The debate over the competitiveness of financial centres is complex and multi-faceted but the actual performance of the institutions in those jurisdictions is quite another matter. In March, The City of London’s Global Financial Centres Index recognised Bahrain as the world’s fastest-growing financial centre, ranking it at 39th, up three places and the only Gulf centre to improve (Dubai moved down two places to 24th and Qatar moved down three places to 47th.
Taking a closer look at the banks in Bahrain, especially the locally incorporated banks, which were the winners and losers in 2007, and which are likely to make an impact this year and in the future? Basking in the region’s high oil prices and booming economic conditions, it is no surprise that Bahrain’s banks achieved record net profits.
