Retail and tourism are stable in Bahrain: Cavendish Maxwell

RetailME Bureau

Bolstered by tourism, retail continues to be one of the Bahrain’s most stable sectors, recording consistent capacity growth over the past decade, stated Cavendish Maxwell, a property consultancy and chartered surveying firm in the Middle East. Construction of at least three malls is underway in Bahrain and is scheduled for completion over the next few years.

Tourism has largely been driven by the efforts on the part of Bahrain Tourism & Exhibitions Authority, which has developed a year-long calendar of retail and entertainment events to position Bahrain as an attractive retail and holiday destination.

Commenting on the report, Aditi Hariharan, senior consultant at Cavendish Maxwell, said, “With 80% of its revenues still attributed to oil, Bahrain perhaps suffered the most from the oil price decline of 2014. However, diversification efforts by the Bahraini government with a focus on infrastructure development, coupled with the aid package from neighbouring GCC countries are expected to further support diversified growth for the economy.”

Adding on retail’s contribution to the Bahraini economy, she stated, “The retail and tourism sectors continue to be the most stable, boosted by numerous entertainment, leisure and retail events available to visitors and residents.”