Bahrain posted a surplus of $88 million in the first half of the year, while recording a 52 per cent annual jump in revenue, the Gulf nation’s Ministry of Finance and National Economy said on Monday.
The country’s revenue in the January-June period stood at almost 1.7 billion Bahraini dinars ($4.5bn), from 1.1bn dinar in the same period last year.
Total surplus for the semi-annual closing reached 33m dinar from a deficit of 520m dinar in the same period in 2021.
The country’s actual expenses in the first half reached 1.6bn dinar, almost 2 per cent more than the prior year period.
With Bahrain's economy posting a strong 5.5 per cent growth in the first quarter of the year, the mid-year financial report is a further indication of the kingdom’s post-Covid-19 financial recovery, the ministry said.
“These results are clear evidence that the government’s disciplined approach to fiscal responsibility and long-term sustainability is proving effective. Government initiatives to further diversify the economy and attract investment are having a positive impact,” Sheikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy, said.
“While today is an opportunity to acknowledge measurable progress, Bahrain will continue to develop innovative policies to enable private sector growth and support the kingdom’s entrepreneurial spirit.”
Bahrain's economy, the smallest within the six-member GCC bloc, has sought ways to cut spending and achieve a balanced budget by 2024.
In 2018, the country received a $10bn package from its Gulf neighbours to support its Fiscal Balance Programme.
The country aims to have a balanced fiscal budget sooner than expected due to higher crude prices, Mr Al Khalifa told The National earlier this year.
Higher oil prices could help Bahrain to press ahead with its ambitious reforms, diversify its economy and reduce debt, the International Monetary Fund said in May.
Favourable macroeconomic and financing conditions can strengthen its finances, boost its foreign exchange reserves and support the dinar's peg to the US dollar, the fund said.
Bahrain also unveiled a major economic reform plan last year that seeks to invest about $30bn in projects to drive post-coronavirus growth, boost employment for citizens and attract $2.5bn in foreign direct investment by 2023.
The government also adopted cost rationalisation measures, including increasing value-added tax to 10 per cent to help the kingdom to balance its budget by 2024.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
SPECS
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UAE currency: the story behind the money in your pockets
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Company%20profile
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
