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Tue 24 Feb 2009 07:13 AM

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Bahrain 'coping with global crisis' - Crown Prince

Economic chief says Gulf state is setting example of how to overcome slowdown.

Bahrain is setting an example of how to overcome the global financial crisis, according to Crown Prince and Economic Development Board chairman Sheikh Salman bin Hamad Al Khalifa.

In an interview with Sky News, he said Bahrain's ability to overcome the crisis has set an example for others to follow.

Asked whether Bahrain could continue to ensure investors that it would not suffer the same fate as neighbouring economies, Sheikh Salman said that the kingdom's solid status was proof enough.

"I think our prudence and our conservatism have been tested, and while one can never see 100 per cent into the future, predict everything and claim things we shouldn't be claiming, I think I can say that we are very proud of what we have been able to acheive," he told the.

Sheikh Salman said he was appalled at what happened to the unravelling of the UK and US, particularly the banks, reported Gulf Daily News on Tuesday.

"I hear Western banks were giving money over 125 per cent of value on homes on mortgages, that's ridiculous - that's making a paper assumption without a full understanding of what the actual supply and demand were in the markets. It should have never been allowed to happen," he added.