Latest news with #AlSalloom
Daily Tribune
20-05-2025
- Business
- 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
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.
Zawya
17-04-2025
- Business
- Zawya
Bahrain: Move to impose 10% reciprocal tax on US imports
Bahrain's Parliament has narrowly approved an urgent proposal urging for the imposition of a 10 per cent reciprocal tariff on US imports. In a tense and closely contested vote, MPs voted in favour of the move, citing the principle of reciprocity and provisions within the Free Trade Agreement (FTA) between the two nations. The proposal, led by second deputy speaker MP Ahmed Qarata and backed by four other MPs, aims to respond to what some legislators described as repeated violations of the FTA by the US, particularly in sectors potentially hitting Bahrain's major industry and trade. The vote saw a razor-thin majority pass the proposal by just two votes, highlighting deep divisions among legislators. Heated exchanges erupted during the weekly session yesterday, reflecting broader concerns about potential repercussions on trade and political ties with Washington. Mr Salman and Mr Qarata during the parliament session 'This is not a breach; this is our right,' shouted Mr Qarata. 'We are not breaching the FTA; we are exercising our rights within its framework. 'Article 8 of the agreement allows us to take reciprocal action in case of unfair practices. The US has imposed measures that harm our industries and exports – we cannot remain silent. 'This proposal is a message that we are equals in this partnership, and we will not be treated otherwise.' Parliament's financial and economic affairs committee chairman MP Ahmed Al Salloom clashed sharply with fellow MPs during deliberations, especially with first deputy speaker Abdulnabi Salman, one of the co-signatories of the proposal. Mr Al Salloom fiercely opposed the move, arguing it could lead to price increases on essential goods imported from the US, hurting ordinary Bahrainis. 'US products are deeply embedded in our markets – from food to electronics. Imposing tariffs will increase costs and hurt the consumer first. This isn't just a political gesture – it has real economic consequences,' said Mr Al Salloom. He further raised concerns that the proposal may also damage Bahrain's reputation as a reliable trade partner. The debate escalated when Mr Salman fired back at Al Salloom's criticism, accusing him of 'siding with foreign interests', a suggestion he strongly refuted. 'Everyone knows Mr Al Salloom is a government drummer but being a US and Trump drummer is new. It's shocking to see a fellow MP defend foreign interests over national ones,' alleged Mr Salman in the chamber. Mr Al Salloom replied furiously: 'I am a patriot and back what's right, regardless of the source. This isn't about America or Trump – this is about protecting our people from bad decisions that hit their wallets.' US President Donald Trump announced a 90-day pause of new tariffs. The proposal, while approved by Parliament, is non-binding but puts pressure on the government to take a definitive stance. Under Bahraini law, the Cabinet will now review the recommendation and decide whether to act upon it or reject it. Mr Al Salloom said the move could strain bilateral relations with the US, a key economic and defence ally, unless both sides reach an understanding under the FTA's dispute mechanisms. While some MPs hailed the vote as a bold assertion of national sovereignty, Mr Al Salloom warned it risked backfiring. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
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.
