Bahrain economy grows in line with forecast

Bahrain''s e conomy expande d by 4.3% year-on-year in Q3 2010, according to the Central Informatics Organisation''s (CIO) Bulletin of Quarterly National Accounts, with year-on-year growth in key economic sectors including manufacturing (8%) and financial services (6%).

The figures are consistent with the 4% average economic growth forecast for 2010 and the Kingdom''s long-term strategy of diversification, now enshrined in Vision 2030, said Shaikh Mohammed bin Essa Al Khalifa, chief executive of the Bahrain Economic Development Board (EDB). The EDB is the process of Vision 2030 under the guidance of His Royal Highness Prince Salman Bin Hamad Al Khalifa, the Crown Prince of Bahrain and Chairman of the EDB.

Shaikh Mohammed, said, "Bahrain''s steady, sustainable economic growth and stability is supported by our long term commitment to economic diversification and the continued strengthening of the private sector. Stability through sound, tried and tested, transparent regulation in turn contributes to our business friendly environment. A growing number of international companies are choosing Bahrain as the gateway to the trillion dollar Gulf market."

The EDB itself has the responsibility for creating the right climate to attract foreign investment. Recently, week Shaikh Mohammed presented Singapore''s President S R Nathan with a detailed account of Vision 2030 during talks to strengthen bilateral economic, investment and trade ties.

The CIO figures also reveal that Q3 2010 GDP in current prices grew by 14.3% compared with the same quarter last year and 3.6% compared with Q2 2010. Other economic sectors also experienced steady year-on-year growth including transport & communication (6%); construction (5%) and wholesale and retail trade (5%).

Metalworking professionals

After a difficult two years, the metalworking market is witnessing signs of recovery all over the world. As the global metalworking market begins its path to recovery, industry professionals in Bahrain expressed their statements about the industry and what they foresee in 2011.

Tawfiq Al-Jamal, Operations Manager of Metals of Bahrain W.L.L. (MEBA), a manufacturer of engineered ferrous and non-ferrous castings and components to the industrial community around the world, said, "We are hoping to cope up in this coming year for continuing sales. As far as our company is concerned, we are still on the conservative forecast, I may say we are lucky for having the biggest metal client, ALBA (Aluminium Bahrain).

MEBA is a modern module industrial centre established in 1992. In 2003, MEBA launched its latest production line for casting bronze and steel alloys. The no-bake casting line uses the latest technology for metal casting and analysis.

Majed S. Kiswani, Area Manager Eastern Province (KSA) of Mabani Steel LLC, a designer, manufacturer and erector of pre-engineered steel buildings and hot rolled structural steel, stated, "We expect 2011 to be a good one and we are very optimistic. We foresee a consumption growth in the Middle East steel industry in 2011, sales will move up and demand will increase, particularly building construction, warehouses, residential buildings where the steel reinforcement and steel structures will be in demand."

Mabani Steel''s head office and main factory are located in the Ras Al Khaimah (RAK) Emirate of the United Arab Emirates (UAE). The company undertakes the erection of its products for selected customers in selected areas (sales territories) and executes the erection using its own in-house erection staff, specialised erection companies or a combination of both.

Mabani Steel LLC

Tel: +966-3 887 5341

Fax: +966-3 887 4842

E-mail: majed@mabanisteel.com

Website: Puma Rihanna