Bahrain, the smallest economy in the GCC, will register an uptick in real GDP growth to about 3.7 per cent this year, as rising oil prices lower the government's urgency to consolidate fiscal accounts, BMI noted in a report.
On Sunday the island kingdom, which lies offshore Saudi Arabia, announced its biggest hydrocarbons discovery in more than eight decades, which is expected to outsize existing reserves. The potential recovery of oil and gas from the tight reserves off its west coast will come as much-needed relief to Bahrain, which has been saddled with rising public debt, which ratings agency S&P estimated at 81 per cent of GDP in 2017.
Bahrain’s economy has slowed in the wake of the three-year slump of oil prices. The country already had one of the highest break-even prices for oil in the region. The slowdown in the economy prompted the three big ratings agencies to rate Bahrain to below investment grade on the back of a widening deficit.
However, BMI, a Fitch company, has revised up its forecast for Bahrain’s growth to 3.4 per cent for 2019 from 2.9 per cent, following the recent recovery in oil prices, which is expected to boost the kingdom’s fiscal revenues.
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Read more:
Bahrain makes biggest oil discovery since 1932
Bahrain to start tight gas development this year
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BMI's latest revisions are higher than those projected for the medium term by the country's own state investment agency, the Bahrain Economic Development Board. In December, the EDB said it expected growth to remain at about 3 per cent in the medium term, with the economy expected to have performed around 3.1 per cent over the previous year.
In its latest note BMI said Bahrain's economic growth would moderate from 2020 to about 3 per cent as oil prices stabilised. The agency has suggested declining production as one of the causes for growth to taper. However, the recent discovery of reserves may bode differently for the country’s growth.
Bahrain, which has yet to implement VAT, unlike GCC peers the UAE and Saudi Arabia, has been projected by BMI to begin implementation of the measure from the beginning of next year, offsetting some growth. The delay, however will help Bahrain avoid inflationary pressures.
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Sunday's fixtures
- Bournemouth v Southampton, 5.30pm
- Manchester City v West Ham United, 8pm
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
The Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
- Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
- Some Kids I Taught and What They Taught Me by Kate Clanchy
- Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
- Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
- Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
The five pillars of Islam
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
WISH
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
'Cheb%20Khaled'
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
More coverage from the Future Forum
Book%20Details
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