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Teen solves centuries-old math problem
MANAMA, Bahrain, Nov. 11 (UPI) -- Bahrain is looking for protection from the global economic meltdown by privatizing the communications and metals sector to hedge against oil, officials said.
Bahrain is dependent on the oil sector for roughly 80 percent of government revenue. As the economic calamity ripples through energy markets, oil-rich Gulf states are finding themselves scrambling for alternatives.
Though Bahrain boasts a relatively diverse economy compared to its oil-rich neighbors, world crude prices below $60 are having a major impact on government banks and investments, the Financial Times said.
"The curse (of oil) is that we've built up a welfare state," said Mohammed bin Essa al-Khalifa with the Bahrain Economic Development Board. "Let government focus on policy and regulation .. and privatize and hand over to the private sector the machinery of the economy."
Bahraini officials said it may privatize several government firms, with the telecommunications and aluminum sector scheduled to transition by 2009.
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