Manama: The Shura Council, under the leadership of Chairman Ali bin Saleh Al Saleh, inaugurated the "Towards Inclusive and Sustainable Economic Development" forum. This significant event featured Shaikh Salman bin Khalifa Al Khalifa, the Minister of Finance and National Economy, as the keynote speaker. The forum witnessed participation from ministers, representatives from both public and private sectors, and received support from the Bank of Bahrain and Kuwait (BBK) and the National Bank of Bahrain (NBB).
According to Bahrain News Agency, the forum is a strategic initiative by the Shura Council to implement directives from His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. The goal is to promote institutional cooperation and develop sustainable economic strategies aligned with national objectives.
In his opening address, Al Saleh highlighted the transformation of Bahrain's economy in recent years under the leadership of HM the King and the follow-up by HRH the Crown Prince and Prime Minister. He emphasized Bahrain's shift from economic recovery to sustainable growth, grounded in structural reforms that prioritize sustainability, equity, and equal opportunity.
Al Saleh praised the 2025-2026 state budget for its focus on social protection and living standards, achieved through productive cooperation between executive and legislative authorities. He emphasized the maturity of Bahrain's political process and the shared commitment to addressing citizens' priorities, including public support and housing projects.
He further stated that Bahrain is entering a new phase of strategic planning, requiring in-depth analysis of opportunities and challenges to build a competitive, resilient, and diversified national economy. The forum serves as a platform for stakeholders to exchange ideas and shape Bahrain's future economic vision through investment in human capital, technology, and innovation.
The Chairman reiterated the legislative authority's commitment to reviewing the forum's outcomes, updating relevant policies and legislation, and fostering a conducive legal and regulatory framework for investment and innovation. Continued consultation with all stakeholders is essential to enhance Bahrain's legislative and economic resilience.
Appreciation was expressed to participants and organizers, including the Financial and Economic Affairs Committee chaired by Khalid Hussain Al Maskati, and Shura Council Secretary General Kareema Mohammed Al Abbasi, for their contributions to the forum's success. The sponsors were also thanked for their support of national development efforts.
In the keynote session, Shaikh Salman bin Khalifa outlined Bahrain's economic strengths and strategic financial direction. He noted significant economic achievements under the leadership of HM the King and the follow-up of HRH the Crown Prince and Prime Minister. These achievements are attributed to strategic financial and economic plans aimed at sustainable growth, fiscal strength, and national competitiveness.
Shaikh Salman bin Khalifa emphasized that Bahrain's Economic Vision 2030 has guided the transition from an oil-based to a diversified and productive economy. Key programmes supporting economic diversification were reviewed, including streamlining business processes, regulatory reform, and advancements in education, financial services, and innovation.
He also highlighted the Economic Recovery Plan launched in October 2021, focusing on job creation, business facilitation, and fiscal sustainability, with non-oil sectors now contributing approximately 86% of GDP.
The forum included three panel sessions exploring Bahrain's competitiveness and investment policies. Speakers included Noor bint Ali Al Khulaif, Sustainable Development Minister. Sessions discussed the private sector's role in diversification and sustainable growth, identifying challenges and opportunities.
Key recommendations were presented by the Financial and Economic Affairs Committee Chairman, focusing on enhancing legislative frameworks, strengthening institutional consultation, and supporting investment and innovation. Recommendations also called for greater integration of successful global public-private partnership models and enhanced digital infrastructure in banking.
The recommendations aim to align local strategies with international financial standards in fintech, support micro, small, and medium enterprises in high-value non-traditional sectors, and stimulate entrepreneurship to boost economic diversity and sustainable growth.