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Business |
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Economy
Oil controls Bahrain’s economy and, along
with gas and petrochemicals, forms a large amount of
exports
and government income. That quantity is declining; however, as
Bahrain attempts to vary its economy and the reserves dwindle.
Many successful industrial projects, which include aluminium
manufacture, an iron ore processing facility and an ammonia methanol
plant, have been
established. In the service sector, the financial services industry has extended greatly in
recent years, since
business organizations
trading in the region have established their
regional centres in Bahrain, where the reasonably
comfortable and informal
environment
is an essential factor in a region where accurate social customs
are often the
average standard.
In June 2000, Bahrain was recognized by the Organisation
for Economic Cooperation and Development (OECD), the
world’s 30 most prosperous
economies, as 1 of 35 countries whose
financial laws are thought to encourage large scale tax avoidance
and feasible money laundering.
The government has since taken measures to meet the OECD’s
demands, therefore evading the threat of future sanctions. In
September 2004, a Free Trade Pact was signed
with the United States. However, Saudi Arabia destined the move,
saying it hindered regional economic integration. Most of Bahrain’s
business is conducted with the leading industrialised countries, especially
the United States of America, Japan, the larger EU states
and Switzerland.
Business
For businessmen, ties and suits should be worn and business must
be done on a personal introduction basis. General social courtesies should be observed but introductions
and greetings are necessary and polite conversation is expected
before beginning business discussions.
Bargaining is normal in Bahrain, Arabs consider their word as their
bond and expect others to do the same. An ideal time to visit
Bahrain is between October and April.
General Office Hours: Saturday to Wednesday
8.00 am to 1.00 pm and 3.00 am to 5.30 pm.
Some offices work Saturday to Thursday 8.00 am to 3.30 pm.
Government Office Hours: Saturday to Wednesday
from 7.00 am to 2.15 pm.
Commercial Information
The following associations can give advice:
Commercial Arbitration Centre
Address: PO Box 16100, Adliya
Telephone: 1782 5540
Facsimile: 1782 5580
Email address: gccacct@batelco.com.bh
Website address: www.gccarbitration.net
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