BAHRAIN’S financial and banking system rivals the best in the world, Britain’s Prince Andrew declared in an exclusive interview with the GDN yesterday. The Duke of York also praised the huge strides Bahrain has taken since reforms began 10 years ago, following the accession of His Majesty King Hamad, which have crystallised into the country’s 2030 Economic Vision.
He pledged London’s full backing to help Bahrain unlock its “tremendous trade potential”.
Prince Andrew, who travels the world as the UK’s Special Representative for International Trade and Investment, confirmed the “very special” historic bonds between his country and Bahrain.
He is a frequent visitor, but his mission this time is to explore opportunities in sectors as diverse as banking, insurance, health, water, energy, tourism, construction and aerospace.
Such partnerships at local, bilateral and international levels are vital for the smooth functioning and growth of Bahrain’s burgeoning economy.
The Prince was visiting at the invitation of Deputy King His Royal Highness Prince Salman bin Hamad Al Khalifa – a man with whom he shares many dynamic and mercurial qualities.
In a keynote speech earlier to members of the Bahrain Britain Business Forum, at a British Club lunch, Prince Andrew highlighted growing ties in trade, services and investment.
A Memorandum of Understanding signed on Wednesday between the Forum and Bahrain Chamber of Commerce and Industry, will smooth the way to greater UK involvement and help for Bahrain “in a more diversified way”.
But the key to business is good financial services backing.
“This is by far the best regulated system in the region, which also serves next door Saudi Arabia very well. In fact, Bahrain is such an open country that capital flows into it from all around. This presents massive advantages when dealing with Bahrain,” said the Prince.
“There will always be competition from Saudi, Qatar, Abu Dhabi and Dubai, but Bahrain is so stable and efficient – along the same lines as Britain’s, which makes it among the best in the world.”
When countries like Dubai were over-leveraged during the recession, Bahrain remained constant with twice as many financial service companies and institutions operating, he said.
“The relationship between Britain’s and Bahrain’s royal families also helps significantly in our understanding of what Bahrain needs from the UK,” said Prince Andrew.
Internally also, the Prince observed that co-operation between His Majesty, His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa and HRH the Crown Prince, allied with Bahrain’s forward-looking nature, was driving things forward quickly.
“What His Majesty wants to deliver in terms of infrastructure, property and the way the Premier and Crown Prince think about the needs of the economy have been enormously important over the last 10 years to Bahrain, which deserves global recognition to instil it with the confidence to continue,” said Prince Andrew.
He felt that Bahrain could add value and encourage profitability through shared expertise – especially in the small to medium sector.
“This area represents the lifeblood of business, and will have been given a major boost with the opening of Bahrain’s new state-of-the-art Khalifa bin Salman Port and industrial incubator zones,” said the Prince.
Part of his brief is to encourage diversification by creating opportunities for businessmen in Bahrain who have not traditionally thought of doing business here.”
In fact, Bahrain now possesses the stability and strength to venture into other markets through joint ventures and the means to move in an agile way, he stressed.
Britain can add real value here to the benefit of both countries, with its good education, diversified economy and sound skills base.
“These will enable it to improve itself not just in terms of prosperity in a western sense, but also in a human sense,” he said.
Britain would like to be the partner of choice.
“We don’t have a Free Trade Agreement like the US, this is in the hands of the EU, but the level of trust, long-term historic relationships, alongside business conducted by friendship means a great deal,” he said.
Basic costs and access to raw materials here were much cheaper than in Europe, attracting business to come to Bahrain’s market in a way that would not have been possible previously.
“An added advantage is that Bahrain is so conveniently located, being virtually in the centre of the Gulf,” said Prince Andrew.
Your Comments