Latest news with #Bahraini-owned
Daily Tribune
23-04-2025
- Business
- Daily Tribune
Thousands of shops inspected as Industry Ministry targets concealed ownership
More than 86,000 site visits have led to shop closures and licence cancellations across Bahrain as the Industry and Commerce Ministry tackles concealed ownership in the commercial sector. A number of related cases remain before the courts. Industry Minister, His Excellency Abdulla bin Adel Fakhro, shared the figures during a session in Parliament. He said the ministry carried out 86,480 inspections during 2024, a marked increase compared with the previous year. The drive, he explained, is part of efforts to tighten checks on the market and stop traders from disguising foreign ownership behind local names. The minister was replying to MP Hamad Al Doy, who had raised concerns about how investment policies are affecting Bahraini business owners. Advantage Fakhro dismissed the idea that the government was giving foreign investors an advantage over local traders. He said the government's first aim is to protect the national economy, followed by ensuring that Bahraini traders remain supported. According to him, the goal is to keep a fair balance by welcoming investment where it brings practical benefits while continuing to protect homegrown businesses. He noted that more than 225 commercial activities still require a Bahraini partner by law. Rule That rule, he said, speaks to the role citizens continue to play in the local economy. Foreign investment, in his view, is expected to bring knowledge, open up jobs for Bahrainis and help raise their skill levels. As of 21 April 2025, the number of active commercial records stood at 88,900. Out of those, only 18 per cent were fully foreign-owned, or roughly 16,200 records. The minister said this figure reflected the enduring strength of Bahraini presence in the trading sector. Regional practices He added that the ministry routinely studies regional practices and compares outcomes. The most recent reviews, he said, showed that Bahrain's largest trading sectors are still in the hands of fully Bahraini-owned firms. This, in his words, shows the depth of local enterprise and the confidence placed in it by the market. Fakhro outlined several moves introduced to reinforce the position of Bahraini traders and open space for valuable investment. Payment systems Among them are new rules on payment systems to deal with concealed ownership, a mechanism that gives priority to Bahraini distributors handling global brands, and a decision to raise the capital threshold for fully foreign-owned firms to 750 million euros.
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.
