Call to support innovation to boost Bahrain economy
MP Ahmed Sabah Al Salloom, chairman of Parliament's Financial and Economic Affairs Committee, used the International Day of Creativity and Innovation to call for stronger support for new thinking across Bahrain's economy.
'Innovation is no longer optional,' he said. 'It's become essential to keep up with the pace of economic and social change, especially when many of today's challenges call for unusual solutions.'
The day, marked each year on 21 April, offers a chance to assess where things stand and press on with efforts that put ideas at the centre of development.
Al Salloom said Bahrain sees innovation as central to building a stronger, more competitive economy.
He referred to a proposal he had submitted to turn Bahrain into a regional hub for hightech industries. This would involve targeted investment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
3 days ago
- Daily Tribune
Shura panel holds 36 meetings to scrutinise budget and tax bills
Thirty-six meetings kept Shura's Financial and Economic Affairs Committee busy during its latest legislative session, with much of its attention fixed on the 2025–2026 state budget and a series of economic bills. Eight of those sittings were held jointly with members of the Council of Representatives and the government, as the two chambers worked through the details of the upcoming national budget. According to figures compiled by the Council's General Secretariat, the committee examined two decree-laws, reviewed 11 draft bills, and assessed four sets of final accounts and financial statements. Sixteen reports were completed and forwarded to the Council Bureau for inclusion in public sittings. It also issued five economic and financial opinions related to draft legislation examined by other panels, as permitted under Article 21 of the Council's internal rules. Among the decree-laws reviewed was Decree-Law No. 19 of 2023, amending the legislation that established the Bahrain National Oil Company in 1999. The second, Decree-Law No. 11 of 2024, introduced measures for taxing multinational enterprises operating in the country. The committee's work on draft legislation included a proposed amendment to Article 1 of the 2006 law concerning the Future Generations Reserve Fund. It also reviewed Bahrain's agreements with the United Arab Emirates and Hong Kong to prevent double taxation and deter tax avoidance. Further bills addressed a revised agreement for the second stage of the Al Dur water transmission project, a draft law on taxing outward remittances from expats, and a consolidated proposal combining two versions of that same tax. Amendments to the 1987 Commercial Law were also considered, along with the proposed 2025–2026 budget law and revisions to the 1977 legislation on development bonds. The committee also studied a draft law ratifying Bahrain's agreement with the Islamic Development Bank to fund the new 400 kV Jasra Power Station, changes to the 2016 law on standards and metrology, and the proposed Secured Transactions Law. On matters of public finance, the committee reviewed the state's final accounts for the financial years ending December 2022 and 2023, along with implementation reports for the same period. It examined the Ministry of Finance's statements on budget transfers across government bodies. The audited financial statements of the Shura Council for 2024 were also reviewed, together with the 2023 financial report for the Unemployment Insurance Account, as approved by the Social Insurance Organisation's board. Two legislative proposals were also on the agenda. The first, submitted by Lina Habib, Dr Jehad Al Fadhel, Dalal Jassim Al Zayed, Hala Ramzi, and Hesham Al Qassab, sought changes to the 2012 Consumer Protection Law. The second, put forward by Dr Fatima Al Kooheji, Dr Mohammed Ali, Redha Faraj, Hala Ramzi, and Ijlal Isa Bubshait, called for the removal of Article 14 from the 1987 Commercial Law.
