Latest news with #BahrainChamberofCommerceandIndustry
Daily Tribune
20-05-2025
- Business
- Daily Tribune
Bahrain Chamber discusses boosting trade, investment with Argentina
Mohammed Abdul Jabbar Al-Kooheji, Second Vice Chairman of the Bahrain Chamber of Commerce and Industry, received Hernan Batinic, Deputy Head of Mission for Economic Affairs at the Embassy of the Argentine Republic in Riyadh, at the Chamber's premises yesterday. The meeting focused on enhancing bilateral cooperation between the private sectors of Bahrain and Argentina, with an emphasis on increasing trade volume and exploring new opportunities in key sectors such as education, financial technology (fintech), and food industries. Al-Kooheji, the second Vice Chairman, described Argentina as an important market with strong export potential, highlighting growing interest among Bahraini business leaders in forming partnerships with counterparts in South America—particularly in value-added sectors. Batinic affirmed Argentina's interest in deepening economic ties with Bahrain, stressing his country's readiness to provide all necessary support to strengthen trade and investment relations between the two nations.
Daily Tribune
27-04-2025
- Business
- Daily Tribune
MPs to debate bill linking layoff compensation to advance notice
Parliament is set to debate a proposal on Tuesday that would compel employers to pay full compensation to workers dismissed on economic grounds unless they notify the Labour Ministry at least two months in advance and submit audited financial reports. The proposed amendment to Bahrain's Labour Law (Law No. 36 of 2012) aims to tighten procedures for dismissals related to company closures, downsizing, or production system changes that reduce the need for staff. Under the new bill, employers must formally notify the ministry 60 days before informing affected employees. The notice must include financial statements covering either the past three years or the most recent audited accounts, depending on the case. The draft also stipulates that if a Bahraini and a foreign employee hold the same position with equal qualifications and experience, the Bahraini must be retained, except in cases of full business closure. Employers who fail to comply with these requirements — or who submit false information — would be obligated to pay full compensation under Article 111 of the Labour Law. Currently, only half the amount is payable if proper procedures are followed. The Services Committee has recommended removing a proposed new article requiring the Labour Ministry to create a dedicated register for such notifications, suggesting that ministerial regulations would be a more flexible solution. Government officials have expressed concerns about the proposal, warning it could impose additional burdens on companies during periods of financial difficulty. They argued that the existing law already offers workers significant protection, including a 30-day notice period and compensation for unjust dismissals. They also noted that mandatory financial documentation would lead to added costs and delays, particularly where independent audits are required. Furthermore, the government opposed the idea that failure to notify the ministry should automatically entitle employees to full compensation, stating that notification is a procedural formality rather than a legal precondition for dismissal. The Bahrain Chamber of Commerce and Industry echoed these concerns, maintaining that the current law strikes an appropriate balance between the rights of workers and employers. On the other hand, trade unions strongly backed the amendments. Both the Free Labour Union Federation and the General Federation of Bahrain Trade Unions supported the changes, citing repeated cases of misuse under the current system. The Services Committee ultimately recommended retaining the existing 30-day notice period, influenced in part by Court of Cassation rulings that emphasized the procedural nature of the notification requirement and clarified that compensation depends on the legality of dismissal, not procedural compliance.
Daily Tribune
19-04-2025
- Business
- Daily Tribune
Citizens edge out expats in business
Bahrain investors now enjoy a slight edge over foreign stakeholders when it comes to active commercial registrations in the Kingdom, revealed Industry and Commerce Minister Abdulla bin Adel Fakhro. The minister said citizens own 52 per cent of the kingdom's active commercial registrations, beating foreign stakeholders who account for the remaining 48pc. There are currently 88,200 active commercial registrations across the country, covering all types of businesses listed under the national 'Sijilat' system—including sole traders, partnerships, joint-stock companies, and limited liability firms. Describing the figures, accurate as of mid-February, as 'steady and regularly reviewed,' the minister made the disclosure in a written response to MP Hamad Al Doy. Foreign investment in Bahrain remains strong, with non-Bahraini nationals showing particular interest in sectors such as management consultancy, interior design, advertising, marketing, and real estate services involving owned or leased property, Mr Fakhro added. Addressing concerns over non-Bahraini individuals operating under local cover, the minister highlighted an ongoing crackdown launched in 2021 with the Bahrain Chamber of Commerce and Industry. The initiative helped businesses correct their records, with 197 violations referred to the Public Prosecution, leading to shop closures and licence cancellations. 'Several cases are still pending before the courts, and inspections are continuing,' he confirmed.
