Bahrain Mirror - Exclusive: During his meeting with them (April 10, 2018), Bahrain King Hamad bin Isa Al Khalifa congratulated his Prime Minister and his Crown Prince over many issues, including the new oil discovery, and the success of the Formula 1 Races. It really is a happy family, its member congratulating one another constantly, exchanging toasts of victory on the ruins of a bankrupt country, living on aid sent in by the Gulf states.

The oil discovery, which remains a resource "in its place", needs to have many dilemmas resolved ahead of it, which might take around a decade. The Formula 1 race, which drained the state treasury of more than 200 Million Bahraini Dinars to be hosted with no profit since its establishment, requires more than mere formal congratulations to prove its usefulness. However, it seems that this country relies on spreading positive message more than it relies on strategic plans. Bahrain cares more about the image than the core.

One week after the Oil Discovery, Bahrain rushed to contact credit rating agencies, the International Monetary Fund (IMF) and other important investing parties around the globe, seeking a enhancement of Bahrain's ranking in light of its "biggest oil discovery". The Central Bank of Bahrain Governor Racheed Al-Miraj said, "The bank contacted all international credit ranking agencies in regards to the new oil discovery in Bahrain", hoping that "this oil discovery boosts Bahrain's situation in the global debt market, and lowers the expenses of these debts".

However, this massive discovery, which has not boosted the status of Bahrain's stock and financial markets, tumbling down by 3.2% since the start of the year, will more likely not help boost Bahrain's status on any level.

None of the world's leading research centers and newspapers bought the story of the rocky offshore oil discovery yet, as their inhouse economists and specialists ask more questions that go unanswered.

This is the Bahraini style, or rather, "This is Bahrain", as entitles one of the regime's promotional campaigns. Create an image, only to row your boat gently. This is how the King called out his congratulations, with crazed-like happiness, to the Prime Minister and Crown Prince.

"Bahrain has become a leading international destination, attracting different sports, and welcoming the fans of Formula 1 Races from around the world", he would say. It is truly an international destination, attracting athletes, musicians, and fans of temporary pastime, yet its public debt is of $24 M, and is limitless. Be that as it may, "The Kingdom is heading towards more welfare and prosperity with God's help". This is what the King reassures us with. But how would that be possible? Only God knows.

Arabic Version