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Daily Tribune
a day ago
- Business
- Daily Tribune
Bahrain and Saudi Arabia Strengthen Economic Ties in High-Level Business Council Talks
Abdullah bin Adel Fakhro, Minister of Industry and Commerce, held talks yesterday with a delegation from the Saudi side of the Bahraini-Saudi Joint Business Council, in the presence of Mr. Mohammed Abdul Jabbar Al Kooheji, Second Vice President of the Bahrain Chamber of Commerce and Industry, and a number of Chamber members. They discussed the depth of the strategic relations between Bahrain and Saudi Arabia and ways to strengthen the bonds of cooperation. The meeting also reviewed the most prominent joint efforts to enhance trade and investment exchange and expand the horizons of economic partnership. Focus was also on key joint initiatives and projects, enhance economic diversification and create new investment opportunities. The importance of continuing joint work to achieve the desired economic integration and further enhance cooperation in various fields was emphasized.
Daily Tribune
19-05-2025
- Business
- Daily Tribune
Bahrain Records Strong Growth
TDT | Manama Bahrain's economy showed solid momentum in the final quarter of 2024, according to the Bahrain Chamber of Commerce and Industry's report titled 'Overview of the Local Economy – Q4 2024'. The report recorded a 3.4 percent year-on-year increase in real GDP, driven by 4.6 percent growth in the non-oil sector. Leading this expansion were information and communication activities with a 12.4 percent surge, followed by transportation and storage at 11 percent, and manufacturing at 7 percent. Financial and insurance activities contributed the largest share to GDP at 17.3 percent. Trade trends Trade with GCC countries fell slightly by 2 percent compared to the same quarter a year earlier. However, trade with Qatar jumped significantly by 255 percent, reaching USD 116 million in Q4 2024. Saudi Arabia remained Bahrain's top export destination, while China led imports. Top export commodities included aluminum alloys, iron ores, and unwrought aluminum. On the import side, the leading items were aluminum oxide, smartphones, and aircraft engine parts. Spending and finance Point-of-sale transactions increased 14 percent to BHD 1.26 billion, with supermarket and department store spending growing by 26 percent and 29 percent respectively. Jewelry sales rose by 26 percent, while ATM withdrawals declined by 10 percent. Fawri+ transfers rose 12 percent, accompanied by a 10 percent increase in Fawri and 8 percent in Fawateer transactions, indicating stronger consumer confidence and broader adoption of digital payments. Business costs and inflation Interest rates on business loans saw a marked drop, particularly in the construction and real estate sector, where rates fell from 10.2 percent to 6.64 percent. Manufacturing and trade sectors also benefited from reduced borrowing costs. Inflation remained modest. The Consumer Price Index rose by just 0.5 percent year-on-year in December 2024. The largest price increases were seen in restaurants, communication services, and miscellaneous goods, while household furnishings declined. Global standing Manama ranked first globally in the financial category of the 'Global 150 Cities Index 2024'. Bahrain was also placed in the 'Role-Modeling' category in the Global Cybersecurity Index and ranked first in the Arab world in the Fraser Institute's Economic Freedom of the World Index. The chamber stated that the findings reflect the resilience of Bahrain's private sector and the country's improving economic fundamentals.
Daily Tribune
07-05-2025
- Business
- Daily Tribune
Bahrain Chamber, FPCCI to boost bilateral trade
Bahrain Chamber of Commerce and Industry and the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) convened a joint virtual meeting on Tuesday, to explore opportunities for enhanced trade and economic cooperation. The meeting was attended by Khalid Najibi, First Vice-Chairman of the Bahrain Chamber; Sahibzadi Mahin Khan, Convener of the FPCCI; Asif Inam, Vice-President of the FPCCI; H.E. Saqib Rauf, Pakistan's Ambassador to Bahrain; and a delegation of business owners from both Bahrain and Pakistan representing diverse sectors. Speaking at the meeting, Najibi highlighted the strong historical ties between Bahrain and Pakistan and emphasized the potential to further increase bilateral trade, which exceeded $112 million USD in 2024. He also emphasized the competitiveness of Bahrain's economy and the incentives available to foreign investors. Ambassador Saqib Rauf commended the Bahrain Chamber's efforts in connecting business owners and expressed his aspiration to host a Bahraini business delegation in Pakistan in the near future. For her part, Sahibzadi Mahin Khan underscored the FPCCI's role in facilitating trade and expressed the organization's eagerness to exchange business delegations with Bahrain.
