Shura Council to discuss Bahrain-Hungary investment deal
TDT | Manama
A BD39 million trade relationship between Bahrain and Hungary could grow further as the Shura Council prepares to discuss a draft law on Sunday to ratify a bilateral investment agreement.
The deal, attached to Decree No. (84) of 2024, sets out legal safeguards for investors, offering assurances on fair treatment, asset protection, and dispute resolution.
The Foreign Affairs, Defence, and National Security Committee has examined the proposal and prepared a report outlining its findings.
Legal setting
The agreement, signed in Manama on 4 September 2024, is designed to ensure a predictable legal setting for businesses operating between the two countries. The Ministry of Finance and National Economy, the Ministry of Foreign Affairs, and the Legislation and Legal Opinion Commission have backed the agreement, viewing it as a step towards strengthening commercial links.
Trade between the two countries stood at BD39 million in 2023, with Hungarian investment in Bahrain amounting to BD106,000, according to figures from the Information & eGovernment Authority.
Cooperation
The Ministry of Finance and National Economy noted that Hungary had already entered into similar agreements with the UAE, Kuwait, and Oman, and that Bahrain's inclusion could lead to further cooperation.
The agreement consists of 22 articles and an annex covering financial transactions, legal protections, and business conditions.
It commits each government to treating investors from the other fairly while retaining the right to regulate economic policies in the public interest.
Compensation
It also sets out terms for compensation in cases of asset seizure, outlines protections in the event of conflict or unrest, and guarantees that money can be moved freely in a widely accepted currency.
Bahrain has entered into similar arrangements with several of its key trading partners, including China, Japan, the UK, the US, France, Russia, Singapore, Germany, Turkey, and the UAE.
Officials say agreements of this kind provide legal certainty and help businesses make longterm decisions with greater confidence.
Sources of income
The committee has noted that the deal aligns with Bahrain's Vision 2030 and the wider push to attract outside investment and diversify sources of income.
The committee has determined that the agreement does not clash with Bahrain's legal framework and should be enacted.
It has recommended approval in principle of the draft law and endorsed its provisions in full.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Insider
44 minutes ago
- Gulf Insider
Hungary Sues European Commission Over €1 Million-A-Day
The Hungarian government has launched a legal challenge against the European Commission's decision to impose a daily €1 million fine over the country's refusal to accept illegal migrants. György Bakondi, the chief security advisor to Prime Minister Viktor Orbán, announced on Wednesday that Budapest will file a lawsuit with the European Court of Justice. Appearing on TV2's 'Mokka' program, Bakondi said Hungary will not comply with the European Union's new Migration Pact, which he described as 'a clear call for illegal immigrants to be allowed in.' He emphasized that Hungary remains committed to its sovereignty and national security, and refuses to be pressured into taking in individuals who entered the bloc unlawfully. The lawsuit will be led by a team of lawyers with what Bakondi called 'a serious reputation,' including two former members of the European Court of Justice. Hungary's resistance to EU migration policy is not new. In 2015, the country faced a surge of more than 400,000 illegal border crossings within two months. In response, the government implemented border fences and legal restrictions to halt the flow. Officials credited these measures with preventing the emergence of terrorist threats, no-go zones, and the overburdening of public services. In a national referendum in 2016, 98 percent of those who voted rejected the proposal to allow the European Union to mandate the obligatory resettlement of non-Hungarian citizens into Hungary without parliamentary approval. The referendum had a 44 percent turnout, under the 50 percent threshold required to be considered valid. Click here to read more Also read: Ukraine Funds Left-Wing Smear Campaign to Oust Hungary's Orbán
Daily Tribune
2 hours ago
- Daily Tribune
Factory workers become department heads
