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.