Bahrain Bahrain discovered its oil resources earlier than the others (1932) and was the first to exploit its non-renewable energy reserves. Being a small country with low reserves as compared to its neighbors, Bahrain was conscious of this frailty and became the first to focus on a diversification strategy from the 1970’s on. Its diversification strategy focused on industrial development, tourism and financial services. As an illustration, ALBA (Bahraini Aluminum) in Manama is one of the world’s largest aluminum factories. Besides that, a wide range of downstream industries for processing raw aluminum exists, creating employments elsewhere than in the public or hydrocarbon sectors. Bahrain is also considered as a worldwide center for Islamic banking (Gulf International Bank for instance) since financial services became the leading sector (Islamic and off-shore banking; insurance). Other efforts have been undertaken for the country to be more integrated in the global economy and trade. Therefore, in 1980 new regulations concerning FDI have been adopted, enabling foreign investors to own 100% of a Bahraini company. Bahrain is also the only country within the GCC to have signed a Free Trade Agreement (FTA) with the USA in September 2004, which entered into force in 2006. The diversification efforts led the country to be considered as the most open and liberal economy of the GCC area, and the most diversified economy within Gulf countries. In 2010, Bahrain generated more than 92% of its value-added in the non-oil sector The Economic Development Board of Bahrain (EDB) still wants to follow this path engaging in a new development project: Economic Vision 2030, planning to allow more room to the private sector in the national economy. Indeed Vision 2030 aims to create new jobs for the national workforce by reducing barriers to private sector activities, to attract more FDI in knowledge-based and high- value-adding companies, and to increase the living standards of Bahraini households through doubling their disposable income by 2030. The role of the State is confined to the improvement of the country’s human capital through education, social security and health services.