Gateway Gulf 2024, hosted by the Bahrain Economic Development Board, recently concluded its second edition, bringing together 250 ministers and global business leaders to discuss the economic transformation happening in the Gulf Cooperation Council (GCC) region. The forum focused on key high-growth sectors such as tourism, manufacturing, banking, and sports and leisure, highlighting the potential for deeper integration among GCC member states to drive growth in these industries.
One of the key topics discussed during the forum was the role of tourism in economic diversification. H.E. Fatima bint Jaffer Al Sairafi, Bahrain’s Minister of Tourism, spoke about Bahrain’s Tourism Strategy 2022-2026 and the importance of marketing the GCC as a cohesive destination to attract more visitors to the region. She emphasized the need for collaborative government efforts to create an environment where the private sector can thrive and contribute to the growth of the tourism sector.
In the session on banking, H.E. Khalid Humaidan, Governor of the Central Bank of Bahrain, shared insights on the future of the banking sector, highlighting the importance of digital transformation and the adoption of advanced technologies like AI, cloud computing, and blockchain. He also emphasized the need for regulatory adherence and consumer protection, while noting the significant contribution of Bahrainis to the nation’s financial workforce and the importance of talent development in the industry.
H.E. Khalid Al Rumaihi, Chairman of Aluminium Bahrain (Alba), discussed opportunities in the metals and manufacturing industry, pointing to Alba’s success in the global aluminium market as a model for developing downstream industries. He called for increased local content production, regional partnerships, and advancements in renewable energy and Industry 4.0 to drive growth in the sector. Shaikh Salman bin Isa Al Khalifa, CEO of Bahrain International Circuit, highlighted the impact of Formula One racing on Bahrain’s global visibility and its role in the development of skills and economic contributions to the region.
Overall, Gateway Gulf 2024 shed light on the accelerating economic transformation taking place in the GCC region and highlighted the potential for growth and development in key sectors such as tourism, manufacturing, banking, and sports and leisure. The forum emphasized the need for deeper integration among GCC member states to supercharge growth across these industries and the importance of collaborative efforts between the government and the private sector to create an environment conducive to economic diversification and innovation. Participants discussed forward-thinking perspectives on banking, manufacturing, and sports industries, showcasing the region’s potential for continued growth and success in the global market.
