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Bahrain Economic Development Board (Bahrain EDB) successfully concluded its five-day strategic visit to the United Kingdom (UK). Designed to highlight the investment opportunities in Bahrain through a curated agenda of business meetings and roundtable discussions, the visit culminated at the Newmarket July Festival as part of Bahrain EDB’s partnership with Rashid Equestrian and Horseracing Club (REHC).

The Newmarket July Festival race was attended by His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa, Chairman of the Board of Trustees of the Isa bin Salman Education Charitable Trust, Chairman of the Board of Directors of the Labour Fund, and Chairman of the Rashid Equestrian and Horse Racing Club (REHC) High Committee، H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB, along with officials of Bahrain EDB and REHC.

REHC sponsored three International Group races on the festival’s opening day. Bahrain EDB, in collaboration with REHC, additionally hosted both existing and potential investors at The Bahrain Trophy at the Newmarket July Festival as part of its aftercare and strategic advisory services, driven by a commitment to retain, promote, and facilitate reinvestment within the island nation. The event provided an invaluable platform to connect and build strong relationships with high-net-worth companies and individuals and shed light on Bahrain’s unique value proposition and attractive investment environment.

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain EDB said, “We take pride in our partnership with Rashid Equestrian and Horseracing Club, which builds upon a longstanding legacy partnership with Newmarket Racecourse, underscoring Bahrain’s commitment to further building upon its economic and commercial ties with the United Kingdom.”

Her Excellency added, “We at Bahrain EDB are firmly dedicated to continuing to promote the Kingdom as a prime destination for investment across our target markets. Alongside the strategic meetings and events we hosted, the Newmarket July Festival has been instrumental in providing the opportunity to engage with companies in a vibrant atmosphere and highlight Bahrain’s competitive advantages, business-friendly environment, and highly skilled talent pool.”

Yusuf Buheji, Chief Executive Officer at Rashid Equestrian and Horseracing Club, stated, “We would like to extend our gratitude to Bahrain EDB as a key partner of REHC. The prestigious Newmarket July Festival provides the ideal setting for us to showcase all that Bahrain has to offer. It enables us to connect with likeminded people in the racing community and forge strategic partnerships and collaborations with various international institutions and companies, which will serve to further develop the Kingdom’s horseracing sector, as part of our far-reaching goals to cement Bahrain’s international recognition as a leading horseracing and equestrian destination.”

During the visit, Bahrain EDB hosted two pivotal roundtables attended by UK-based companies and investors. The first, titled “The Future of Manufacturing – Investment Opportunities and Best Practices,” was hosted in collaboration with Sovereign Strategy and highlighted investment opportunities primarily in the manufacturing sector, as well as in financial services and ICT sectors. The second event, held in partnership with City UK, focused on financial services under the theme “The Talent Test: Attracting the Right Skills for the Future of Fintech.” Both events, attended by key stakeholders from Bahrain’s public and private sectors, and senior representatives from key UK-based firms operating in Bahrain, in the likes of PWC Middle East, were critical for engaging with industry leaders and investors in the UK.

REHC partnership with Newmarket Racecourse extends back to 1991. It builds on a robust legacy of bilateral economic ties between the Kingdom of Bahrain and the United Kingdom that span over 200 years, underpinned by strong commercial and investment ties. Numerous leading UK companies, such as Unilever, Charles Russell, Deloitte, Ernst & Young, Standard Chartered, Trowers & Hamlins, HSBC, Reckitt Benckiser, and Price Waterhouse Coopers (PWC), have established a presence in Bahrain.

Source:https://www.bahrainedb.com/latest-news/bahrain-edb-wraps-up-a-successful-visit-to-the-uk

Bahrain Economic Development Board (Bahrain EDB) successfully wrapped up a week-long visit to India which kicked off earlier this month on September 9, 2024, and spanned across the cities of Mumbai, Bengaluru, and Chennai. Led by H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, with the support of senior members of the investment promotion agency, the visit comprised a series of select events and meetings to showcase value-adding opportunities across priority sectors, namely manufacturing and information and communication technology (ICT), to targeted investors.

Designed to strengthen economic and business ties between the two countries, as well as promote high-impact investment opportunities in Bahrain to a curated selection of India-based investors, Bahrain EDB hosted several events as part of the roadshow. In Mumbai, in collaboration with the Confederation of Indian Industry (CII), an exclusive dinner was held at Taj Mahal Palace, where the gathering offered an opportunity to connect with key decision makers from select leading Indian companies.

Two forums were held showcasing the Kingdom’s investment landscape with an in-depth discussion of expansion opportunities available for businesses to leverage Bahrain as a hub to expand across the Gulf and greater Middle East and North Africa region. The first was held in Mumbai, the second was held in at The Leela Palace Bengaluru, both events held in partnership with Grant Thorton focusing on investment opportunities within Bahrain’s thriving manufacturing and ICT sectors.

