why Bahrain has the most free economy in the Middle East

Having established itself as a major financial center of the Arabian Gulf region, Bahrain is now moving towards becoming the region’s knowledge-based services hub. The country’s progressive outlook and international perspective are reflected in its social and economic diversity. In the past four decades the Kingdom of Bahrain has climed a sharp developmental curve to reach great heights .

Bahrain was a pioneer in the exploitation of commercial quantities of oil way back in the 1930s, and later is was also one of the first Gulf states to actively develop non-oil industries with the aim of achieving sustainable development. Today, Bahrain is able to boast a number of well-established, non-oil dependent industries, as well as the infrastructure needed to sustain them.

The Kingdom of Bahrain has no income taxes, an excellent telecommunications infrastructure and duty-free access to the other GCC (Gulf Co-operation Council) markets. Bahrain’s naming as the ‘most free economy in the Middle East and the Arab world’ by the Wall Street Journal and Heritage Foundation’s Index of Economic Freedom is notable.

However, the majority of the local populace have a laid back attitude towards work and their priorities in life seem to be slightly different from the rest of the world! This becomes more important when seen together with the government’s push for ambitious levels of localisation across the board in all businesses, probably due to political pressure from the opposition.

Such moves have caused serious concerns for Bahraini’s businesses, which have traditionally been dependent on foreign workers for the quality and profitability of their undertakings.