Latest news with #AlSaad
Bahrain News Gazette
06-05-2025
- Business
- Bahrain News Gazette
Industry Ministry Enforces New Regulations for Business Bank Accounts and Digital Payments
Manama: Bader Fareed Al Saad, Director of the Registration at the Ministry of Industry and Commerce, addressed a press conference concerning the implementation of Ministerial Decision (43) regarding commercial payment regulations. He emphasized the significance of these regulatory measures in fostering economic development by enhancing the business environment and aligning with global trends in digital payment systems. According to Bahrain News Agency, Al Saad clarified that all commercial establishments are mandated to open at least one dedicated business bank account per establishment, irrespective of the number of branches. He stressed the necessity for these transactions to be conducted exclusively through business accounts rather than personal ones, highlighting the importance of compliance for transparency in financial dealings and the protection of the national economy. Al Saad stated that the directive requires commercial establishments to link their business bank account to their commercial registration and to provide at least one digital payment method. This requirement aims to ensure transparency and legal compliance in all transactions. He further explained that the primary objective is to raise awareness among business owners about the importance of adopting regulated financial practices, facilitating compliance with contemporary commercial laws, enhancing the business environment, and safeguarding consumer rights. The new regulations promise multiple market benefits, including improved consumer protection through regulated transactions, safer money transfers, and an increase in digital payment options to support e-commerce. The measures are expected to enhance cash flow tracking, combat money laundering through accurate financial data, and improve compliance with VAT and related laws. The decision encompasses all commercial entities, including companies of all sizes-small, medium, and large-individual enterprises with official commercial registrations, and registered virtual stores under the 'Sijili' online system, which must adhere to the same rules as conventional businesses. Al Saad reiterated that each commercial entity must open at least one business bank account per establishment and ensure all transactions are conducted through that account. He mentioned that new commercial registrations must update their information before issuance, while existing records are being gradually integrated to ensure a seamless transition to full compliance. The directive aims to reduce dependence on unregulated cash transactions, which can lead to tax evasion and opaque finances. The ministry intends for business bank accounts to be central to financial operations to improve oversight and simplify audits, marking the first phase of a gradual transition towards a fully digital economy. The implementation of Ministerial Decision (43) follows a phased timeline, with the decree issued and the gradual rollout initiated on June 13, 2024, in coordination with relevant authorities. The first phase, involving account registration and digital payment setup for businesses, is expected to be completed by December 2024. The second phase, integrating these businesses into a central system, is anticipated to conclude by June 2025, ensuring full implementation of the order.
Gulf Insider
20-04-2025
- Business
- Gulf Insider
Bahrain Wraps up Cruise Season With Over 140,000 Tourists and 15% Growth
The Bahrain Tourism and Exhibitions Authority (BTEA) has officially announced the successful conclusion of the 2024–2025 cruise season, welcoming a total of 140,100 tourists from across the globe. This marks a 15% increase in arrivals compared to the previous season, alongside a noticeable rise in the number of visitors opting to stay in Bahrain's hotels and resorts. The season, which ran from November 2024 to April 2025, saw 40 cruise ships docking in Bahrain, significantly boosting economic activity and supporting key sectors such as retail, transportation, and hospitality, according to Ms. Dana Osama Al Saad, Deputy CEO of Resources and Projects at BTEA. Ms. Al Saad highlighted the season's success as part of the Authority's broader strategic goals for the tourism sector. She also confirmed that early preparations are already underway for the 2025–2026 season, with a focus on strengthening partnerships and enhancing maritime tourism services. She praised the fruitful coordination between public and private sector partners—including the Ministry of Interior, Ministry of Transportation and Telecommunications, APM Terminals Bahrain (operator of Khalifa Bin Salman Port), and the Bahrain Authority for Culture and Antiquities. Their joint efforts played a vital role in ensuring the smooth facilitation of services and the organization of diverse cultural and tourism programs for cruise visitors. This year's cruise season stood out for its variety of offerings, coinciding with numerous festivals and events held across the six-month period. The vibrant calendar helped provide a well-rounded and engaging experience that received high praise from tourists and cruise operators alike. In a related development, BTEA recently participated in Seatrade Cruise Global, a major industry exhibition held in Miami, USA, as part of the Cruise Arabia Alliance—a regional partnership including Bahrain, Saudi Arabia, Oman, and the emirates of Abu Dhabi and Dubai. During the exhibition, new agreements were signed in preparation for the 2026–2027 cruise season, including plans to extend cruise ship stopovers in Bahrain to up to three days. This move is expected to further boost Bahrain's position in the regional cruise tourism market and enhance its economic contribution through a more diversified and immersive visitor experience. The BTEA reaffirmed its commitment to developing Bahrain into a premier cruise destination in the region, while continuing to support the Kingdom's broader vision for sustainable economic growth through tourism.
