Latest news with #AbdullahbinAdelFakhro
Daily Tribune
4 days ago
- Business
- Daily Tribune
Bahrain, Saudi push strategic Economic Partnership
TDT | Manama Bahrain and Saudi Arabia have taken a new step in advancing economic integration, launching a raft of joint sectoral committees and strategic initiatives at the eighth meeting of their Joint Business Council held in Manama on Wednesday. The meeting brought together ministers, diplomats and business leaders from both nations, reflecting the intensifying drive to harmonise commercial frameworks under Bahrain's Economic Vision 2030 and Saudi Arabia's Vision 2030. Shared path forward H.E. Abdullah bin Adel Fakhro, Bahrain's Minister of Industry and Commerce, described the bilateral relationship as a unique model of Gulf integration that transcends borders. He noted the Kingdom's enhanced investment landscape and welcomed the decision to treat Bahraini products as local within the Saudi market, calling it a 'landmark enabler' of economic fusion. Saudi Ambassador to Bahrain H.E. Nayef bin Bandar Al-Sudairi echoed the call for joint execution, saying the council is one of the arms through which the aspirations of both leaderships can be transformed into sustainable economic growth.
Biz Bahrain
15-05-2025
- Business
- Biz Bahrain
UAE Investors Centre inaugurated in Bahrain
The UAE Investors Centre was inaugurated at Bahrain Financial Harbour. The centre, affiliated with Bahrain's Ministry of Industry and Commerce, was launched in the presence of Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, and Abdullah bin Adel Fakhro, Minister of Industry and Commerce. Fahad Mohammed Salem bin Kardous Al Ameri, Ambassador of the United Arab Emirates to the Kingdom of Bahrain, commended the initiative, describing it as a key step towards enhancing economic and investment cooperation between the UAE and Bahrain. He noted that the centre would open new avenues for UAE investments across various sectors, reflecting the longstanding ties between the two countries and their peoples. The Ambassador said that the establishment of the centre reflects the directives of both leaderships to deepen economic partnership and support sustainable development goals. He highlighted the centre's role as a dedicated platform to facilitate investment flows and strengthen private sector collaboration. He commended the integrated services provided, which include streamlined company registration, commercial licensing, and tailored investment advisory support for UAE investors seeking to grow their business operations in Bahrain. The Ambassador also commended the efforts of the Government of the Kingdom of Bahrain in fostering a competitive and welcoming investment environment. He noted Bahrain's commitment to encouraging joint ventures and easing procedures for UAE companies seeking to establish operations in the Kingdom, thereby enhancing Bahrain's position as a leading investment destination in the region. He emphasised that the inauguration coincides with the entry into force of the Investment Promotion and Protection Agreement between the two countries this month. He described this alignment as a significant milestone that will support the launch of new investment initiatives in Bahrain and further develop economic cooperation. He extended his congratulations on this initiative, which he said would contribute to sustainable economic growth and closer commercial ties between the two countries. BNA(R)
Gulf Insider
20-04-2025
- Business
- Gulf Insider
Bahrain: Ministry Urges All Businesses to Adopt Electronic Payment Methods'
The Ministry of Industry and Commerce has called on all commercial establishments operating in the Kingdom of Bahrain to begin taking necessary steps to comply with Resolution No. (43) of 2024 concerning payment systems for commercial transactions. The deadline for full implementation is June 13, 2025. Under the new regulation, both existing and newly established businesses are required to open a commercial bank account with a licensed financial institution in Bahrain. Additionally, they must offer at least one electronic payment method, such as a point-of-sale (POS) system, electronic payment gateway, or approved e-payment platforms. His Excellency Mr. Abdullah bin Adel Fakhro, Minister of Industry and Commerce, emphasized the importance of this transition, stating:'We are entering a new era of financial and commercial development in Bahrain. We encourage all businesses to seize this opportunity to modernize their operations and adopt secure, efficient digital payment systems.' He added, 'Resolution No. (43) of 2024 is not only a legal requirement, but also a strategic step toward enhancing financial processes and promoting transparency. We strongly urge all commercial entities to take immediate action to ensure a smooth and secure transition into a more advanced and safe financial environment.' The Ministry's initiative aims to align Bahrain's business ecosystem with international best practices in digital commerce, while also improving the security and efficiency of financial transactions in the Kingdom. Businesses seeking more information or guidance on implementing the requirements are encouraged to contact the Ministry or visit its official channels.
