The move away from oil not threat but a tremendous opportunity: Bahrain | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

The move away from oil not threat but a tremendous opportunity: Bahrain | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Reported by Zahra Ayaz

Bahrain's potential in utilising hydrogen as the world accelerates away from fossil fuels to a greener future enjoyed the focus of the ‘Gulf Economic Update’ which also viewed the change as a “tremendous opportunity” to diversify GCC economies.

The world moving away from fossil fuels towards greener energy should not be construed as a threat but a tremendous opportunity, speakers viewed at a review of the ‘Gulf Economic Update’ held in cooperation between the World Bank and the Ministry of Finance and National Economy yesterday.

The seminar also pointed out that this direction is in line with the GCC country vision that outlines a future that relies increasingly on the private sector playing a leading role in investment, job creation and value addition. The focus was also on the most recent economic changes in the GCC, emphasising the post-pandemic recovery and a more favourable oil market.

Mr. Issam Abousleiman, a Regional Director of GGC countries, said, “We are projecting 6.9% growth this year, and it will moderate to 3.7% in 2023.” “Bahrain’s economic outlook hangs on oil market prospects and the government’s commitment to the reform agenda.

“Growth is expected to accelerate to 3.8% in