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Article: Bahrain seeks to regain its crown: the global economic crisis is giving the kingdom a chance to revive its position as the region's financial hub.
- Article from:
- MEED Middle East Economic Digest
- Article date:
- February 6, 2009
- Author:
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Bahrain has been a significant finance hub for the region since the 1980s, but in recent years it has been losing out to faster-moving rivals such as Dubai. As the global financial crisis continues to hit the Gulf, the question for Bahrain is whether it can use the current turmoil to cement its reputation as other financial centres stumble.
The capital city, Manama, has taken advantage of problems elsewhere before. When civil war erupted in Lebanon in 1975, one of the consequences was that Beirut's reputation as the region's principal financial centre was destroyed. Already aware of its dwindling natural resources, Bahrain was able to capitalise on the situation ...