Manama - The CEO of the Bahrain Economic Development Board, Khalid al-Rumaihi, confirmed to Al Arabiya on the sidelines of the Gulf Gateway investors conference that VAT is going to be applied in the Kingdom at the beginning of the coming year.
Rumaihi also said that the recent discovered field in his country which is of 80 billion barrels production would be doubled and pointed out that it would not change the direction of the Bahraini economy.
The head of Bahrain’s Economic Development Board said that there would be a balance between the deficit reduction and continued economic growth.
Concerning the tourism sector, Rumaihi said that, “in 2017, 14 million tourists has visited Bahrain. Expanding the Saudi tourism and entertainment sector would not affect the Bahraini one.”
“Gulf Gateway conference aims to increase the public-private sectors partnerships in the Gulf,” he said, noting that the conference shows the radical changes taking place in the Gulf economies and discusses investment opportunities in different sectors.
“That the forum aims to bring investment perspectives together and encourage investors to seize the opportunities in the various sectors and in the Gulf. The conference presents investment opportunities in industry, electricity and water fields, with revenues up to $18 bln dollars, in addition to future projects that would reach 26 billion dollar,” Rumaihi told Al Arabiya.
He pointed out that the conference meetings discusses each sector in details. The transportation sector meetings will discuss the “King Hamad Bridge” construction cost, which will link Bahrain with Saudi Arabia worth $4 bln dollars.
In addition to other meetings in n tourism, real estate, electricity, water and alternative energy projects. He added, “We hope that the conference would be a platform for free discussions between the public and private sectors, and discussions for regulations and legislation to encourage investment in these sectors.”
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