Last Updated: Tue Mar 06, 2012 12:09 pm (KSA) 09:09 am (GMT)

Year of unrest in Bahrain cost businesses up to $800 million

Bahrain’s economic stability has been shaken as a direct impact of the unrest. (Reuters)
Bahrain’s economic stability has been shaken as a direct impact of the unrest. (Reuters)

Businesses in Bahrain have lost up to $800 million over the past 12 months due to civil unrest which has rippled across the country, a report revealed this week.

About $200 million of the sum were losses as a direct impact of the anti-government uprising in Bahrain, while the remaining $600 million were indirect losses occurring in its aftermath, according to finding reported by Gulf Daily News.

“Revival depends on survival and we need to help our Bahraini businessmen, small and big, through compensation to ensure that they are able to continue,” Dalal Al Zayed, legislative and legal affairs committee chairman said after the report was presented the country’s National Assembly on Monday.

The study was compiled by a joint committee consisting of representatives of Bahrain’s Shura Council, its parliament and the Bahrain Chamber of Commerce and Industry, Arabian Business reported.

“The continuation of the current security situation in Bahrain has to be looked at thoroughly, if we are to maintain a strong economy up to our expected levels and that needed for traders to go on,” Zayed added.

Bahrain’s economic stability has been shaken as a direct impact of the unrest, with GDP data from Reuters showing that the country’s real estate sector has shrank 5.6 percent and its hotel and restaurant sector contracted 8.7 percent. Oil and gas sector outputs have continued to increase, however.

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