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:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)