Daily Tribune
19-04-2025
- Business
- Daily Tribune
Bahrain Wraps Up Cruise Season with Over 140,000 Tourists and 15% Growth
The Bahrain Tourism and Exhibitions Authority (BTEA) has officially announced the successful conclusion of the 2024–2025 cruise season, welcoming a total of 140,100 tourists from across the globe. This marks a 15% increase in arrivals compared to the previous season, alongside a noticeable rise in the number of visitors opting to stay in Bahrain's hotels and resorts. The season, which ran from November 2024 to April 2025, saw 40 cruise ships docking in Bahrain, significantly boosting economic activity and supporting key sectors such as retail, transportation, and hospitality, according to Ms. Dana Osama Al Saad, Deputy CEO of Resources and Projects at BTEA. Ms. Al Saad highlighted the season's success as part of the Authority's broader strategic goals for the tourism sector. She also confirmed that early preparations are already underway for the 2025–2026 season, with a focus on strengthening partnerships and enhancing maritime tourism services. She praised the fruitful coordination between public and private sector partners—including the Ministry of Interior, Ministry of Transportation and Telecommunications, APM Terminals Bahrain (operator of Khalifa Bin Salman Port), and the Bahrain Authority for Culture and Antiquities. Their joint efforts played a vital role in ensuring the smooth facilitation of services and the organization of diverse cultural and tourism programs for cruise visitors. This year's cruise season stood out for its variety of offerings, coinciding with numerous festivals and events held across the six-month period. The vibrant calendar helped provide a well-rounded and engaging experience that received high praise from tourists and cruise operators alike. In a related development, BTEA recently participated in Seatrade Cruise Global, a major industry exhibition held in Miami, USA, as part of the Cruise Arabia Alliance —a regional partnership including Bahrain, Saudi Arabia, Oman, and the emirates of Abu Dhabi and Dubai. During the exhibition, new agreements were signed in preparation for the 2026–2027 cruise season, including plans to extend cruise ship stopovers in Bahrain to up to three days. This move is expected to further boost Bahrain's position in the regional cruise tourism market and enhance its economic contribution through a more diversified and immersive visitor experience. The BTEA reaffirmed its commitment to developing Bahrain into a premier cruise destination in the region, while continuing to support the Kingdom's broader vision for sustainable economic growth through tourism.
Daily Tribune
21-03-2025
- Business
- Daily Tribune
Al Baraka Islamic Bank appoints Yasser Al Saad as Chief Treasury and Investment
Al Baraka Islamic Bank, the leading Islamic bank in the Kingdom of Bahrain, announced the appointment of Yasser Mohamed Al Saad as Chief Treasury and Investment. This move aligns with the bank's ongoing strategy to enhance its leadership by leveraging national talent and building a distinguished management team that will drive the bank's growth and prosperity. Before joining Al Baraka Islamic Bank, Al Saad served as the Treasurer at the Bank of Bahrain and Kuwait (Kuwait) for nearly over 8 years during which he managed the treasury and investment portfolio across GCC and global markets. He also held the position of Acting Chief Executive of the same bank from October 2021 to August 2023. Additionally, he previously held the position of Head of Treasury at United Gulf Bank (Bahrain). Upon this announcement, Dr Adel Salem, Chief Executive Officer of Al Baraka Islamic Bank, remarked, 'We are thrilled to welcome Yasser Mohamed Al Saad to our senior executive management team as our Chief Treasury and Investment. Al Saad brings a proven track record of achievements and experience that will enable him to effectively lead the treasury and investment division. We wish him every success in supporting bank's growth and prosperity.' In response, Yasser Mohamed Al Saad expressed, 'I am honored to be part of a distinguished management team that is committed to the ongoing development and growth of Al Baraka Islamic Bank. I extend my heartfelt thanks to the Bank's Board of Directors and the Chief Executive Officer for entrusting me with this role.' He added, 'I look forward to collaborating with the Treasury and Investment team to strengthen Al Baraka Islamic Bank's position as a leading financial institution in Islamic banking and to achieve our objectives while continuing on our path of growth and progress.'
