Bahrain is witnessing strong growth in its non-oil economy, which is now representing around 90% of the Kingdom’s GDP, up from 55% in 2000, a senior government official said.

Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, was speaking at the 4th edition of the Future Investment Initiative in Riyadh, Saudi Arabia, reported Bahrain News Agency (BNA).

He took part in the international conference alongside panelists Mohammed Al-Jadaan, Minister of Finance for Saudi Arabia, Jason Greenblatt, former White House Special Envoy to the Middle East, and Thomas Barrack of Colony Capital.

He went on to highlight the important role economic diversification plays in supporting and meeting the aspirations of the region’s youth, noting their desire to benefit from opportunities, not hand-outs.

Looking to the future as well as Bahrain’s existing Fiscal Balance Program, the Minister outlined the need for a recalibration of the relationship between economic growth and government revenues.  

 He called for efforts to create a positive correlation between economic growth and government revenues leading to greater economic stability, innovation, and increased opportunities for all.