Bahrain's ambitions to establish the Persian Gulf kingdom as a leading regional financial center are under threat amid escalating unrest in the tiny island state, giving neighboring hubs in Doha and Dubai an edge in their bid to lure international financial institutions to their shores.
Concerns have been on the rise that Bahrain's banking sector and its regional status as a financial center may be adversely affected by ongoing domestic political turmoil, which led the country's king to declare a three-month state of emergency last week after Bahraini security forces intensified their clampdown on protests by mainly Shiite demonstrators that have paralysed the local economy.
Saudi Arabia and the United Arab Emirates both have sent troops to help quash the uprising, which has left numerous people dead, as part of a joint Gulf Cooperation Council initiative that has been strongly criticized by Bahraini opposition groups.
No comments:
Post a Comment