Latest news with #FinancialandEconomicAffairsCommittee
Qatar Tribune
5 days ago
- Business
- Qatar Tribune
Shura Council submits two proposals regarding investment, agricultural support
DOHA: The Shura Council has held its regular weekly session at the Tamim bin Hamad Hall at the Council's headquarters, chaired by Speaker of the Council HE Hassan bin Abdullah Al Ghanim. At the beginning of the session, Secretary-General of the Council HENayef bin Mohammed Al Mahmoud,read out the agenda, and the Council approved the minutes of its previous session. During the session, the Council reviewed the Financial and Economic Affairs Committee's report on the request for a general discussion submitted by a number of members, regarding support for national and foreign investment. During the discussion of the report, Al Ghanim affirmed that the State of Qatar has achieved remarkable progress in the investment environment over the past years. He highlighted the importance of developing relevant legislation and policies and improving support services, which will enhance the country's position as a global investment hub and contribute to supporting the pillars of the national economy. While reviewing the report, Vice Chairman of the Financial and Economic Affairs Committee HEIssa bin Ahmed Al-Nasser, referred to the results of the committee's meetings, its review of the opinions of specialists, and the recommendations reached regarding expediting procedures, updating regulations, enhancing transparency, and improving the legislative and regulatory infrastructure to attract investment. After extensive discussions on the report's findings, the Council decided to submit a proposal to the government, which included a number of recommendations to support domestic and foreign investment, most notably, the ongoing evaluation of the Third National Strategy, the development of digital licensing systems, updating investment legislation, reviewing fees and services, increasing support for local products, localizing strategic industries, accelerating the resolution of stalled projects, providing databases for investors, regulating the allocation of industrial land, and offering feasible investment projects to the private sector. During the session, the Council also reviewed the report of the Health, Public Services and Environment Affairs Committee on the request for a general discussion regarding agricultural support mechanisms provided to local farms and the extent of their contribution to enhancing food security. In this context, the speaker of the Council stressed the importance of developing agricultural support policies that are consistent with food security and sustainability requirements, noting the role of national farms in achieving self-sufficiency and the importance of removing obstacles that limit their ability to compete. During his review of the report, Chairman of the Health, Public Services and Environment Affairs Committee HEMubarak bin Mohammed Al Matar Al Kuwari, addressed the report's findings and proposals, which addressed the legislative, financial, technical and regulatory aspects of agricultural support, and the committee's recommendations after listening to the views of relevant authorities. After discussing the committee's findings, the Council decided to submit a proposal to the government, which included a number of measures to support local farms, most notablyenacting clear legislation to support local production, linking support to the level of production, reducing electricity bills, providing agricultural consultations, encouraging contracts with the private sector, establishing product pricing mechanisms, strengthening quality control over imported goods, encouraging manufacturing industries, imposing import restrictions during local production seasons, and providing accurate statistics to support agricultural planning. The session continued, with the Council reviewing the draft law on biometric fingerprints and the draft law on genetic fingerprints, both referred to it by the government. The Council decided to refer them to the Internal and External Affairs Committee for study and submission of its reports on them. The Council then reviewed the report on its delegation's participation in the Bureau meeting of the Parliamentary Assembly of the Mediterranean at its fifty-fourth session and the 19th plenary session of the Assembly, both held in the Italian capital, Rome, last February. The Council also reviewed the report on its delegation's visit to the Hungarian Parliament in April, as well as the report on the participation of Arab Parliament members in the fourth session of the first session of the fourth legislative term of the Arab Parliament, which was held in the Iraqi capital, Baghdad, in April.
Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
Egypt targets EGP 700 bn for human development in FY 2025/26 plan, Al-Mashat says
Egypt plans to allocate EGP 700bn for total investments in human development in its FY 2025/26 plan, Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat said during a presentation to the Senate. Presenting the draft plan for economic and social development for the upcoming fiscal year, Al-Mashat stated that the government 'began correcting the economic course in March 2024 with integrated policies and measures.' She added that 'the fruits of reform are evident in the improvement of economic growth indicators in the first half of the fiscal year, supported by non-petroleum manufacturing industries.' The minister noted that the plan document 'follows a balanced approach that strengthens Egypt's economic resilience amid crises, disturbances, and geopolitical tensions,' and affirmed that 'the government is determined to continue the necessary measures to improve the investment climate and stimulate the private sector.' Al-Mashat delivered the statement before the Senate's plenary session, chaired by Counselor Abdel-Wahab Abdel-Razeq. She expressed appreciation to Abdel-Razeq and Senate members for their efforts in establishing democratic pillars and constructive discussion. She also thanked Hani Sari El-Din, Chair of the Financial and Economic Affairs Committee, and other committee heads for their input on the draft plan. Exceptional Timing and Reform Efforts Al-Mashat reaffirmed that the economic and social development plan for the upcoming fiscal year comes at an 'exceptional time' for the Egyptian economy, amidst regional and global transformations. She stated that Egypt has managed to break free from a 'vicious cycle' affecting the economy in recent years. Since March 2024, the government has initiated corrective measures based on consistent fiscal and monetary policies, strict governance of investment spending, and policies stimulating foreign investments, Al-Mashat said. These efforts are supported by the implementation of the national structural reform programme, aiming to solidify macroeconomic stability. The minister pointed to a 'noticeable improvement' in the Egyptian economy's performance, reflected in economic indicators showing growth of 3.5% in the first quarter and 4.3% in the second quarter of FY 2024/25, with an expected growth rate of about 4% for the year. This growth was primarily driven by non-oil manufacturing, a recovering tourism sector, and growth in communications and IT, despite external tensions affecting Suez Canal activity, she added. Plan Framework and Pillars Al-Mashat noted that the new draft plan is the first prepared by the ministry since the merger of the ministries of planning and economic development with international cooperation. It aligns with the ministry's new framework, 'Sustainability and Financing for Economic Development,' which links national and sectoral development plans and aims to maximise local and foreign financing sources and improve resource utilisation. The plan maintains public investment limits in line with fiscal discipline goals, aiming to create space for macroeconomic stability and allow the private sector to lead development. It is prepared within a medium-term budget framework (FY 2025/26-FY 2028/29) and incorporates advanced planning tools to improve public investment efficiency and performance monitoring. The plan is based on the continued implementation of the national structural reform programme, focusing on macroeconomic stability, competitiveness, business environment improvement for private sector participation, and a green economy transition. It also draws on the report 'Advancing Economic Development in Egypt: Reforms for Growth, Jobs & Resilience' to shift towards an economic model based on sustainable growth in tradable and exportable sectors. Key pillars of the FY 2025/26 plan include rationalising public spending, stimulating local manufacturing and innovation-based industries, and prioritising human development. The EGP 700bn allocated for total investments (private and public) in human development sectors (education, health, and other social services) in the FY 2025/2026 plan compares to EGP 447bn in the FY 2024/25 plan, an increase of over 56%. Public investments in these sectors are set at about EGP 327bn, representing over 28% of total public investments for the year. Improving Investment Climate Al-Mashat reiterated that the plan includes measures to improve the investment climate and stimulate the private sector through facilities and incentives. She noted ongoing negotiations with development partners to provide financing for the private sector, reflecting its attractiveness and the success of state-led structural reforms. The plan also focuses on stimulating innovation and entrepreneurship through the Ministerial Group for Entrepreneurship, aiming to enhance the capacity of startups and the entrepreneurship ecosystem.
Daily Tribune
11-05-2025
- Business
- Daily Tribune
Focus on economic and tax legislation
The Shura Council is set to convene its 29th meeting of the third session of the sixth legislative term today to discuss several key legislative proposals aimed at enhancing Bahrain's financial, economic, and investment landscape. At the forefront of the agenda is the report of the Financial and Economic Affairs Committee regarding Decree-Law No. (11) of 2024, which pertains to the regulation of tax on multinational enterprises. The committee has recommended approval of the decree, which is viewed as a crucial step toward supporting the Kingdom's ongoing efforts to strengthen public revenue, diversify funding sources, and address the fiscal deficit. Decree The committee emphasised that the decree supports Bahrain's economic strategy by ensuring financial stability, promoting sustainable growth, and enhancing tax fairness and social justice. It also aligns with international standards by establishing a local framework to implement the global minimum tax for multinational enterprise groups, in accordance with the OECD's base erosion and profit shifting (BEPS) guidelines. In the same session, the Council will review another report from the Financial and Economic Affairs Committee concerning amendments to Law No. (9) of 2016 on specifications and standards, under Decree No. (2) of 2025. The draft law proposes updates to the mechanisms for publishing national standards and technical regulations and introduces penalties for the unauthorized use or misrepresentation of such standards. Proposed amendments According to the committee, the proposed amendments aim to modernise the regulatory framework by expanding the structure and membership of the National Committee for Standards and Metrology. This will ensure broader representation across relevant sectors and improve responsiveness to evolving industrial and commercial needs. The Council will also examine two foreign agreements aimed at enhancing Bahrain's international investment ties. The first, submitted under Decree No. (9) of 2025, concerns the ratification of an agreement with the Republic of Korea to encourage and protect investment. The agreement is designed to stimulate economic cooperation and create favorable conditions for bilateral investment initiatives. Draft law Under Decree No. (12) of 2025, the Council will consider a draft law ratifying an agreement with the Sultanate of Oman on the elimination of double taxation and the prevention of tax evasion concerning income taxes. This agreement seeks to strengthen economic and trade ties between the two countries and foster a more transparent and cooperative tax environment. The Shura Council's review of these legislative proposals reflects its continued role in shaping Bahrain's economic and legal infrastructure to support sustainable development and international competitiveness.
