Analysis of Bahrain's Economy's strength and weakness Essay

Analysis of Bahrains Economys strength and weakness - Essay ExampleCrude oil derivatives produced from imported crude oil form a significant part of exports. Many industrial projects are under way. Unemployment mainly among young Bahrainis, declining oil reserves and decreasing underground water resources comprise Bahrains three main problems with long term implications (Wikipedia.org).The first strength is the realization of the need for maximum oil conservation. It has stabilized its oil production at 6,400 m3 or 40,000 barrels per day with the aim of stretching its oil reserves to 15 years (Wikipedia.org).Secondly, it has realized it cannot depend on oil for long and should diversify its economy. It has make commendable progress in this direction. It is utilizing its idle oil refineries to refine crude oil imported from its giant oil producer neighbors, particularly Saudi Arabia. Its Iranian Gulf Petrochemical Company is operating as a joint venture between Bahrain, Kuwait and Sau di Arabia, to produce petroleum derivatives methanol and ammonia. Aluminium Bahrain is the largest milling machinery of its kind in the world that produces 525,000 metric tons yearly. The Arab Iron and Steel Company produces 4 million tons of iron ore pellets. Bahrain has a giant shipbuilding and repair yard that gets lucrative business from the hundreds of oil tankers and commercial ships plying to and from the Gulf nations. Its most commendable diversification is in financing its impediment-free regulations have attracted more than vitamin C offshore banking institutions in addition to many onshore institutions (Wikipedia.org).Thirdly, it has wind an attractive setting to attract multinational firms. It has a modern infrastructure. Its airport serves 22 international carriers. Its seaports provide direct and regular links to Europe, the Far East and the U.S. It has a state-of-the-art communication network. These facilities have attracted a large number of banks and multination al