In the ever-evolving world of global finance, stable and growing economies depend on strong and effective leadership. Bahrain's Minister of Finance and National Economy, H.E. Shaikh Salman bin Khalifa Al Khalifa, is one of a few leaders who best exemplifies this. Recognized for his forward-thinking approach and unwavering commitment to economic development, Shaikh Salman received the prestigious Best Arab Minister Award at the Arab Government Excellence Awards ceremony in Cairo, under the patronage of UAE Vice President H.H. Sheikh Mohammed bin Rashid Al Maktoum.
This honor reflects the success of Bahrain’s financial strategies, led by His Majesty King Hamad bin Isa Al Khalifa, and HRH Crown Prince and Prime Minister, Prince Salman bin Hamad Al Khalifa. Shaikh Salman’s achievement is a testament to his dedication and prowess, and serves as an inspiring example to the region.
I had the privilege and pleasure of meeting with His Excellency a few years ago, and I was instantly struck by his warmth and approachability. His openness to new ideas and genuine interest in others was evident from the start. His words of encouragement to me still resonate today. It’s clear that his leadership style fosters a spirit of collaboration and teamwork, which is reflected in the substantial progress Bahrain’s economy has achieved.
Shaikh Salman’s tenure has seen significant advancements in economic diversification, fiscal sustainability, and the development of Bahrain’s financial sector. Here are a few achievements to note:
Budget Management and Fiscal Reforms. In order to reduce the budget deficit and enhance government spending efficiency, Shaikh Salman has shaped up significant fiscal changes. The 2019 implementation of VAT, which raised non-oil revenues and promoted budgetary sustainability, was a significant accomplishment to that end. The attempts to increase budgetary discipline and transparency has enhanced the kingdom's credit ratings too.
The Swift and Effective Response to COVID-19. Let us not forget, Shaikh Salman’s unwavering efforts played a key role in Bahrain's swift economic recovery during the COVID-19 pandemic. Our economy recovered quicker than many other countries because of the government's implementation of financial support to protect jobs and support businesses and industries. In the midst of worldwide uncertainty, the financial industry at home showed resiliency.
Diversification of Bahrain’s Economy. Although Bahrain has historically relied on oil, considerable attempts have been made to diversify the economy by supporting many initiatives across industries. Shaikh Salman has pushed to draw in foreign direct investment, especially in digital banking and fintech, enhancing Bahrain's standing as a developing financial technology hub, as well as, supporting innovative initiatives such as the move to a green economy aiming to reduce Bahrain’s carbon footprint.
Championing public-private partnerships. By putting a strong emphasis on public-private partnerships, this has played a key role in reducing the strain on public resources by effectively utilising private sector investment to finance significant infrastructure projects. From housing developments to roads, these partnerships have been crucial to Bahrain's progress in developing vital infrastructure.
Enhancing Regional Integration and the Financial Sector. By drawing in foreign banks and investment firms, as well as, supporting home grown financial institutions, Shaikh Salman has concentrated on strengthening and retaining Bahrain's position as a major financial centre in the Gulf. Through measures for cross-border cooperation and regulatory harmonisation, bringing Bahrain closer to the global market and the region.
Shaikh Salman’s diligence and effective leadership has been instrumental in transforming Bahrain’s finance and economy, ensuring its long-term stability and growth. His achievements in fiscal reform, economic diversification, and financial sector development has positioned Bahrain on track to build a more resilient, connected, and diversified economy.
Congratulations Best Arab Minister, well deserved.
Written by: Ahmed Alsayed
Date: November 30, 2024
