Projects flow

摘要

Bahrain's relative lack of hydrocarbon resources has helped it to become one of the region's most diversified economies, stimulating a steady flow of project finance and other corporate activities in a range of sectors. Critical to this mix, the central bank, Bahrain Monetary Agency (BMA), has won plaudits for its efforts to ensure that financial services remain the island state's strongest suit. This seems likely to remain the case: despite competition from newer regional financial hubs, such as Dubai and Qatar, Manama's prime position in the Gulf is not under imminent threat. Under the leadership of a new BMA governor, Rasheed Mohammed Al Maraj, Bahrain is trying to extend its reach as the Gulf's banking hub, adding new ballast to its armoury of financial services. In this, the BMA is starting from close to home, launching an ambitious review of its own structure and regulatory framework. A new law is expected to buttress its regulatory prowess by pulling together, for the first time, laws on banking, insurance, capital markets and other financial services into a streamlined enactment.