Published on : Saturday, August 3, 2019
Economic diversification together with an aid package from the nearby GCC countries is helping in the growth of Bahrain, with retail and tourism among the most hardcore sectors already providing design opportunities.
Property consultancy Cavendish Maxwell’s latest report explained that Bahrain’s economy – hit hard by the drop in 2014’ oil price– expanded by nearly 50% between 2010 and 2018.
Country’s GDP has increased from $25.7bn (BHD 9.7bn) to $37.2bn (BHD14.2bn) during this period, as per the report.
As property prices remain feeble in the Gulf’s smallest economy, tourism and retail are quite stable on the other hand. As such, this is an area of the market that interior design studios may wish to explore if they are looking for work in Bahrain.
Boosted up by 6% uptick in tourism after last year’s 12.8 million visit to Bahrain, retail is one of the most stable sectors in the country, according to the report.
And companies are by now speeding up to capitalize on tourism growth.
In July, hospitality group Accor signed an agreement to take over the Al Areen Palace & Spa in Bahrain and conducted an important renovation work to transform the luxury hotel into the first-ever Raffles hotel of the country.
The renovation will include the redesign of all bedrooms and villas, F&B outlets and amenities.