of Bahrain’s outstanding performance in the financial and banking sector, as highlighted in the 2024 World Competitiveness Ranking, published by International Institute for Management Development (IMD), is a magnet for investments in the sector.
The Kingdom’s substantial progress in these indicators enhances confidence in its financial system, showcasing its commitment to developing a competitive economy that attracts investments and fosters a vibrant economic environment, which underscores the overall leadership of Bahrain’s banking sector.
Mr. Adnan Yousif, Chairman of BAB, highlighted that Bahrain’s ninth-place global ranking in the efficiency of financial and banking services for commercial activities is a testament to the capability, competitiveness, and proficiency of Bahraini banks in delivering a wide array of services to businesses. This ranking reflects Bahrain’s sophisticated financial and banking infrastructure, financial and investment freedom, advanced regulatory framework, business-friendly environment, and highly skilled banking professionals, all of which create a supportive climate for investments across various sectors.
Mr. Yousif stated: “Bahrain’s ninth-place global ranking in the index measuring the positive impact of central bank policies on the economy highlights the significance of the prudent policies and strategies adopted by the CBB. This achievement underscores the importance of the reforms and major initiatives implemented by the Bank. Despite challenging global economic conditions, these factors affirm the resilience of the Bahraini banking sector and its ability to compete on an international scale.”
Mr. Yousif affirmed that these positive indicators confirm that the Kingdom of Bahrain is confidently progressing towards achieving the strategy for the development of the financial services sector for 2022-2026. This progress reflects the successful policies and concerted efforts of financial and banking institutions, as well as the high investor confidence in the Kingdom due to the sector’s flexibility, advanced infrastructure, robust capital markets, and a thriving technological environment, especially in the face of intense global competition to attract investments.
Mr. Yousif added: “This qualitative progress in the indicators confirms Bahrain’s firm commitment to simplifying legislation and continuing to strengthen policies and business practices in its thriving investment environment. This commitment ensures the ease of establishing businesses and achieving sustainable growth. Additionally, Bahrain’s advanced banking infrastructure and distinguished financial services for businessmen and companies make it an ideal environment for commercial activities and expanding investors, thereby strengthening its position as a reliable global investment center.”
