Bahrain Achieves Key Milestones in Economic Diversification Under Fiscal Balance Programme
Bahrain has made significant strides in economic diversification under its Fiscal Balance Programme, achieving four of six core targets since its 2018 launch. Key developments include a 147% increase in non-oil revenues, advancements in the energy sector with the modernisation of the Bapco refinery, and enhancements in logistics and tourism, such as upgrades to Bahrain International Airport and the opening of Exhibition World Bahrain.
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Bahrain has made significant progress in economic diversification through national projects in energy, industry, transport, logistics, and tourism. Under the Fiscal Balance Programme initiated in 2018, four of the six core targets have been met, including reducing operational expenditures and increasing non-oil revenues, which rose by 147% from BD489 million in 2018 to BD1.2 billion in 2024.
The updated programme in 2021 saw the completion of six out of eight initiatives, including raising VAT to 10%. In the energy sector, key developments include the modernisation of the Bapco refinery, a new oil pipeline to Saudi Arabia, and the inauguration of the Bahrain LNG Terminal.
Industrial advancements include Aluminium Bahrain's new smelter line and the establishment of a US Free Trade Zone. The logistics sector has been bolstered by upgrades to Bahrain International Airport and the development of the Bahrain Logistics Zone. The tourism sector is enhanced by the opening of Exhibition World Bahrain and continued investment in the Bahrain International Circuit.
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