At the sidelines of the events, Bahrain EDB announced securing investment commitments valued at just under USD 33 million stemming from leading India based companies across multiple sectors. The cumulative impact of these investments, particularly Polymatech’s entry into Bahrain, will contribute to the Kingdom’s ongoing journey towards economic diversification, sustainable growth, and its goal of becoming a hub for innovation and technological excellence in the region.

Bahrain and India enjoy strong bilateral and economic ties, where India is ranked as one of Bahrain’s top 6 investing partners, with India’s FDI stock in Bahrain reaching over $1.5 billion in 2023. Earlier this August, in a significant expansion into the Middle East, The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, announced the launch of two luxury properties in Bahrain under its iconic Taj brand. The strategic move, in partnership with Kingdom Projects, marks a significant milestone for IHCL as part of its growth-oriented plans to expand its global footprint under its portfolio of leading hospitality brands across the Middle East. Bahrain remains committed to fostering a supportive ecosystem for investors, with forward looking policies aimed at simplifying business operations, offering unique competitive advantages leading to success stories with local roots and global impact. These factors, combined with a highly skilled, bi-lingual, and diverse talent pool, advanced infrastructure, and strategic location, continue to cement Bahrain as an attractive destination for global investors around the world.

Source:https://www.bahrainedb.com/latest-news/bahrain-edb-wraps-up-multi-city-visit-to-india-to-promote-keyinvestment-opportunities

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

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

Abdullah Al-Joaan, the Minister of Trade and Industry and Chairman of the Board of the Public Authority for Industry, has issued a decree prohibiting the export and re-export of cardboard waste for three months. This directive will take effect upon its publication in the Official Gazette.

The decision aims to foster the adoption and advancement of a national Extended Producer Responsibility system within projects related to cardboard packaging recycling.

Cardboard holds significant importance for numerous Kuwaiti factories engaged in producing consumer goods for the local market at affordable prices. Moreover, local factories have a monthly demand of approximately 30 thousand tons of cardboard, a requirement that cannot be met solely through the local market without the implementation of cardboard recycling.

It is important to highlight the significance of recycling industries in Kuwait, which prioritize environmental preservation, reduction of natural resource consumption, and adoption of cutting-edge technologies observed in developed nations. These efforts contribute to various economic and investment advantages for the commercial and industrial sectors.

SOurce:https://www.arabtimesonline.com/news/kuwait-cracks-down-on-cardboard-waste-exports-for-environmental-revival/

On a recent afternoon at the Oriental Paper Products factory just outside of Beirut, more than a dozen workers were busy on the factory floor, grateful for their jobs producing notebooks, papers, and office supplies.

But one level up, in CEO Ziad Bekdache’s office, the mood was far grimmer. Not for the first time, the industrialist found himself adjusting his employees’ salaries to compensate for yet another fall in the Lebanese pound.

The numbers shuffling pushed him more step closer to a reckoning he’s managed to put off since the country first plunged into economic crisis more than two years ago.

“We have a problem,” Bekdache told Al Jazeera. “We industrialists are rooted here in Lebanon, but when you have a noose around your neck, you can either try to struggle or decide to leave.”

Oriental Paper Products opened its factory in 1955. During the decades, it has exported products to countries across Europe, the Middle East and North Africa. But maintaining its foothold in Lebanon has become increasingly untenable.

The Lebanese pound has lost more than 90 percent of its value since October 2019. The country’s eye-watering inflation is currently among the highest in the world, even topping Venezuela and Zimbabwe’s in the latter half of this year . Three-quarters of the population live in poverty, and hundreds of thousands of families are in desperate need of aid just to keep food on the table.

Bekdache, who is also the vice president of the Association of Lebanese Industrialists, says Lebanon’s current crisis did not happen overnight but was the product of decades of poor economic planning that saw successive governments prioritise tourism and banking over manufacturers.

“This is what bankrupted the country, the government wasted public resources and neglected productive sectors,” he said. “After they bankrupted the country, they’re all of a sudden talking about promoting the productive sectors. Well, they’re 25 years late.”

Last month, Bakdache and his fellow manufacturers were dealt yet another devastating blow when a diplomatic dispute led Saudi Arabia to declare an all-out ban on products imported from Lebanon.

“Many industrialists are now looking for a plan B,” said Bekdache “They have a few options, like closing here and moving elsewhere, opening a second factory abroad to be their hub for exports, or downsizing to cut costs.”