TDT| Manama Once factory-floor employees, several Bahrainis are now leading key departments at Havelock One Interiors, in a workforce success story powered by Tamkeen's long-term support for national talent development. The Labour Fund Tamkeen on Wednesday confirmed it is backing another 50 Bahraini employees at Havelock One through its employment and career development programmes. But behind the numbers is a broader transformation story, how sustained investment in skills has helped elevate local workers into leadership positions. Growth from within Khalid Al - Baya t, Chief Growth Officer at Tamkeen, said, 'Our support for Havelock One, which began in 2018, has contributed to the company's expansion and increased the efficiency of its operations, positively impacting its Bahraini workforce through new employment and career progression prospects.'He noted that empowering Bahrainis to grow professionally within companies like Havelock One aligns with Tamkeen's core mission. 'Providing job opportunities and career progression to local talent contributes to the sustainability and growth of the private sector as a key driver of sustainable economic development.' From workshop to boardroom Group Operations Director Firas Al Ayed shared that Tamkeen's support has enabled the company to establish a clear internal career path for Bahrainis. 'This expansion led to the growth of our factory and positively impacted our ability to hire local talent and develop clear career paths for them to assume leadership and managerial positions,' he said. 'Today, we are proud to see a number of Bahraini employees holding leadership roles across various departments, a testament to the success of this partnership in building qualified national capabilities that can lead future growth and development.' Backed by Bahrain Established in 1998, Havelock One now operates across five GCC countries with over 1,900 employees and a 520,000 square foot manufacturing base in Askar. Its portfolio spans more than 9,000 projects in hospitality, retail, F&B, and other sectors.
Biz Bahrain
4 hours ago
- Biz Bahrain
'Ajyal' Account Wins Best Banking Account for Youth and Minors in Bahrain at IBMAG Awards 2025
Khaleeji Bank, one of the leading Islamic Banks in the Kingdom, has been honoured with the Best Banking Account for Youth and Minors Award 2025 in Bahrain by International Business Magazine (IBMAG), the same publication that recently named the Bank's 'Salary' Account the Best Banking Product in Bahrain for 2025. This accolade recognises Khaleeji's dedication to enhancing the banking experience in Bahrain, demonstrating excellence and leadership in delivering innovative banking services tailored to all age groups, including youth and minors. The 'Ajyal' Account, specifically designed for minors below the age of 21, aims to instil sound financial habits such as saving and investing from an early age. The account is offered in three variants: 'Ajyal' Savings Account, which promotes a saving culture through rewards on deposits and payments. Ajyal 'Deposit' Account, which introduces investment fundamentals through a 12-month fixed deposit with an expected profit rate of up to 5%, as well the 'Ajyal Al Wafer' Account, featuring dedicated prizes alongside those offered by the standard 'Al Wafer' Account, including 60 prizes of USD1,000 each for its 2025 edition. This initiative seeks to equip the next generation early on with the tools and knowledge necessary to achieve financial security and independence in the near and far future. Since its launch, the 'Ajyal' Account has garnered significant and unprecedented interest from clients eager to open this account for their children, highlighting its success which was recently crowned with the 2025 IBMAG Awards. On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, expressed her pride in receiving this honour, stating 'We are delighted to receive this prestigious award from IBMAG which acknowledges our ongoing commitment to providing innovative banking services. The launch of the 'Ajyal' Account exemplifies our efforts to encourage young depositors to save and invest, offering comprehensive services through three dedicated versions: Savings, Deposit, and 'Ajyal Al Wafer' Accounts. We are pleased with the growing demand from clients to open this account for their children.' She added 'We take pride in our performance and remain committed to enhancing innovation and excellence across all our banking services. Receiving this prestigious IBMAG award, following IBMAG's recent crowning of our 'Salary' Account the Best Banking Product in Bahrain for 2025, motivates us to continue leading Bahrain's banking sector by providing more innovative and distinctive products that meet the aspirations of all age groups.' Khaleeji is a leading Islamic Bank that strives to achieve clients' ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari'a-complaint banking services and investment opportunities to individuals and companies.
