Even before last year’s political upheaval shocked Bahrain’s financial sector, its traditional strengths were waning. Dubai and Doha had started to encroach on its growth as they launched their own financial hubs, with western-style regulators and courts, to attract the cream of global banking.
Bahrain is still struggling to recover from the aftermath of unrest that reached its peak in March 2011 as bankers were caught in tear gas clouds and police clashed with stone throwing youths.
Since protesters were cleared from the city centre 18 months ago, instability has continued to dog the island amid violence in the districts dominated by majority Shia residents who have led calls for more democracy from the Sunni-led government.
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