Daily Tribune
06-04-2025
- Business
- Daily Tribune
Bahrain Chamber holds its General Assembly
The Bahrain Chamber of Commerce and Industry convened its General Assembly on Saturday, April 5, 2025, chaired by Sameer bin Abdullah Nass. The meeting was attended by 406 registered members, accounting for 1.11% of those who had paid their annual subscriptions. The session focused on reviewing the chamber's financial and administrative reports, which aim to strengthen the private sector's role in the national economy and enhance transparency and member participation in economic discussions. The Assembly ratified the minutes of its previous meeting (April 28, 2024), approved the Board of Directors' annual report on 2024 activities, and endorsed the financial statements along with the external auditor's report for the fiscal year. Members also approved the appointment of BDO as the external auditor for 2025 and authorised the Board to finalise the contract. A key development during the 'Any Other Business' segment was the approval of amendments to Article (26) of Decree Law No. (48) of 2012 and Article (30) of its executive regulations. These changes empower members to elect the Chamber Chairman directly. The Board of Directors was authorised to coordinate with the relevant authorities to implement the legal amendments. In his address, Nass highlighted the past year's achievements, noting the Chamber's increasing developmental activities and reaffirming its commitment to supporting Bahrain's economic goals. He stressed the Chamber's strategic role in launching initiatives, strengthening partnerships, and delivering services to its members. Nass thanked His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness the Crown Prince and Prime Minister Prince Salman bin Hamad Al Khalifa for their continued support of the private sector. He emphasised the Chamber's active engagement with the leadership to enhance Bahrain's investment climate and competitiveness, which aligns with the Bahrain Economic Vision 2030. The Chamber implemented its strategic plan for the 30th session by launching 22 initiatives focused on improving the business environment, stimulating investments, and proposing economic reforms. These included advocating for changes to the social security law to ease burdens on SMEs and suggesting updates to checkrelated regulations to ensure financial stability. To foster economic dialogue, the Chamber hosted its third annual conference for permanent committees under the theme 'Towards an Economic Environment that Stimulates Growth and Investment.' The event gathered economic experts and private sector leaders to discuss challenges and propose innovative solutions to boost Bahrain's regional and global competitiveness. Meanwhile , First viceChairman, Khalid bin Mohammed Najibi, chaired the meeting on behalf of Nass. During the meeting, he announced that the chamber received, on March 27, 2025, a written request signed by 69 members of the General Assembly, reque sting the inclusion of the amendment of Article (26) of Decree Law No. (48) of 2012 and Article (30) of the executive regulation of the same decree in the agenda of the General Assembly under the item 'Other New Business.' Najibi explained that the chamber's Customer Service Department reviewed the request and verified that it met the legal requirements. It was found that 57 of the signatories met the criteria set out in Article (15) of Decree Law No. (48) of 2012, which allows for the inclusion of items not listed on the agenda based on a written and justified request from at least fifty members submitted at least two business days prior to the meeting. Najibi confirmed that based on the request meeting the requirements, the issue was included on the agenda for discussion in the General Assembly, supported by several justifications, the most prominent of which was: 'Enhancing the flexibility of commercial work by enabling the General Assembly, as the highest authority, to choose its representatives more broadly and allowing elected board members to choose the Chairman from among them, similar to what is practiced in civil society institutions and the Shura and Council of Representatives, without a ceiling limiting private sector options.'
Daily Tribune
08-03-2025
- Business
- Daily Tribune
MPs Push for Industrial Fund Despite Business Concerns
MPs are advocating for the creation of an Industrial Development Fund to provide state-backed financing for Bahraini factories, but business leaders warn it could overlap with existing initiatives. The draft law, proposed by MPs Ahmed Al Salloom, Khalid Buanaq, Zainab AbdulAmeer, Iman Shuwaiter, and Maryam Al Dhaen, calls for establishing the fund as a legally independent entity with its own finances. A nine-member board, appointed by royal decree, would oversee operations, with representatives from the Cabinet, the Economic Development Board, the Bahrain Chamber of Commerce and Industry, Mumtalakat, and the Ministry of Industry and Commerce. Funding would come from a mix of state budget allocations, donations, and a portion of Mumtalakat's earnings. Eligible businesses—fully Bahraini-owned factories—would have access to long-term, interest-free loans and grants to support expansion and new ventures. Pushback from Government and Industry Bodies The Ministry of Industry and Commerce has opposed the proposal, arguing that Bahrain's industrial sector is already benefiting from existing policies and support mechanisms. It maintains that the government's current strategies are effectively strengthening the manufacturing sector without the need for a separate fund. Mumtalakat, Bahrain's sovereign wealth fund, has also raised concerns over the financing model, emphasizing that its profits are already committed under existing regulations. The Bahrain Chamber of Commerce and Industry has echoed these concerns, warning that the fund risks duplicating the work of existing institutions like the Economic Development Board, which attracts investment, and Tamkeen, which supports private sector growth. Despite objections from key industry groups, the Financial and Economic Affairs Committee has endorsed the proposal, arguing that it would bolster Bahrain's industrial sector by offering direct financial support to Bahraini-owned businesses.
