Bahrain belongs to the Cooperation Council of the Gulf. It is among the top 50 countries for the human development index (a three-dimensional index: long, stable existence, awareness, acceptable living standards). It has two UNESCO sites in world patrimony. Its industry is centered on oil trading and relied on multiple sectors such as finance, commerce, and tourism in a diverse economy. For the sustainable economic growth of the region, the Bahraini government strongly promotes travel and tourism.
Tourism is one of the world’s most diverse and leading sectors. In 2017, 10.4% of global GDP and 9.9% of international jobs were produced by this industry. Tourism contributed about 7% of Bahrain’s GDP in 2018, and this contribution is projected to increase steadily by 2028 to 10.9%. In 2018, there were 12 million tourists in the world, projected to hit 14 million by 2022. This will thus affect the hospitality industry to broaden its base and influence by growing the number of hotels and acquisitions by local and foreign business experts. It also provides an array of possibilities for entrepreneurs who can be part of Bahrain’s rising tourism industry, either directly or indirectly.
Tourism business contribution to Bahrain
- Exact economic assistance- Restaurants, travel agents (travel agents and guides), airlines, and transport operations have a substantial economic influence.
- Indirect financial contribution- private and government funding for tourism promotion has an indirect economic effect.
- Induced financial contributions — the economic impacts of those employed by tourism explicitly or indirectly.
Travel and tourism prospects in Bahrain
- The strategic position of Bahrain on the Persian Gulf makes it a common destination for citizens from other Gulf countries who plan a long weekend of leisure activities.
— The Bahrain Tourism and Exhibitions Agency (BTEA) organizes, facilitates, and oversees, at the state, national and foreign level, festivals, conferences, and exhibitions in Art, Music, Entertainment, and Sports to draw citizens searching for entertainment or corporate activities. Therefore, Bahrain is a major touristic destination and an exciting location for many prospects to do business.
- Expo 2018 is a perfect illustration of putting people together to create ties and networking, promote and inspire innovations, goods, and services to a wide variety of markets and put tourism and hospitality under one umbrella.
- By fighting towards the reduction of barriers, BTEA facilitates local and foreign investors.
- Creditors are entitled to build and own these establishments in the hotel, restaurant, or tourist resort.
- The Minister offers investment assistance to develop state-of-the-art facilities that comply with international requirements for Manufacturing, Trade, and Tourism.
By offering a productive market atmosphere, state-of-the-art installations and facilities, a strategic business venue, an idyllic island climate, a wealth of cultural patrimony, different kinds of events, and exhibits, Bahrain provide an array of investment opportunities in the tourism and hospitality sectors. Manama is Bahrain’s capital city, and in 2016 it was called the Gulf Tourism Capital. The Bahrain Economic Development Board offers Bahraini, GCC nationals, and foreigners opportunities to invest in the tourism industry and to take advantage of lower utility costs (power, water, telecom services), lower leasing costs for offices, and lower cross-border interconnection operating costs than other Gulf Cooperation Council countries.
Bahrain has a liberal environment and several free markets that offer added stimuli to those who wish to enroll in Bahrain. Business Setup Worldwide provides all manner of facilities from preparation to Bahraini visa services.