Gulf Insider
10-04-2025
- Health
- Gulf Insider
MPs Approve 10 More Days of Maternity Leave
A proposal put forward by four women MPs – Hanan Fardan, Jaleela Alawi, Basma Mubarak and Maryam Al Saiegh – to extend paid maternity leave from 60 to 70 days for private sector workers was approved unanimously by Parliament yesterday. The legal amendment concerns Article 32 of the Labour Law (Law No. 36 of 2012) and retains the current option for an extra 15 days of unpaid leave. The leave remains tied to a medical certificate from a recognised health centre or an employer- approved clinic, showing the expected delivery date. No changes were made to the structure of eligibility, only to the number of paid days. The MPs' proposal followed a period of discussion with the relevant parliamentary services described it as a practical step towards providing women with a longer window of care, both for themselves and their newborns. MP Hanan Fardan, one of the proposal's authors, said the early weeks after birth are not idle days, but filled with return visits to health clinics, vaccinations, and, in some cases, further care when complications arise. 'Scientific studies point to a clear link between extended maternity leave and a lower risk of postnatal depression,' she told the chamber. 'We are not asking for indulgence. We are asking for time, time that can improve a child's health, time that can anchor a mother's return to the workplace with more strength, not less. Seventy days is not an indulgence. It is recovery, it is care, it is continuity.' Reality MP Eman Showaiter also addressed the chamber, focusing on the physical and emotional weight of childbirth, and the state's role in reckoning with that reality. 'A woman carries a child for nine months,' she said. 'Then comes the pain of delivery. Then the nights without sleep. If this doesn't call for rest, then what does?' She criticised responses from ministries and employers, which, in her view, reduced the matter to figures and work schedules. 'They measure everything by money, leave, labour, even birth,' she said. 'But this is about people. It's about the woman. It's about the child. And yes, it concerns the home and the workplace, but also how we reckon care and who we think deserves it.' The Ministry of Labour, in its written response, questioned the effect of the change. It suggested that some employers may grow hesitant to hire women if leave entitlements continue to grow. The ministry also expressed concern over the move's effect on ongoing efforts to align benefits across public and private sectors and said it may set back progress made in integrating Bahraini women into the workforce, particularly as women form the majority of those currently registered as job seekers. The Bahrain Chamber of Commerce and Industry (BCCI) shared that view, stating that thecurrent law already balances work and family needs. Also read: Five Drug Dealers Arrested
Gulf Insider
05-02-2025
- Business
- Gulf Insider
Bahrain: MPs Scrap BD500 Bahrainisation Fee
A plan to remove the BD500 fee that allows firms to bypass Bahrainisation quotas was passed by MPs yesterday, despite strong objections from the Labour Market Regulatory Authority (LMRA) and the Bahrain Chamber of Commerce and Industry (BCCI). The LMRA cautions that scrapping this arrangement may lead businesses to rely more on foreign hires instead of locals. It believes the fee — tacked onto each extra expat permit — currently encourages companies to stick to Bahrainisation quotas. Without it, the regulator contends, employers will lose a key nudge that keeps Bahraini workers front and centre. The chamber also raised concerns, arguing that several jobs need expertise from abroad. In its view, removing the fee system could trigger workforce gaps, dampen quality, and weaken Bahrain's economy. Joblessness It favours an all-encompassing overhaul of labour rules that tackles joblessness at the roots yet still gives firms enough room to operate. Since 2016, this scheme has run under a Cabinet directive on LMRA charges. It has been tweaked over the years to adjust to changing conditions, and officials say it lines up with Bahrain's goals for the labour market between 2023 and 2026. Steps The LMRA has likewise introduced other steps to shore up local hiring — firms must post vacancies in-country and interview Bahraini applicants before picking expat workers. Employers are also required to wait 21 days while these steps unfold, so that foreign recruitment isn't the default. 'The plan is meant to lift Bahraini employment in the private sector,' explained MP Bader Al Tamimi, one of its backers. 'Right now, some businesses hand over the fee rather than bring on local staff. This was originally designed to help companies needing extra permits who hadn't met their Bahrainisation target, but it's turned into a handy escape hatch.' Al Tamimi referred to LMRA figures showing 12,251 new permits and 27,849 renewals in 2023 alone. 'This surge in foreign permits reveals where employers are putting their focus,' he said. 'We've got a dire job crunch, and we need to prioritise Bahraini workers.' Home-grown talent 'It's not about punishing companies,' he added. 'It's about giving Bahrainis a proper go. If a firm truly backs homegrown talent, it shouldn't need a fee to steer it in that direction.' Parliament's Services Committee examined the plan and gave it the green light. Most members believe it will help steady the employment scene.
