Bahrain is a nation made up of an archipelago of about 30 islands and has acted as the crossroads for some key trade routes because of its strategic location in the Arabian Gulf. Over the last decade, Bahrain focused a lot of its efforts in promoting its economy and make its business environment dynamic so as to foster economic growth. We have collated a list of the top business opportunities in Bahrain that can hit the bulls-eye in 2019.
Below are the top six business ideas:
- Financial Consulting and Banking: The financial and banking sector became the most flourishing businesses in the Kingdom towards the end of last year. The highly- developed banking system in Bahrain accounts for almost 17.2% of the country’s GDP. The banking sector includes various traditional banks and also some Islamic banks, thus providing the country varied options of financial services like specialized banks, retail/wholesale banks, insurance and other financing companies, investment advisors, insurance and securities brokers, , money changers, and mutual funds. Bahrain has made its position as a banking hub for whole of the Middle-East, particularly since Islamic Banking was introduced.
- Construction Agency: Bahrain is witnessing huge inflows of investment in the construction industry since the past couple of years. This sector makes up for almost 7.5% of GDP out of the total financial activity. Thus, if you are planning to establish a business in the construction sector here, we recommend you to seek professional guidance for company formation in Bahrain.
- Real Estate: With increasing population, the requirement for both official and residential spaces goes up. This sector boomed in the kingdom as tourism has been thriving and hence, there was a rising demand for space; this trend is likely to stay in 2019 as well. As per data, the Real Estate sector in Bahrain has been fairly sustainable and offers attractively high returns. By getting into the Real Estate in Bahrain, the investors can access a new, much wider market that offers an array of prospects.
- Hospitality: By last year end, Bahrain saw a rise in demand in the hospitality and tourism industries. As a matter of fact, the GCC hospitality industry is preparing to gain momentum and growth after a break because of the falling oil prices. This year, the oil prices are expected to recover; also, Bahrain is going to welcome a new chapter of its economy’s upward swing and prosperity, especially in the hospitality sector. With many forthcoming mega-events, boost in tourist traffic, various regulatory initiatives and other efforts by the government, especially towards the tourism and hospitality sector, this sector’s growth and productivity is quite high.
- Retailing: The retailing industry witnessed a boom last year and it seems to be growing at a speed because of various factors. The increase in tourism, the upsurge in infrastructure projects, low cost of living here obviously added to reasons for having more retail stores. Therefore, retailing industry has seen unprecedented development in the recent past in Bahrain, and it shows no signals of slowing down in 2019.
- Event planning: With several global players entering the Bahrain market, hosting a conference or an event requires careful planning and expertise; therefore, setting up an event planning company in the Kingdom is another top business opportunity that can be explored.
If you are looking for assistance in setting up a business or for company formation in Bahrain, we would be glad to assist you in providing all the latest information and knowledge regarding the business trends in Bahrain. Also, for getting accounting services in Bahrain, get in touch with us, and we will be happy to help!
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