Daily Tribune
20-05-2025
- Daily Tribune
Model of productivity
Ninety-seven per cent of legislative items referred to the Council of Representatives' Financial Committee were completed last session, making it the most productive committee, its chairman Ahmed Al Salloom told The Daily Tribune. The committee cleared 133 out of 137 files during the third session of the sixth term. The figure was disclosed during a joint press conference yesterday hosted by the Council's secretariat, where all five standing committees presented their work. In total, 396 items were completed across the Council's committee system. Al Salloom said the financial committee dealt with a wide mix of subjects, including 33 draft laws, five royal decrees, 16 law proposals and 25 motions. Reports It also reviewed two reports on sovereign funds, the state's final account and 51 requests for opinion. The committee issued 79 reports, held 43 meetings and sent out 574 official letters. Speaking to The Daily Tribune, Al Salloom said one of the proposals now under review is to divert a share of revenue from taxes on multinational firms into the pension fund. 'The idea is to restore balance after pensioners lost their annual three per cent rise a few years ago,' he said. Shortfalls The committee has proposed this as a way to reduce shortfalls and help finance the return of that increase. Other major topics handled by the committee included a proposed income tax on foreign investments and the public debt law, which now includes a fixed deadline for repayment. He added that the secured transactions bill, which would allow troubled businesses to pledge movable assets, is expected to progress in the next session. The lawmaker also confirmed that a final account for the Unemployment Insurance Fund had been submitted for the first time. Economic agreements Al Salloom also commented on Bahrain's recent economic agreements. 'They're there to build strong ties with nearby countries and attract more investment. The point is to draw in reliable capital, improve the economy and increase jobs for Bahrainis,' he said. MP Mahmoud Fardan, chairman of the Legislative and Legal Affairs Committee, said his committee examined 58 matters, including four royal decrees, 23 draft laws, eight proposals, 21 motions, one Shura Council decision and a request to lift parliamentary immunity. A further 155 topics were passed on for notice only. He said the committee completed 40 of its core items, giving it a 91 per cent finish rate. Meetings The committee held 27 meetings and sent out 337 letters. It produced 31 reports. One of the lengthier files, Fardan said, was the draft law on the legal profession, which was referred late in the session. 'We sent 33 questions to the Ministry of Justice over three stages and looked at similar laws in the Gulf and Egypt,' he said. 'This version brings in new lawyer lists, clearer fees, and a different structure.'
Daily Tribune
11-05-2025
- Daily Tribune
Focus on economic and tax legislation
The Shura Council is set to convene its 29th meeting of the third session of the sixth legislative term today to discuss several key legislative proposals aimed at enhancing Bahrain's financial, economic, and investment landscape. At the forefront of the agenda is the report of the Financial and Economic Affairs Committee regarding Decree-Law No. (11) of 2024, which pertains to the regulation of tax on multinational enterprises. The committee has recommended approval of the decree, which is viewed as a crucial step toward supporting the Kingdom's ongoing efforts to strengthen public revenue, diversify funding sources, and address the fiscal deficit. Decree The committee emphasised that the decree supports Bahrain's economic strategy by ensuring financial stability, promoting sustainable growth, and enhancing tax fairness and social justice. It also aligns with international standards by establishing a local framework to implement the global minimum tax for multinational enterprise groups, in accordance with the OECD's base erosion and profit shifting (BEPS) guidelines. In the same session, the Council will review another report from the Financial and Economic Affairs Committee concerning amendments to Law No. (9) of 2016 on specifications and standards, under Decree No. (2) of 2025. The draft law proposes updates to the mechanisms for publishing national standards and technical regulations and introduces penalties for the unauthorized use or misrepresentation of such standards. Proposed amendments According to the committee, the proposed amendments aim to modernise the regulatory framework by expanding the structure and membership of the National Committee for Standards and Metrology. This will ensure broader representation across relevant sectors and improve responsiveness to evolving industrial and commercial needs. The Council will also examine two foreign agreements aimed at enhancing Bahrain's international investment ties. The first, submitted under Decree No. (9) of 2025, concerns the ratification of an agreement with the Republic of Korea to encourage and protect investment. The agreement is designed to stimulate economic cooperation and create favorable conditions for bilateral investment initiatives. Draft law Under Decree No. (12) of 2025, the Council will consider a draft law ratifying an agreement with the Sultanate of Oman on the elimination of double taxation and the prevention of tax evasion concerning income taxes. This agreement seeks to strengthen economic and trade ties between the two countries and foster a more transparent and cooperative tax environment. The Shura Council's review of these legislative proposals reflects its continued role in shaping Bahrain's economic and legal infrastructure to support sustainable development and international competitiveness.
