October 15, 2013 § Leave a comment
On Saturday, I had the pleasure of attending the Banks in Bahrain Evening Reception on the sidelines of the annual World/IMF Meetings at the Fairmont Hotel. The distinguished guest list matched Bahrain’s reputation as an international financial center and demonstrated Bahrain’s position as the leading market entry point for banks to do business in the Arabian Gulf.
Bahrain’s financial sector has proven resilient in the face of global financial turmoil and political unrest. This resiliency is a testament to the hard work Bahrainis have put in over the past several decades to make our country hospitable for foreign investment and economic growth. This will continue to be important as we work to expand our already considerable foothold in the expanding field of Islamic finance. I look forward to exploring these issues further at the upcoming World Islamic Banking Conference, which will take place in Bahrain in early December.
Banking and finance are critical components of Bahrain’s long term economic diversification strategy and already accounts for nearly 25 percent of Bahrain’s gross domestic product. I was very pleased with the great turnout we had on Saturday.