Economy
Manama is the focal point of the Bahraini economy. While petroleum has decreased in importance in recent years due to depleting reserves and growth in other industries, it is still the mainstay of the economy. Heavy industry (e.g. aluminium smelting, ship repair), banking and finance, and tourism are among the industries which have experienced recent growth. Several multinationals have facilities and offices in and around Manama. The primary industry in Manama itself is financial services, with over two hundred financial institutions and banks based in the CBD and the Diplomatic Area. Manama is a financial hub for the Persian Gulf region and a center of Islamic banking. There is also a large retail sector in the shopping malls around Seef, while the center of Manama is dominated by small workshops and traders.
Read more about this topic: Manama
Famous quotes containing the word economy:
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)