According to the latest figures released by the Bahrain Economic Development Board (EDB), Bahrain’s non-oil sector growth has increased 4.4 per cent in the first quarter, up from 3.7pc recorded last year. Tourism, financial services and transportation and communications sectors are believed to have contributed to the rise.
This improvement is due to the attention given by the government to the non-oil sectors, particularly tourism, which has largely contributed to the rise in earnings.
As the oil prices plummeted, the GCC governments were trying to implement what economists call the diversification programme, where other sectors of potential economic growth are identified and developed. Of late, GCC countries have become interested in developing the tourism sector as an alternative way to generate revenues.
Even the giant oil producer, Saudi Arabia is seeking to rely on tourism and it is only last week that the kingdom planned to build a tourist complex in the islands off the western coast of the Red Sea which is believed to conform to international standards. Last week, Oman introduced an easy tourist entry visa scheme, including for GCC residents to attract visitors in an effort to revive its tourism sector.
Bahrain was the first GCC country to develop the tourist sector, which seems to have now lagged far behind the UAE. Previously, the number of oil barrels pumped per day was considered as the game to win. Oil is a natural resource that needs purchasing advanced technology to extract and export.
Now we find ourselves in a new era where the service sector, and tourism in particular, has become the new game of contention. Unlike the oil sector, the tourism industry needs innovation and skill to outperform the competitors.
Bahrain must outplay others by investing in the development of its infrastructure, designing new ways of entertainments and developing innovative ways of attracting tourists from around the GCC and their families to win the competition. Our performance in winning the competition determines the kingdom’s future developments and prosperity. People and governments should co-ordinate to pull all resources to that end.
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