Latest news with #SalmanbinKhalifaAlKhalifa
Daily Tribune
20-05-2025
- Business
- Daily Tribune
NBB supports National Forum on Sustainable Economic Development
The National Bank of Bahrain (NBB) recently participated in the Kingdom-wide forum titled 'Towards Comprehensive and Sustainable Economic Development,' which was organised by the Shura Council on 18th May 2025 at the Four Seasons Hotel Bahrain Bay. The forum was attended by Ali bin Saleh Al Saleh, Chairman of the Shura Council, along with Shaikh Salman bin Khalifa Al Khalifa, the Minister of Finance and National Economy, who also delivered a keynote address. The forum brought together members of the legislative and executive branches, private sector institutions, professional associations, and civil society organisations to examine the Kingdom's economic direction and the advancement of sustainable development. Discussions were aligned with the directives of His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, to launch participatory consultations with relevant national stakeholders to achieve the Kingdom's longterm economic ambitions. Members of NBB's Board of Directors and executive management team also attended the high-profile gathering. Several core objectives were addressed during the proceedings, including the evaluation of current economic strategies and their contribution to development, the legislative authority's role in developing and enacting relevant laws in response to local and global shifts, and the implementation of frameworks that underpin the Kingdom's upward economic trajectory. Commenting on the occasion, Usman Ahmed, Group Chief Executive Officer at NBB said, 'We are proud to support this national endeavour which plays a critical role in setting the Kingdom's strategic economic course. Our participation reflects NBB's commitment to contributing to national policy dialogue and the government's broader efforts to strengthen Bahrain's economic foundation. As a leading financial institution, we believe it is our responsibility to remain engaged in discussions that emphasise sustainable progress, private sector growth, and regulatory alignment with international standards.'
Daily Tribune
19-05-2025
- Business
- Daily Tribune
Non-oil sectors reach 86 percent of GDP
TDT | Manama His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, reaffirmed Bahrain's commitment to financial sustainability and inclusive growth during the opening session of the 'Towards Inclusive and Sustainable Economic Development' forum held on Sunday. Organised by the Shura Council, the session served as a platform to discuss the Kingdom's core economic strengths and long-term development goals. The forum was attended by senior figures including H.E. Ahmed bin Salman Al Musallam, Speaker of the Council of Representatives, and H.E. Ali bin Saleh Al Saleh, Chairman of the Shura Council. Leadership Vision H.E. Shaikh Salman credited Bahrain's economic milestones to the strategic leadership of His Majesty King Hamad bin Isa Al Khalifa and the support of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. He stressed that these achievements were shaped by forward-looking financial and economic policies designed to secure fiscal health, drive sustainable development, and enhance national competitiveness. His Excellency the minister pointed to the Kingdom's Economic Vision 2030, launched in 2008, as a guiding framework in Bahrain's transition from an oil-dependent economy to a more diversified and globally integrated economic system.
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.
Biz Bahrain
15-05-2025
- Business
- Biz Bahrain
UAE Investors Centre inaugurated in Bahrain
The UAE Investors Centre was inaugurated at Bahrain Financial Harbour. The centre, affiliated with Bahrain's Ministry of Industry and Commerce, was launched in the presence of Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, and Abdullah bin Adel Fakhro, Minister of Industry and Commerce. Fahad Mohammed Salem bin Kardous Al Ameri, Ambassador of the United Arab Emirates to the Kingdom of Bahrain, commended the initiative, describing it as a key step towards enhancing economic and investment cooperation between the UAE and Bahrain. He noted that the centre would open new avenues for UAE investments across various sectors, reflecting the longstanding ties between the two countries and their peoples. The Ambassador said that the establishment of the centre reflects the directives of both leaderships to deepen economic partnership and support sustainable development goals. He highlighted the centre's role as a dedicated platform to facilitate investment flows and strengthen private sector collaboration. He commended the integrated services provided, which include streamlined company registration, commercial licensing, and tailored investment advisory support for UAE investors seeking to grow their business operations in Bahrain. The Ambassador also commended the efforts of the Government of the Kingdom of Bahrain in fostering a competitive and welcoming investment environment. He noted Bahrain's commitment to encouraging joint ventures and easing procedures for UAE companies seeking to establish operations in the Kingdom, thereby enhancing Bahrain's position as a leading investment destination in the region. He emphasised that the inauguration coincides with the entry into force of the Investment Promotion and Protection Agreement between the two countries this month. He described this alignment as a significant milestone that will support the launch of new investment initiatives in Bahrain and further develop economic cooperation. He extended his congratulations on this initiative, which he said would contribute to sustainable economic growth and closer commercial ties between the two countries. BNA(R)
Biz Bahrain
09-05-2025
- Business
- Biz Bahrain
UAE and Bahrain announce entry into force of the investment promotion and protection agreement
The United Arab Emirates and the Kingdom of Bahrain announced the entry into force of the Investment Promotion and Protection Agreement, signed between the governments of both countries, effective Thursday, 8 May 2025. This follows the completion of the required legal procedures by both sides, in accordance with the provisions of the agreement. This step reflects the strong fraternal ties and the growing economic partnership between the two brotherly nations and reaffirms their commitment to enhancing investment cooperation in a way that serves the interests of investors from both sides and supports the sustainable development goals of both countries. The agreement provides a comprehensive legal framework that ensures full protection for investments and strengthens mutual investor confidence by guaranteeing fair and equitable treatment and providing clear mechanisms for dispute resolution. In light of the rapid developments in the digital economy, the agreement underscores the importance of enhancing cooperation between the two countries in areas related to digital trade, including data protection, privacy, cybersecurity, intellectual property rights, and electronic signatures and authentication. It also promotes the exchange of best practices and the development of technical capacities. This represents a qualitative step towards creating a modern and advanced investment environment that aligns with the aspirations of both countries in supporting digital transformation and enhancing economic competitiveness. His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, affirmed that the Kingdom of Bahrain places great importance on opening new avenues of cooperation with the United Arab Emirates, in light of the strong and longstanding fraternal relations between the two countries. His Excellency noted that bilateral agreements between the two brotherly nations play a vital role in advancing joint cooperation in line with the visions and aspirations of His Majesty King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain, and his brother His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates—may God protect them both—who embody a model of fraternal relations rooted in deep ties and a shared history. He added that the Kingdom of Bahrain continues to strengthen investment cooperation at the regional and international levels, having signed nearly 40 agreements to promote and protect investments, which contribute to economic growth and open new doors to promising opportunities. For his part, His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, affirmed that the agreement's entry into force reflects the shared will to deepen bilateral economic relations, and marks a new milestone on the path toward greater Gulf economic integration. He added that it also reflects a flexible and forward-looking response to changes in the regional and global economic landscape, particularly in light of current global challenges that require intensified efforts to foster a more stable and attractive investment environment. His Excellency highlighted the importance of continued coordination between the relevant authorities in both countries to activate and follow up on the implementation of the agreement to ensure the achievement of its intended objectives. He noted that the agreement will contribute to enhancing the competitiveness of both economies and opening new horizons for high-quality investments, particularly in priority economic sectors. He further emphasised that the agreement serves as a foundation for expanding the strategic partnership between the two countries by encouraging mutual investments, facilitating capital flows, and providing an investment environment based on transparency, fairness, and institutional integration. His Excellency concluded that the agreement is one of the key pillars that reflects the shared vision of both nations for a diversified, competitive, and innovation-driven economy.
