Once known as Dilmun, the Kingdom of Bahrain is an archipelago of almost 40 islands in the Arabian Gulf, and is located midway between the Qatar peninsula and Saudi Arabia.
The pear-shaped island nation founded oil in 1932 and was among the first in the Gulf to export it, resulting in rapid economic development. However, its oil resources are fast depleting and could run over in a couple of decades.
This has led the Bahraini government to embark on a diversification and privatisation strategy to reduce its dependence on oil. This plan has seen the Kingdom convert itself into one of the most modern and free economies in the Gulf, and into a major financial centre. Currently, more than 400 licensed financial services institutions are located in Bahrain.
• Ease of doing business ranking: 201 • Economic freedom ranking: 162
Bahrain is Singapore’s 65th largest trading partner in 2009 with total trade amounting to S$557 million, up from S$470.7 million in 20083.
Singapore-Bahrain bilateral trade (S$ Thousands):
2008
2009
Imports
340,843
437,144
Exports
129,891
119,913
Total Trade
470,734
557,057
Source: IE Singapore's StatLink
1 World Bank Doing Business 2010 report 2 2009 Index of Economic Freedom 3 IE Singapore's StatLink
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