page_title: Manama
section_title: Economy
hierarchical_section_title: Manama / Economy
caption_attribution_description: Manama down town, is misty
context_page_description: Manama is the capital and largest city of Bahrain, with an approximate population of 157,000 people. Long an important trading center in the Persian Gulf, Manama is home to a very diverse population. After periods of Portuguese and Persian control and invasions from the ruling dynasties of Saudi Arabia and Oman, Bahrain established itself as an independent nation during the 19th century period of British hegemony.
  Although the current twin cities of Manama and Muharraq appear to have been founded simultaneously in the 1800s, Muharraq took prominence due to its defensive location and was thus the capital of Bahrain until 1923. Manama became the mercantile capital and was the gateway to the main Bahrain Island. In the 20th century, Bahrain's oil wealth helped spur fast growth and in the 1990s a concerted diversification effort led to expansion in other industries and helped transform Manama into an important financial hub in the Middle East. Manama was designated as the 2012 capital of Arab culture by the Arab League, and a beta global city by the Globalization and World Cities Research Network in 2018.
context_section_description: Manama is the focal point of the Bahraini economy. While petroleum has decreased in importance in recent years due to depleting reserves and growth in other industries, it is still the mainstay of the economy. Heavy industry (e.g. aluminium smelting, ship repair), banking and finance, and tourism are among the industries which have experienced recent growth. Several multinationals have facilities and offices in and around Manama. The primary industry in Manama itself is financial services, with over two hundred financial institutions and banks based in the CBD and the Diplomatic Area. Manama is a financial hub for the Persian Gulf region and a center of Islamic banking.  There is also a large retail sector in the shopping malls around Seef, while the center of Manama is dominated by small workshops and traders.
  Manama's economy in the early 20th century relied heavily on pearling; in 1907, the pearling industry was estimated to include 917 boats providing employment for up to 18,000 people. Shipbuilding also employed several hundred in both Manama and Muharraq. The estimated income earned from pearling in 1926 and subsequent years prior to the Great Depression was £1.5 million annually. Custom duties and tariffs served as the prime source of revenue for the government. With the onset of the Great Depression, the collapse of the pearling industry and the discovery of oil in 1932, the country's economy began to shift towards oil.
  Historically, the ports at Manama were of poor reputation. The British described the ports importing systems as being "very bad – goods were exposed to the weather and there were long delays in delivery", in 1911. Indians began maintaining the ports and new resources were built on site, improving the situation. As of 1920, Manama was one of the main exporters of Bahrain pearls, attracting steamships from India. During this time, they also imported goods from India and from other regional countries. They imported rice, textiles, ghee, coffee, dates, tea, tobacco, fuel, and livestock. They exported less of a variety, with a focus on pearls, oysters, and sailcloth. For the year of 1911–12, Manama was visited by 52 steamships, the majority being British and the rest Turkish-Arabian.
caption: Central Manama
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