Latest news with #AhmedSabahAlSalloom
Daily Tribune
22-04-2025
- Business
- Daily Tribune
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.
Daily Tribune
15-04-2025
- Health
- Daily Tribune
Health for all comes first
Bahrain has kept health near the top of its priorities, with strong backing from the leadership, according to MP Ahmed Sabah Al Salloom. Speaking on the occasion of Gulf Health Day, observed each year on 15 April, Al Salloom said Bahrain had made steady progress thanks to the efforts of Bahraini doctors, nurses and support staff. He said their work had helped extend care to citizens and residents across the country. MP Al Salloom said this progress would not have happened without clear direction from the leadership. Support from the top has led to the building of new clinics, expanded coverage, and a focus on making sure services reach growing areas, including new housing developments. He also referred to a move led by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, to keep nine health centres open around the clock. Al Salloom said this had made it easier for people in different parts of the country to get the care they need. He went on to praise the role of medical staff during the coronavirus outbreak, saying Bahrain's health system had shown it could respond quickly and well under pressure. Al Salloom also mentioned the rebuilding of the Bilad Al Qadeem Health Centre, funded by the Yusif and Aysha Al Moayyed Charity Foundation. He said the project showed how local support could help improve services for the community. The lawmaker ended his statement by calling for more work to improve public health. This, he said, should begin with food safety and prevention, and continue through to better care and long-term planning.
Daily Tribune
04-04-2025
- Business
- Daily Tribune
Foreign Investors Offered Residency and Tax Relief Under New Draft Law
Foreign investors may be offered permanent residency, tax relief and full ownership under a draft law due to be debated in Parliament on Tuesday. The proposal, backed by MP Ahmed Sabah Al Salloom and four others, lays out a scheme aimed at drawing money into sectors such as artificial intelligence, robotics, green technology and food security. 'This proposal is rooted in Article 10 of the Constitution,' said Mr Al Salloom, 'which affirms that the national economy is founded on social justice and built on fair cooperation between public and private sectors, with the aim of achieving prosperity for citizens.' He pointed to Article 92 as the legal footing allowing MPs to put forward draft legislation of this kind. The law, would make Bahrain one of the few countries in the region to offer full ownership of investment projects to non-citizens, with the added benefit of permanent residence for the investor, their spouse, children and parents. Tax and customs waivers would apply to all machinery and equipment brought in for setting up or expanding projects, so long as they are kept in use for at least two years. A dedicated desk within the Ministry of Industry and Commerce would handle all procedures related to eligible projects. Investors would have the right to send all net profits abroad, and could pass on ownership or pull out of a project entirely, subject to approval. 'The heart of the draft lies in Article 3,' Mr Al Salloom said. 'It offers proper incentives for serious investors – land, residency, credit facilities through Tamkeen, and a clear path to set up and grow.' At least 300,000 Dinars in capital would be required to qualify, and the business would have to operate in one of the designated fields. These include education, healthcare, green energy, cyber security, pharmaceuticals, and any other field the Minister may add by order. Bahrainisation requirements would be brought in after five years, requiring half of the workforce to be Bahraini. Training schemes for locals would also be expected. 'The idea is to back industries of the future while making sure Bahrainis benefit along the way,' Mr Al Salloom said. 'We are targeting a shift towards the Fourth Industrial Revolution.' The draft law also lays out the investor's duties: a feasibility study, audited records, written notice of when the project starts and finishes, and insurance covering buildings and equipment. Any breach may lead to the loss of all incentives and, if land was allocated by the government, its immediate return. The Financial and Economic Affairs Committee, chaired by Mr Al Salloom, has recommended the proposal go ahead. Its report says the draft would encourage projects that add genuine value to the economy and lessen the country's reliance on oil. The Economic Development Board, in its reply, said many of the privileges in the draft already exist under current law or through bilateral agreements. It warned that tax breaks on all equipment may hurt state revenues, and said that setting up new offices risks making things slower, not smoother. The Bahrain Investors Centre, it argued, already performs much of what the proposed office would do. It also pointed out that some rights already on the books – such as opening bank accounts or protecting business data – are not addressed in the proposal. A call was made for a more detailed study to test how well the proposal fits into Bahrain's plans to broaden investment. Even so, the Bahrain Businessmen's Association welcomed the move, describing it as a step likely to draw projects that bring jobs and long-term benefit.
Daily Tribune
22-02-2025
- Business
- Daily Tribune
MPs to vote on shareholder rights in board appointments
Parliament will vote on Tuesday on a proposal to grant shareholders holding at least 10% of a company's capital the automatic right to appoint board members in proportion to their stake, regardless of company rules. The amendment to the Commercial Companies Law seeks to remove a clause in Article 175 of Decree-Law No. 21 of 2001, which currently allows firms to override this right through their founding agreements. Supporters argue that the change would give minority shareholders a stronger voice in company decisions. The Bahrain Chamber of Commerce and Industry has backed the proposal, saying it would create a fairer balance among shareholders and prevent larger stakeholders from monopolising board seats. However, it suggested further review on how the rule would apply to companies with existing shareholder agreements. The Bahrain Businessmen's Association has also endorsed the move, calling it beneficial for the business sector. The proposal has been submitted by MPs Ahmed Sabah Al Salloom, Khalid Buanaq, Maryam Al Dhaen, Basma Mubarak, and Ali Saqer Al Doseri. Under the amendment, shareholders with at least 10% of a company's capital would have the right to appoint board members in proportion to their stake, with fractional shares rounded to the nearest whole. Shareholders who do not exercise this right or lack enough shares to appoint a member could instead use their stake for voting. If the right is not exercised, it would be forfeited for that board election cycle. The amendment consists of three articles: the first revises Article 175 to reflect the change, the second repeals any conflicting laws, and the third stipulates that the amendment would take effect the day after its publication in the Official Gazette.