ME Construction
21-02-2025
- Business
- ME Construction
Al Saad residential project inaugurated in Al Ain
Property Al Saad residential project inaugurated in Al Ain By The authority has supervised the delivery of residential plots and ready-made housing, approved housing loans, and granted exemptions from housing loans Mohamed bin Zayed Al Nahyan, the President of the UAE and the Ruler of Abu Dhabi, along with Hazza bin Zayed Al Nahyan, the Ruler's Representative in the Al Ain region, have officially inaugurated the Al Saad residential project in Al Ain city. This project boasts 306 new residential units, spread across 123ha and was developed at a total cost of US $271mn. During the project's inauguration, the explanation of its specifications was provided with an overview of its external and internal designs. All residential villas were constructed in accordance with the latest international standards and best practices to meet the preferences of customers, while advancing social welfare and contributing to the development of an integrated, contemporary residential environment that elevates the quality of life. Villas in the Al Saad project, managed by the Abu Dhabi Housing Authority (ADHA) in collaboration with Abu Dhabi Projects and Infrastructure Centre, are designed with five bedrooms each. Beyond residential villas, the project boasts integrated community and service facilities, including three commercial complexes with 18 stores, a mosque, and two masjids that can accommodate a total of 2260 visitors. Additionally, there are 34 parks and community centers (majlis) for residents to enjoy. Mohamed Ali Al Shorafa, Chairman of the Board of Directors of Abu Dhabi Housing Authority commented, 'The Al Saad residential project embodies the ADHA's efforts to build integrated residential communities that provide innovative residential choices for residents, in accordance with the highest international standards. This is a significant step forward in advancing the vision and directives of our wise leadership, which prioritises citizens' welfare, stable families, and adequate housing. The project is a significant addition to the extensive portfolio of residential projects the authority is striving to complete across Abu Dhabi, which reflects our commitment to shaping a sustainable residential system that improves the lives of residents in Al Ain.' Hamad Hareb AlMuhairi, Director General of Abu Dhabi Housing Authority stated, 'The Al Saad residential project was designed to meet the growing demands of residents, while also supporting the ongoing expansion of Al Ain City. It was thoughtfully created to enhance the citizens' quality of life by accommodating their needs in terms of space and design. As we go forward, we will continue to focus on integrated communities that provide residents with the necessary services and amenities. More importantly, the authority will allow the beneficiaries to choose their homes, fostering family cohesion and addressing each individual's needs in accordance with his or her social and family circumstances.' Eng Maysarah Mahmoud Eid, Acting Director-General of Abu Dhabi Centre for Projects, and Infrastructure remarked, 'By working together with the ADHA, we reiterate our unwavering commitment to improving the lives of the people we serve. We will continue to provide superior public and community facilities that ensure comfort, follow the most stringent sustainability guidelines, and raise living standards across the Emirate.' Abu Dhabi Housing Authority has been providing suitable government housing for the citizens of Abu Dhabi. The authority has supervised the delivery of residential plots of land and ready-made housing, approved housing loans, and granted exemptions from housing loans. These initiatives have resulted in a total value of housing benefits exceeding $44.1bn, impacting over 118,700 citizens, said a statement.
