S&P Global Ratings has revised its outlook on Bahrain to “positive” from “stable”, citing the government’s fiscal reforms and high crude prices.
“The positive outlook reflects the government's ongoing implementation of the updated fiscal balance programme (FBP) by expenditure cuts and revenue-enhancing initiatives, including the doubling of the value-added tax (VAT),” the ratings agency said on Saturday.
The Arab country is benefiting from a surge in regional activity tied to higher oil prices. Brent, the benchmark for two thirds of the world’s oil, is currently trading at about $83 a barrel after falling to less than $30 in 2020.
Bahrain's economy grew 6.9 per cent in the second quarter of 2022 to record the highest rate of growth in the past 11 years, driven by a strong performance in the country's non-oil sectors involved in the country's economic reform plan.
Bahrain, the smallest economy in the six-member GCC bloc, has sought ways to cut spending and achieve a balanced budget by 2024.
It unveiled an economic reform plan last year that seeks to invest about $30 billion in projects to drive post-pandemic growth, boost employment for citizens and attract $2.5 billion in foreign direct investment by 2023.
The plan also increased value-added tax from five per cent to 10 per cent, in a move to help the kingdom balance its budget by 2024.
The ratings agency said it expects Bahrain’s economy to grow by 4.8 per cent this year before slowing to about 2.5 per cent from 2023 to 2025 on the back of gradually declining commodity prices and slowing global growth.
Brent oil prices will average $90 a barrel in 2023 before falling to $80 in 2024, according to S&P’s estimates.
“Over the medium term, the government's economic recovery plan will drive non-oil activity to spur domestic employment and attract investments in strategic sectors such as tourism, housing, roads, airports, and electricity,” the ratings agency said.
New projects include the creation of five communities on newly constructed islands, and increasing Bahrain’s total land area by more than 60 per cent.
One of the largest areas planned, called Fasht Al Jarim, will span 183 square kilometres and provide a residential, logistics and tourism centre that will have a new airport.
“We expect the favourable external environment will enable Bahrain to achieve another current account surplus of 10.9 per cent of GDP in 2022, up from 6.7 per cent in 2021,” said S&P.
“Although income payments and workers' remittances will remain a drain on the external balance, stronger receipts from tourism and financial services tied to the normalisation of economic activity will help shore up the services account.”
Bahrain, which produces about 200,000 barrels per day of crude, is not an Opec member and its production is not restricted by Opec+ commitments.
The Opec+, a group of 23 oil producing countries, has reduced its collective output by two million bpd amid demand concerns.
Bahrain’s discovery of two new gas fields in the Al Juba and Al Jawf reservoirs adds “further upside” to S&P’s growth projections, the ratings agency said.
Prices of natural gas, seen as a transition fuel, have surged following Russia’s invasion of Ukraine, tipping the European economy towards a recession and making inflationary pressures worse.
Bahrain's banking system remains “relatively resilient” with regulations broadly in line with those of regional peers, S&P said.
Domestic private sector loan growth rose to 5.3 per cent in September from a year earlier, compared with a 4.1 per cent increase at year-end 2021, spurred by the retail sector.
“We forecast credit extension will remain robust at 6 per cent over 2022-2025, owing to strong economic activity,” it added.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A
The five pillars of Islam
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
UAE currency: the story behind the money in your pockets
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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Mrs%20Chatterjee%20Vs%20Norway
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Killing of Qassem Suleimani
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
UAE currency: the story behind the money in your pockets
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Stage 5 results
1 Tadej Pogacar (SLO) UAE Team Emirates 3:48:53
2 Alexey Lutsenko (KAZ) Astana Pro Team -
3 Adam Yates (GBR) Mitchelton-Scott -
4 David Gaudu (FRA) Groupama-FDJ 0:00:04
5 Ilnur Zakarin (RUS) CCC Team 0:00:07
General Classification:
1 Adam Yates (GBR) Mitchelton-Scott 20:35:04
2 Tadej Pogacar (SlO) UAE Team Emirates 0:01:01
3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33
4 David Gaudu (FRA) Groupama-FDJ 0:01:48
5 Rafał Majka (POL) Bora-Hansgrohe 0:02:11
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
RESULT
Australia 3 (0) Honduras 1 (0)
Australia: Jedinak (53', 72' pen, 85' pen)
Honduras: Elis (90 4)
UAE currency: the story behind the money in your pockets
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