Daily Tribune
08-05-2025
- Business
- Daily Tribune
MPs to debate four major international treaties clearing path for cross-border court
TDT | Manama MPs will debate today a decree that would bring Bahrain into four international treaties on civil and commercial matters, setting the legal groundwork for a new court to deal with cross-border disputes. The draft law known as Decree-Law No. 8 of 2024 covers Bahrain's entry into three global agreements and a bilateral treaty with Singapore. Taken together, they would provide the legal tools needed for the country to host international hearings and appeals in line with global practice. One of the treaties is the 1970 Hague Convention on the Taking of Evidence Abroad. Reservations Bahrain has made two reservations. Only requests in English or translated into English will be accepted. The section allowing diplomats or consuls to gather evidence will not apply. Both positions are allowed under the terms of the convention. The 2005 Hague Convention on Choice of Court Agreements makes contracts that name a specific court binding. Agreement Another agreement adopted by the United Nations in 2018 sets out how settlements reached through mediation in commercial cases can be enforced across borders. The treaty with Singapore allows for rulings issued in Bahrain to be appealed there, if both parties agree beforehand. Where such an arrangement exists, and the ruling is in English, an appeal may be lodged abroad. Any decision must then be reissued by the Bahraini court before it takes effect locally. Measure The Financial and Economic Affairs Committee backed the measure and referred to a consultancy deal signed in March to help the court's early phase. That work includes drafting rules, training staff and promoting the court abroad. The Ministry of Justice said the new court would help meet the needs of international businesses and investors. Flexibility The Ministry of Legal Affairs said the treaties would allow flexibility in language and legal representation while keeping oversight within Bahrain. Lawyers from overseas would be able to take part in hearings if working alongside a Bahraini colleague. The Foreign Ministry said the treaties would assist with requests for evidence, recognition of judgments and enforcement of settlements.
Daily Tribune
08-05-2025
- Business
- Daily Tribune
MPs urged to reject 2023 unemployment fund accounts
Parliament's Financial and Economic Affairs Committee has called on MPs to reject the audited 2023 accounts of Bahrain's unemployment insurance fund, with a vote scheduled for today, after net assets fell by BD124 million due to a state transfer and rising benefit costs. The recommendation follows a four-month review by the committee, which advised against adopting the financial statements approved by the board of the Social Insurance Organisation. The fund's reserves dropped from BD587.6 million in 2022 to BD463.2 million in 2023. The fall was driven by a BD200 million government-authorised transfer intended to support employment and wage programmes. BD67.67 million was drawn during the year, with the rest recorded as liabilities to be used later. The committee warned that if such withdrawals continue without clear legal safeguards, the fund's long-term stability could be placed at risk. It called for firmer rules to govern transfers and more regular assessments of the fund's ability to meet its obligations. Although the fund closed the year with a surplus as contributions exceeded payouts by BD54.4 million, the committee raised concern over the direction of travel. Benefit payments rose by nearly 12 per cent while contributions rose by only 8.3 per cent. If that pattern continues, it said, the surplus may not hold. The audit, conducted by KPMG Fakhro and endorsed by the Social Insurance Organisation's board, found the statements to comply with international standards. Still, the committee said the numbers did not fully reflect longer-term pressures.
