Latest news with #TowardsInclusiveandSustainableEconomicDevelopment
Daily Tribune
19-05-2025
- Business
- Daily Tribune
Bahrain Cabinet Commends GCC-US Summit and Celebrates Diplomatic Achievements in Weekly Meeting
His Excellency Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister, chaired the weekly Cabinet session today at Gudaibiya Palace, where a number of regional developments, diplomatic engagements, and national matters were discussed and commended. At the outset of the meeting, the Cabinet lauded the address of His Majesty King Hamad bin Isa Al Khalifa at the GCC-US Summit held recently in Riyadh, attended by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. The Cabinet also praised the Kingdom of Saudi Arabia for the successful hosting of the summit under the leadership of King Salman bin Abdulaziz Al Saud, and supported by Crown Prince Mohammed bin Salman, underscoring Saudi Arabia's significant role in promoting investment, peace, and regional stability. Highlighting the strategic importance of the GCC-US partnership, the Cabinet welcomed the outcomes of the summit as presented in a report by the Minister of Foreign Affairs. The partnership was commended for advancing diplomatic cooperation and regional development. The Cabinet also recognized His Majesty King Hamad's recent visit to the United Kingdom, where he attended the Royal Windsor Horse Show and the horse races sponsored by Bahrain. The importance of His Majesty's meeting with King Charles III, Head of the Commonwealth, was emphasized, along with the presence of HRH Prince Salman at the prestigious equestrian event, reflecting the enduring Bahrain-UK bilateral ties. In a tribute to the nation's passion for equestrian sports, the Cabinet praised His Highness Shaikh Nasser bin Hamad Al Khalifa for his leadership in promoting endurance sports, further solidifying Bahrain's status in the international equestrian community. Marking the 44th anniversary of the Gulf Cooperation Council, the Cabinet extended heartfelt congratulations to HM the King and fellow GCC leaders, celebrating the Council's accomplishments and its role in strengthening Gulf unity over the decades. The Cabinet also extended congratulations to President Ahmed Al Sharaa of Syria, following the announcement by U.S. President Donald Trump to lift economic sanctions on Syria, attributing the move to diplomatic efforts led by HRH Prince Mohammed bin Salman. Appreciation was expressed for the 'Towards Inclusive and Sustainable Economic Development' forum organized by the Shura Council, highlighting strong collaboration between Bahrain's Executive and Legislative Authorities, in line with the national development goals championed by HM the King and HRH the Crown Prince and Prime Minister. The Cabinet also reviewed and approved key memorandums, including: A memorandum by the Minister of Interior reporting that Bahrain's population reached 1,594,654 by the end of 2024. A memorandum by the Ministerial Committee for Legal and Legislative Affairs on government responses to proposals and draft laws from the Council of Representatives. A memorandum by the Minister of Cabinet Affairs, approving the Education and Training Quality Authority's reports. A memorandum by the Minister of Justice, Islamic Affairs and Endowments, reviewing court performance and enforcement statistics from 2023–2024. In addition, the Cabinet noted several ministerial reports on Bahrain's participation in regional and international events, including: The 34th Arab Summit and 5th Economic and Social Development Summit Official visit of the Minister of Foreign Affairs of Azerbaijan to Bahrain The 28th GCC Ministers of Municipal Affairs meeting Official visit of the Minister of Justice to France The 28th GCC Ministers of Information meeting and the 20th Arab Media Forum The meeting concluded with affirmations of Bahrain's commitment to diplomatic engagement, sustainable development, and international cooperation.
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.
