Economic diversification coupled with an aid package from neighbouring GCC countries is supporting Bahrain's growth, with retail and tourism among the most solid sectors already providing design opportunities.
A new report by property consultancy Cavendish Maxwell said Bahrain’s economy – hit hard by the oil price decline in 2014 – expanded by nearly 50% between 2010 and 2018.
GDP in the country has increased from $25.7bn (BHD 9.7bn) to $37.2bn (BHD14.2bn) during this period, the report said.
While property prices remain weak in the Gulf’s smallest economy, tourism and retail are showing signs of stability. As such, this is an area of the market that interior design studios may wish to explore if they are looking for work in Bahrain.
Boosted by a 6% uptick in tourism after 12.8 million visited Bahrain last year, retail is one of the country’s most stable sectors, according to the report.
And companies are already rushing in to capitalise on tourism growth.
In July, hospitality group Accor signed a deal to take over the Al Areen Palace & Spa in Bahrain and carry out a major renovation to transform the luxury hotel into the country’s first-ever Raffles hotel.
The renovation will include the redesign of all bedrooms and villas, F&B outlets and amenities.