News Archives - Page 10 of 101

October 6, 2024October 6, 2024

HRH the CP, PM, and Chairman of the Bahrain EDB chairs the Bahrain EDB Board Meeting

His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Prime Minister, and Chairman of the Bahrain Economic Development Board (EDB), chaired the EDB’s Board of Directors meeting today at Gudaibiya Palace.

During the meeting, His Royal Highness commended the broad outcomes achieved by the Economic Development Board through its cooperation and collaboration with the Kingdom’s government agencies and the private sector, emphasising that their efforts are highly valued by all.

HRH the Crown Prince, Prime Minister, and Chairman of the Bahrain EDB emphasised that the success of investments are measured by the amount of lucrative employment and business opportunities yielded by that investment. In this regard, His Royal Highness noted the significance of Team Bahrain’s joint efforts in attracting investments that provide more opportunities for citizens, in line with the Kingdom’s goals of comprehensive development led by His Majesty King Hamad bin Isa Al Khalifa.

HRH Prince Salman bin Hamad underscored the importance of maintaining Team Bahrain’s momentum in advancing economic growth by strengthening public-private partnerships that deliver vital development projects, ultimately achieving shared economic objectives that benefit everyone.

HRH the Crown Prince, Prime Minister, and Chairman of the Bahrain EDB welcomed the newly appointed members of the Bahrain EDB board, expressing his best wishes for their success in achieving the EDB’s far-reaching economic goals. His Royal Highness also commended the efforts and contributions of the former board members during their tenure.

The Economic Development Board reviewed its achievements in the first half of 2024 and outlined strategies for attracting investments across priority sectors.

The Minister of Sustainable Development and Chief Executive of Bahrain EDB, HE Noor bint Ali Alkhulaif, then delivered a presentation, briefing the board members on the direct investments secured by the Board. These investments totalled BHD 399.2 million (USD 1.056 billion) from 62 local and international investment projects, with 40% representing new ventures and 60% being expansion projects.

The presentation highlighted that the manufacturing sector accounted for the largest share of diversified direct investments, followed by the tourism and financial services sectors. These cumulative investments are projected to create more than 5,400 employment opportunities within the next three years.

Key success stories across priority sectors were also presented, including investments from India-based semiconductor manufacturer Polymatech, Singapore Gulf Bank, a home-grown tech company ARRAY, Amana Healthcare, and the University of Strathclyde. Additionally, the Board reviewed a breakdown of Bahrain EDB’s extensive international investor outreach efforts across key target markets.

The Representative of His Majesty the King for Humanitarian Works and Youth Affairs, His Highness Shaikh Nasser bin Hamad Al Khalifa, the Chairman of the Board of Trustees of the Isa bin Salman Educational Charitable Trust, and Chairman of the Board of Directors of the Labour Fund (Tamkeen), His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa, the Deputy Prime Minister, His Excellency Shaikh Khalid bin Abdulla Al Khalifa, the Minister of Finance and National Economy, His Excellency Shaikh Salman bin Khalifa Al Khalifa, along with a number of senior officials and members of the Board of Directors of the Economic Development Board, also attended the meeting.

Source:https://www.bahrainedb.com/latest-news/hrh-the-cp-pm-and-chairman-of-the-bahrain-edb-chairs-the-bahrain-edb-board-meeting

October 6, 2024October 6, 2024

Crypto.com Receives Payment Service Provider Licence from Central Bank of Bahrain

Crypto.com has received full approval to provide payment service provider (PSP) services from the Central Bank of Bahrain through its subsidiary registered in the Kingdom of Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED”, adding to the company’s significant regulatory milestones in the region.

The PSP licence will allow Crypto.com to expand its offerings of e-money and fiat-based payment services regionally, including the launch of its world-renowned prepaid cards.