Daily Tribune
19-04-2025
- Business
- Daily Tribune
Ministry Urges All Businesses to Adopt Electronic Payment Methods"
The Ministry of Industry and Commerce has called on all commercial establishments operating in the Kingdom of Bahrain to begin taking necessary steps to comply with Resolution No. (43) of 2024 concerning payment systems for commercial transactions. The deadline for full implementation is June 13, 2025. Under the new regulation, both existing and newly established businesses are required to open a commercial bank account with a licensed financial institution in Bahrain. Additionally, they must offer at least one electronic payment method, such as a point-of-sale (POS) system, electronic payment gateway, or approved e-payment platforms. His Excellency Mr. Abdullah bin Adel Fakhro, Minister of Industry and Commerce, emphasized the importance of this transition, stating: "We are entering a new era of financial and commercial development in Bahrain. We encourage all businesses to seize this opportunity to modernize their operations and adopt secure, efficient digital payment systems." He added, "Resolution No. (43) of 2024 is not only a legal requirement, but also a strategic step toward enhancing financial processes and promoting transparency. We strongly urge all commercial entities to take immediate action to ensure a smooth and secure transition into a more advanced and safe financial environment." The Ministry's initiative aims to align Bahrain's business ecosystem with international best practices in digital commerce, while also improving the security and efficiency of financial transactions in the Kingdom. Businesses seeking more information or guidance on implementing the requirements are encouraged to contact the Ministry or visit its official channels.
Daily Tribune
10-04-2025
- Business
- Daily Tribune
Bahraini cos sparkle on the global stage
Nine local brands shine at Hong Kong Jewellery Show 2025 Export Bahrain successfully concluded its second consecutive participation in the Hong Kong International Jewellery Show 2025, reaffirming its commitment to expanding global opportunities for Bahrain-based businesses in the jewellery and precious metals sector. Following the success of its previous participation last year, it has continued its efforts to enhance the international presence of local businesses. Through its collaboration with the Hong Kong Trade Development Council (HKTDC), Export Bahrain supported the participation of nine Bahrain-based businesses, effectively increasing the number of participants by 50% from the previous year at the 11th Hong Kong International Diamond, Gem & Pearl Show and the 41st Hong Kong International Jewellery Show. This provided the businesses with the opportunity to showcase their products to a global audience and explore new international markets. During the event, Export Bahrain facilitated more than 180 meetings for the participating Bahrain-based businesses, averaging 30 daily interactions with buyers from diverse regions including Hong Kong, the People's Republic of China, India, Thailand, Singapore, the United Arab Emirates, the United Kingdom, and Italy. These meetings provided local businesses the opportunity to showcase their innovative business models and the distinctive value they offer to international clients. Significant opportunities The participation also resulted in significant opportunities and positive outcomes for the companies involved, including over 15 closed deals and 14 potential deals with manufacturers and suppliers of gemstones and essential raw materials. These agreements aim to foster innovation and business development in the sector. Additionally, the event opened new avenues for collaboration and knowledge exchange, while providing valuable insights into the latest technologies, design trends, and strategies for global market expansion. The local businesses showcased in the Kingdom of Bahrain pavilion identified numerous promising opportunities and positive outcomes that will enhance their growth and expansion in the region. This participation not only cultivated fruitful regional and global connections but also allowed Bahrain-based businesses to explore the latest innovations and advanced solutions in the jewellery and precious metals industry, including cutting-edge technologies, design trends, and strategies for entering international markets. Abdullah bin Adel Fakhro, Minister of Industry and Commerce and Chairman of Export Bahrain, emphasized the significance of this participation, stating: 'Export Bahrain's participation reflects the Kingdom's commitment to driving economic growth by supporting the global expansion of Bahrain-based businesses. The jewellery and precious metals sector is a fundamental pillar of national exports, as the presence of local businesses in global markets opens new avenues for growth and provides strategic opportunities for establishing sustainable partnerships. Additionally, Export Bahrain plays a crucial role in empowering local businesses to expand globally as it provides the necessary support, including facilitating access to international markets and enhancing the competitiveness of national products, thereby contributing to greater global economic integration. Ms. Safa Sharif Abdulkhaleq, Chief Executive Officer of Export Bahrain, highlighted the importance of international exhibitions in promoting Bahraini products, adding: 'This successful participation underscores Export Bahrain's commitment to empowering Bahrain-based businesses by providing them with the necessary tools and platforms to enhance their global competitiveness. The deals and partnerships secured during this event will contribute to the long-term growth of exports and reinforce Bahrain's position as a leading hub for jewellery and precious metals.' Partnerships The participating Bahraini companies emphasized the significant value derived from this opportunity. Mr. Masood Jassim, PR Manager of Tababat Albahrain Jewellery, stated: 'This exhibition served as a pivotal platform to strengthen our brand's global presence and establish direct connections with international buyers. We are currently in advanced discussions to secure key strategic partnerships that will drive our expansion beyond the region, reaffirming the critical role of such platforms in fostering long-term growth and global competitiveness.' Ms. Fajer Al-Hashel, Founder of JeeJewels, added: 'Our participation in this exhibition, supported by Export Bahrain, provided us with a valuable opportunity to establish connections with key suppliers and industry partners, strengthening our business growth and market positioning. Furthermore, it has opened new prospects for expansion into the Japanese market, highlighting the significance of such platforms in facilitating long-term international success.' Mr. Ahmed Alnatei, General Manager at Al Safa Jewellery, commented: 'The Hong Kong Jewellery Show provided us with a strategic platform to engage directly with a diverse range of buyers and suppliers, allowing us to explore new partnerships. We have already initiated negotiations on several promising deals to introduce new and innovative collections that align with our customers both locally and internationally.'
