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Last updated : Nov 2009
Bahrain Business
Bahrain Business Overview - TravelPuppy.com
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