Latest news with #BahrainInternationalCommercialCourt
Daily Tribune
18-05-2025
- Business
- Daily Tribune
Bahrain Passes Over 1,900 Economic Laws Since 2002, Says Finance Minister
The Kingdom is the only country globally to guarantee full data sovereignty. Over $6.5 billion in investments were attracted in 2023 and 2024 combined. Bahrain has enacted more than 1,900 economic and investment-related laws since 2002 as part of its ongoing efforts to strengthen the Kingdom's economic environment, announced Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa. Speaking at the opening of the Economic Forum hosted by the Shura Council under the theme 'Towards Inclusive and Sustainable Economic Development,' the minister highlighted key legislative milestones, including the Commercial Companies Law. He also noted that Bahrain is the only country in the world that guarantees full data sovereignty. Among the other significant laws he cited were the Labour Market Regulation Law and the Reorganization and Bankruptcy Law, in addition to the establishment of the Bahrain International Commercial Court, which has positioned Bahrain as the second international hub for resolving cross-border commercial disputes. Economic Recovery and Job Creation Shaikh Salman presented an overview of Bahrain's Economic Recovery Plan, first announced in late 2021, revealing that 80% of its objectives have already been implemented. The plan includes national strategies that align with global economic shifts, prioritizing employment, business development, and sustainability. One of the plan's key goals has been job creation, with a focus on making Bahraini citizens the first choice in the labor market. In support of this, 29,995 citizens were employed in 2022, with a similar number hired in 2023, and 27,147 more finding employment in 2024. Strategic Investment and Mega Projects The Minister also underscored Bahrain's success in attracting major investments. The Kingdom secured over $2.5 billion in investments in 2023 and more than $4 billion in 2024, driven by streamlined commercial procedures and the implementation of major strategic development projects across diverse sectors. 'These projects are not just infrastructural—they represent a broader strategy to transform and future-proof Bahrain's economic landscape,' Shaikh Salman noted. Sustained Economic Growth Bahrain has achieved a compound annual growth rate (CAGR) of 7% over the past two decades—surpassing the global average of 5% during the same period. Since 2004, the size of the national economy has quadrupled. Additionally, the contribution of non-oil sectors to Bahrain's GDP has grown from 67% in 2004 to 86% in 2024, making Bahrain's economy one of the most diversified in the region. The forum brought together experts, lawmakers, and policymakers to discuss Bahrain's economic vision and its transition toward sustainable and inclusive growth in a rapidly evolving global economy.
Daily Tribune
08-05-2025
- Business
- Daily Tribune
MPs to vote on law setting up global commercial court
MPs will vote today on a law to set up a new international commercial court in Bahrain, giving it power to hear cross-border trade disputes and allowing appeals to be filed in Singapore. The draft law, issued by Royal Decree in 2024, lays out the legal structure for the Bahrain International Commercial Court. It would act as an independent forum for business disputes between parties who agree to refer their cases to it, even where no other court has authority to hear them. Appeals could be lodged either in Bahrain or Singapore, depending on the parties' agreement and the language used in the judgment. Review This follows a treaty signed between the two countries on 20 March 2024, allowing decisions delivered in English to be reviewed by Singapore's courts unless the parties choose appeal proceedings in Bahrain instead. The court would be headed by a president, assisted by one or more vice-presidents, along with a panel of appointed judges. A council formed from these members would be responsible for running the court, setting its rules, managing appointments, and overseeing a budget based on commercial accounting. Languages Foreign lawyers would be permitted to appear in cases held in languages other than Arabic. In Arabic-language hearings, they would need to work alongside Bahraini lawyers licensed to appear before the Court of Cassation. Judgments issued by the court would take immediate effect and be enforced under Bahrain's existing execution law. If appealed in Singapore, any decision would still need to be reissued by the Bahraini court before taking legal effect locally. Launch Ministries backing the plan say Bahrain must move quickly to launch the court before another country does. They argue it will raise Bahrain's standing in international legal circles and help attract foreign investment.