“With its extensive international presence and an earned reputation for regulatory compliance, we are delighted that Crypto.com has chosen the Kingdom of Bahrain as a destination for investment, which will further bolster Bahrain’s ability to deliver on its vision of developing a digital-first, resilient economy that celebrates innovation and progress,” said H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, adding, “Backed by the agility of our Team Bahrain approach, which fosters a streamlined investment environment that champions ease of doing business, Bahrain is successfully building a world-class ecosystem to support the evolution of the fast-growing blockchain, crypto and fintech industry. This is further supported by robust regulations and a diverse, highly skilled, and future-ready talent pool, particularly within the financial services and technology sectors.”

“Bahrain has been working to create an innovation-friendly crypto and fintech ecosystem, which has involved putting in place clear regulation that balances consumer protection with commercialisation,” said Eric Anziani, President and COO of Crypto.com. “We appreciate the work of the Kingdom and look forward to progressing our relationship as we play our part in growing the crypto industry in Bahrain and across the GCC.”

Bahrain, a pioneering hub for digital asset regulation within the Gulf Cooperation Council (GCC) countries, was among the first to issue crypto-asset licences in the region, cementing itself as a leading hub for crypto services and fintech innovations in the region. As the island nation’s investment promotion agency, Bahrain EDB works closely with potential and existing clients providing key services that include industry assessments and strategic advisory, in line with its mandate of attracting investments into Bahrain.

Crypto.com continues to actively grow and expand its ecosystem, with more than 100 million users worldwide. The announcement builds on Crypto.com’s regulatory licensing momentum globally, having received its Virtual Asset Service Provider Licence from the Dubai Virtual Assets Regulatory Authority (VARA) and the launch of the Crypto.com Exchange for institutional investors in April 2024. Cypto.com is additionally licensed for specific services in key markets around the world, including Singapore, France, Australia, Ireland, Malta, United Kingdom, United States, Canada, and South Korea.

Source:https://www.bahrainedb.com/latest-news/crypto-com-receives-payment-service-provider-licence-from-central-bank-of-bahrain

October 6, 2024October 6, 2024

During a visit to factories in Ma’ameer Industrial Area. Minister of Industry and Commerce Affirms Support for the Industrial Sector

HE Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, affirmed the Kingdom of Bahrain’s continuous support to the industrial sector as a key pillar of economic development, in order to provide more quality opportunities for citizens and support the process of construction and development in the Kingdom.

This came during His Excellency’s field visit to “Craft Boat” factory, “H Al-Dhaen Boat Factory” and “Araib Factory for Industry” in Ma’ameer Industrial Area, in the presence of a number of concerned officials, as part of the ministry’s efforts to follow-up on all developments concerning the industrial sector.

During the visit, the Minister was briefed on the factories’ current situation, and reviewed the production processes and services they provide, stressing support for all industrial activities, especially high added value industrial, commercial and service projects.

H.E. Fakhro also pointed to the importance of cooperating with various entities to implement the objectives of the Industrial Sector Strategy (2022-2026), which revolves around increasing the contribution of the industrial sector to the GDP, increasing industrial exports of national origin, and providing promising job opportunities for citizens in the industrial sector. Noting that the strategy is based on supporting the sector’s transformation towards the Fourth Industrial Revolution, applying the concept of a circular carbon economy and environmental and social governance, encouraging investment in technological infrastructure, digitizing manufacturing, and increasing supply chain efficiency through industrial integration.

Source:https://www.moic.gov.bh/en/node/5671

September 16, 2024

Jordan extends exemption from customs duties, sea freight charges tax

The Jordanian cabinet, headed by Prime Minister Bishr Khasawneh, recently extended its January 21 decision that exempted customs duties and general and private sales tax on maritime freight charges till June 30.
As market prices of maritime freight are still higher than their normal rates due to the Red Sea crisis, the decision is aimed at reducing prices of imported goods, a domestic news agency reported.

The cabinet also reviewed the periodic report of the ministry of industry and trade on measures taken to control inflation and enhance the strategic stock of basic commodities.

