Latest news with #IndustryandCommerceMinistry
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.
Zawya
25-03-2025
- Business
- Zawya
Gulf Hotels Group approves 25% cash dividends
Gulf Hotels Group shareholders approved the distribution of 25 per cent of the company's capital for the financial year ended December 31, 2024, reflecting the group's strong financial performance and commitment to shareholder value. The dividend, set at 25 fils per share, underscores the company's continued growth as a leading hospitality management group in the kingdom. The annual general meeting (AGM) and extraordinary general meeting )EGM) took place at the Gulf Hotel Bahrain Convention and Spa yesterday, under the supervision of Bahrain Clear representatives. The AGM was chaired by Gulf Hotels Group Chairman Fawzi Kanoo and attended by board members, executive management, and representatives from the Industry and Commerce Ministry, the Central Bank of Bahrain, Bahrain Bourse, Bahrain Clear and the group's auditors, EY. The board recommendation for dividend distribution was driven by robust financial results, with the group reporting total income of BD36.7m, reflecting an 11 per cent year-on-year increase, and a net profit of BD8.9m, marking a 31pc growth compared to the previous year. During the meeting, Mr Kanoo emphasised the group's commitment to sustainable financial growth and operational excellence. Shareholders approved the directors' report, auditors' report, balance sheet, profit and loss accounts for 2024, and the corporate governance report, in addition to discharging the board for the same period. The AGM also appointed the auditors for the upcoming financial year and authorised the board to determine their fees. Further, shareholders approved the repurchase of treasury shares of up to 10pc of the issued and paid-up capital. In addition, shareholders approved the appointment of a liquidity provider to support market making activities for up to 3pc, following the repurchase of treasury shares. This decision aims to enhance market liquidity and support share price stability in compliance with regulatory guidelines. Immediately following the AGM, an extraordinary general meeting was convened, during which shareholders ratified updates to the company's commercial activities and approved related amendments to the Memorandum and Articles of Association, pending regulatory approvals. Commenting on the full-year financial results, Mr Kanoo said: 'We are proud to have achieved this strong financial performance for the year ending December 31, 2024, which reflects strength of our operations, and the success of our strategic initiatives in delivering sustained profitability. The group remains well-positioned to drive continued expansion and deliver sustained value to our shareholders.' The group's chief executive Ahmed Janahi said, 'The group achieved an exceptional financial performance in 2024, reporting strong growth in revenue and net profit. With a firm commitment to sustained growth, we remain confident in our ability to create long-term value for our shareholders. As we move forward, we will continue to build on this momentum to drive growth and reinforce our position as a leading hospitality group in Bahrain and the Gulf region.'
