Bahrain is a piece of the Gulf Cooperation Council. It is among the best 50 nations in terms of the human development index (a list dependent on three measurements: in length and sound life, information, good way of life).
It has two UNESCO World Heritage destinations. Its economy isn't simply centred around exchanging oil-based goods; it also has an assorted economy zeroing in on different areas, including banking, exchanging and the travel industry. The public authority of Bahrain effectively advances travel and the travel industry for the supportable financial improvement of the country.
The travel industry is one of the main and dynamic enterprises around the world. In 2017, this industry produced 10.4% of worldwide GDP and 9.9% of global employment. In 2018, the commitment of the travel industry in Bahrain was around 7% of the nation's GDP, and this commitment is required to rise consistently to 10.9% by 2028.
In 2018, the number of guests that the nation saw was 12 million, which is expected to arrive at 14 million by 2022. This will thus affect the cordiality area, expanding the number of lodgings and speculations nearby just as global business experts are hoping to extend their base and impact.
It likewise presents plenty of freedoms to business visionaries who can straightforwardly or, by implication, be a piece of Bahrain's steadily growing travel industry. Learn more about why starting a business in Bahrain can be super beneficial on our website.
Contribution of Tourism Industry to the Bahrain Economy
- Direct contribution to the economy- activities related to hotels, travel agencies (travel agents and guides), airlines, and transportation facilities directly impact the economy.
- Indirect contribution to the economy- private and government investments to promote tourism indirectly impact the economy.
- Induced contribution to the economy- expenditure by those who are directly or indirectly employed by tourism also impacts the economy.
Opportunities in the Travel and Tourism Industry of Bahrain
- Bahrain's strategic location in the Persian Gulf makes it an accessible place for people from other Gulf countries who are looking forward to a long weekend dedicated to recreational activities.
- Bahrain Tourism and Exhibitions Authority (BTEA) organises, promotes, and manages events, conventions, and exhibitions related to art, culture, business, entertainment, and sports on a local, national, and international level to attract people who are either looking for leisure activities or business-related activities.
Thus, promoting Bahrain as an international tourist attraction as well as an exciting place to do business with many prospects.
- Bahrain Hospitality and Restaurant Expo 2018 is a great example of bringing people together to create connections, build business networks, introduce and promote ideas, products and services to a diverse audience, and bring tourism and hospitality under one umbrella.
- BTEA encourages local and international investors by working on the elimination of hurdles that might come up.
- Investors are allowed to open up a hotel, restaurant or tourist resort and completely own these establishments.
- According to international standards, the Ministry of Industry, Commerce and Tourism support investments meant for building state-of-the-art tourism infrastructure.
Bahrain presents an abundance of opportunities for investment in its tourism and hospitality sector by providing a pro-business environment, state-of-the-art infrastructure and facilities, strategic trading location, an idyllic island setting, rich cultural heritage, and various kinds of events and exhibitions.
Read more about Business Opportunities in Bahrain on our blog,
The capital of Bahrain, Manama, was named the Gulf Capital of Tourism in 2016. The Economic Development Board of Bahrain provides opportunities to Bahrainis, GCC Nationals and foreigners to invest in the tourism sector and take advantage of lower utility costs (electricity and water, telephone services), lower rental costs for office spaces and lower cost of operations for cross-border interconnectivity compared to other countries of the Gulf Cooperation Council.
Bahrain has a liberal economy with many free trade zones, which present extra incentives to those who are looking to register a company in Bahrain. Business Setup Worldwide provides all sorts of services ranging from company formation services to visa services in Bahrain. Our experts help you out with all the required legal formalities without you fussing over anything. For more details, you may contact us.