THE ROLE OF SHEIKH KHALIFA BIN SALMAN AL KHALIFA IN ECONOMIC DEVELOPMENT IN BAHRAIN DURING THE PERIOD 1981-1990

Abstract

The events of the 1980s led to a decline in oil prices from $34.2 per barrel in 1981 to $18.6 per barrel in 1990. This, coupled with the wars that plagued the region, including the Iran-Iraq War (1980-1988), transformed the Arabian Gulf region into an unattractive and unsuitable environment for investment. In response, the Prime Minister of Bahrain, Sheikh Khalifa bin Salman Al Khalifa, focused on diversifying the Bahraini economy by developing non-oil sectors, particularly trade, industry, and services. He aimed to transform Bahrain into a regional financial and business hub to reduce its dependence on oil. Furthermore, Sheikh Khalifa encouraged Gulf, Arab, and foreign investments by developing infrastructure and providing necessary incentives to establish Bahrain as a center for investment and finance.