The cabinet also approved the mandating reasons for the draft 2024 Financial Bylaw for Municipalities for 2024 to send it to the Bureau of Legislation and Opinion to complete procedures for its approval.

Source:https://www.fibre2fashion.com/news/textiles-policy-news/jordan-extends-exemption-from-customs-duties-sea-freight-charges-tax-295175-newsdetails.htm

September 16, 2024

Compliance improves in garment sector despite gaps: Better Work Jordan

Better Work Jordan’s 2023 Annual Report has recorded violations of national laws and international labour standards in the country’s garment sector, especially in occupational safety and health (OSH), despite progress in compliance and the joint efforts of the government, employers and labour unions for a collaborative garment industry.
In the last few years, Better Work Jordan has observed improvements in recruitment practices, including reducing the instances of pregnancy tests for migrant workers and of migrants paying recruitment fees.

After stakeholders addressed these issues head-on in 2019, non-compliance rates increased as existing violations were caught, but now violations have substantially decreased.

Most factory-level engagement in Jordan—monitoring working conditions and advising on improvements—is now done jointly with the tripartite partners or exclusively by these stakeholders, the annual report pointed out.

Labour inspectors are now a part of all factory compliance assessments, and in 38 per cent of the cases, they conduct assessments independently.

The advisory function is split between the ministry of labour, which covers OSH (26 per cent of all advisory visits), and the General Trade Union of Workers in Textile, Garment and Clothing Industries (JTGCU), which covers social dialogue (41 per cent of all advisory visits). The remaining visits were done by Better Work Jordan.

JTGCU hired seven trade union organisers to increase its presence in all industrial zones and among all workers.

Better Work Jordan conducts ‘shadowing assessments’ and a rigorous quality assurance/quality control system. In the future, more training and capacity building is planned to ensure that national constituents deliver high-quality services.

In 2022, 14 per cent of factories were non-compliant for the issue of recruitment fees, and nine per cent for the issue of pregnancy tests compared to 30 per cent and 55 per cent respectively in 2020.

Better Work Jordan is mandatory for garment factories that export to the United States under the US-Jordan Free Trade Agreement.

As of December 2022, 95 factories employing 78,617 workers were enrolled in the programme. Migrants constitute three-quarters of the workforce, with the remainder consisted of Jordanians.

The majority of workers are women—nearly 75 per cent of the production workforce.

In 2023, the programme seeks increased stakeholder ownership of compliance outcomes; sustainability of the Mental Health Project; research for evidence-based policy making; and increased focus on the recruitment process for migrant workers.

Source:https://www.fibre2fashion.com/news/textiles-policy-news/compliance-improves-in-garment-sector-despite-gaps-better-work-jordan-288022-newsdetails.htm

September 16, 2024September 16, 2024

Jordan extends exemption from customs duties, sea freight charges tax

The cabinet also reviewed the periodic report of the ministry of industry and trade on measures taken to control inflation and enhance the strategic stock of basic commodities.

Source:https://www.fibre2fashion.com/news/textiles-policy-news/jordan-extends-exemption-from-customs-duties-sea-freight-charges-tax-295175-newsdetails.htm

September 16, 2024September 16, 2024

IFC launches Dutch-backed textile sector project in Jordan

The International Finance Corporation (IFC) recently launched an initiative in Jordan for the textile sector that is backed by the government of the Netherlands.
The project aims at facilitating new and expanded investment in the industry, boost export volumes and create employment opportunities.

It encompasses a comprehensive approach, including sector analysis, investment climate enhancements through targeted reforms, identification of strategic investment prospects and attracting new investment, a domestic news agency reported.

IFC regional director for the Middle East Khawaja Aftab Ahmed highlighted at the launch event his organisation’s commitment to leveraging its global expertise to unlock the vast potential of the knitwear sector, creating new employment prospects and fostering sustainable economic growth by collaborating with the Jordan Chamber of Industry and the Jordanian government.

On the sidelines of the ceremony, a pivotal agreement was inked between the Jordan Chamber of Industry and IFC to commence project implementation.

Jordanian minister of industry, trade and supply Yousef Shamali outlined his country’s strategic vision to position itself as a regional hub for the textile industry.

Source:https://www.fibre2fashion.com/news/announcement/ifc-launches-dutch-backed-textile-sector-project-in-jordan-295432-newsdetails.htm

September 16, 2024

Jordanian PM opens garment factory in Karak

Jordanian Prime Minister Bisher Khasawneh recently inaugurated a garment factory of Classic Fashion Apparel in Karak.
The 45,000-sq-m factory will be the main production hub for the company’s operations in the southern region of the country and is expected to create over 1,000 direct jobs.

Plans are under way to open another factory in Quweira by 2026, which is expected to create 800 jobs.

Khasawneh underlined the government’s commitment to fostering a supportive investment environment, noting that such investment is vital to achieving the Economic Modernisation Vision, which aims to stimulate economic growth and create employment opportunities, a news agency reported.

The Vision aims at creating around a million jobs by 2033.

The company’s factories in the country manufacture products for several popular brands and employ more than 6,000 workers.

The company also has factories in Hong Kong, China, Bangladesh, India, Turkiye and the United States, and plans to expand into Central America next year.

Source:https://www.fibre2fashion.com/news/manufacturing-news/jordanian-pm-opens-garment-factory-in-karak-297754-newsdetails.htm

September 16, 2024

Jordanian Industrial Estate Erect New Industrial Buildings in Al-Mwaqqar Industrial Estate

Jordan Industrial Estate Company announced the establishment of new industrial buildings in Al-Mwaqqar Industrial Estate to meet the growing demand for investment in the Estate and the increasing interest of numerous investors. Today, the company signed two implementation and engineering supervision agreements with a local construction company and an engineering consultancy company covering an area of 11,000 square meters, with an estimated cost of approximately (2) million Jordanian Dinars.

Mr. Omar Jwaid, the Director General of Jordan Industrial Estates Company, stated that the new buildings in Al-Muwaqqar Industrial Estate are being constructed with various sizes ranging from (328) M2 to (813) M2, adhering to the highest specifications. He praised the magnitude of the achievement reached by the Industrial Estate today and the growing investment activity, positioning it at the forefront of Jordan’s industrial Estate under the management and development of the company across different regions of the kingdom.

It is worth noting that Jordan Industrial Estate Company completed the second phase works inAl- Muwaqqar Industrial Estate last year, covering an area of (305) dunums, and announced the opening of investment opportunities in it.

Source:https://www.jiec.com/en/news/187/

September 16, 2024

Kingdom’s industry index grew by 1% in Q2

The Jordan Chamber of Industry said that the industry index, recorded a growth of 1 per cent during the second quarter of this year compared to the same period last year, the Jordan News Agency, Petra, reported on Saturday.

More than 62 per cent of industrial companies and businessmen expressed optimism and positive expectations for performance during the coming period of this year, According to a statement by the chamber,

The President of the Jordan Chambers of Industry Fathi Jaghbeer pointed out that the growth was achieved despite the consequences of the Israeli aggression on the Gaza Strip and the developments of events in the region and their impact on industrial exports and supply chains, the decline in price levels and fluctuations globally, and the decline in demand for various sectors.

He pointed out that five industrial sectors achieved growth within the index of the second quarter of this year compared to the same period last year, led by the food and catering industries, livestock, chemical, cosmetics, leather, knitting, plastic, rubber, therapeutic and medical supplies.

While Jaghbeer pointed to the decline in other industrial sectors, which are packaging, engineering, mining, wood, furniture and construction.

Source:https://jordantimes.com/news/business/kingdoms-industry-index-grew-1-q2