Bekdache is especially loath to let staff go. “I have about 70 workers and employees here, most who have worked for over 20 years,” he said. “We work closely, we know about our ups and downs – can I just walk up to them and say, ‘Thank you, goodbye, and good luck?’”

Shrinking lines of credit
Prices of raw materials have spiked around the world this year thanks to supply chain snarls and shortages stemming from pandemic disruptions. But in Lebanon, the sharp depreciation of the pound and a growing scarcity of foreign exchange has only exacerbated those price pressures.

Bekdache and some of his fellow manufacturers have managed to weather that storm thanks to a 2020 financing scheme spearheaded by Lebanese expatriates called the Cedar Oxygen Fund – a private initiative that has also garnered support from Lebanon’s central bank.

But Bekdache said a longer-term solution is needed. “The Central Bank put $550m into the initiative and we’re thankful, but this is not an alternative for the future.”

With the country’s financial sector over a barrel, lines of credit firms normally depend on to fund day-to-day operations and invest in new equipment have also dried up.

“We’re now working in a cash-based economy that has both its pros and cons. We’re able to secure our primary materials, but we don’t have that extra money to invest in machinery,” Bekdache explained as he inspected the factory. “And you know, in industry, if you don’t upgrade your machinery, you might as well close for good.”

Compounding the problem – revenue from domestic customers has evaporated during the crisis.

“When local consumption shrunk, we turned to exports to generate revenue,” Bekdache said.

But most of his new business abroad centred on Saudi Arabia and Gulf countries, with the kingdom accounting for roughly half of Oriental Paper Products’ exports.

Bekdache said several shipments that were en route to Saudi Arabia are now stuck in transit and he fears his clients in the kingdom will simply turn to another supplier if trade ties are not restored soon.

He and other industrialists have estimated that exports to Saudi Arabia were to double in 2022 before the ban.

‘Dark tunnel’
There is no sign of relief on the horizon for Lebanon’s manufacturers. The diplomatic argument with Gulf states led by Saudi Arabia remains unresolved. Meanwhile, the Lebanese government under billionaire Prime Minister Najib Mikati has not met in more than two months, thanks to partisan political squabbling about the lead investigator of the Beirut Port blast.

Lebanon has yet to mount a credible financial reform blueprint that it needs to secure a bailout from the International Monetary Fund and put the economy on the road to recovery.

The recently appointed government hopes to reach a preliminary agreement with the fund by the new year. But Central Bank Governor Riad Salameh said on Tuesday that discussions about financial losses and other numbers are still ongoing and that Lebanon has not presented an economic recovery plan to the international organisation yet.

With more than two years of policy inaction, Bekdache said that Lebanon is stuck in a “dark tunnel”.

“We don’t know where this tunnel ends, and there is no light,” he said.

And in that void, he said, is a failed economy that is rife with smuggling, tax evasion, and endemic corruption, and in which manufacturers like him are now targeted by opportunists trying to profit from a broken system.

Bekdache recalled the tale of a colleague who received a call from someone at the port of Beirut offering to let him bypass $20,000 in customs and fees on the goods he had imported if he were willing to pay the person $5,000 under the table – a slippery deal Bekdache said his fellow manufacturer rejected.

“The man at the port then said, ‘You’re jackasses, and will always be jackasses,’ and simply hung up,” Bekdache said.

The episode, he said, demonstrated that persistence can only keep Lebanon’s industrialists viable for so long.

Source:https://www.aljazeera.com/economy/2021/12/23/in-lebanon-manufacturers-mull-stark-choices-to-stay-in-business

The industrial sector recorded the best performance among the indices of the Muscat Stock Exchange in last week’s trading.

The industrial sector index rose during the week’s trading to the level of 6,170 points, recording its best level in 3 weeks, but it was unable to maintain these gains and ended the trading at 6,150 points, recording a weekly increase of 58 points.

This rise came in conjunction with the Sultanate of Oman’s ranking 56th in the world and fifth in the Arab world in the Competitive Industrial Performance Report for the year 2023 issued by the United Nations Industrial Development Organisation (UNIDO), which indicated that the Sultanate of Oman had achieved an improvement in diversifying industrial activities from the added value of the industrial sector. Increasing the volume of industrial exports from the volume of global industrial exports.

The past week also witnessed a good performance for the financial sector index, which rose by 48 points and closed at 7,867 points.

The benchmark main index rose by three points and closed at 4,783 points, while the services sector index declined by 6 points, and the Sharia index recorded a decline of two points.

Last week witnessed an increase in the shares of Voltamp Energy and National Gas, Oman Cables Industry, Al-Saffa Foods, Raysut Cement, Building Materials Industry, Oman Mills and Oman Cement. These increases stimulated investors to buy shares of industrial companies.

Trading value increased last week by 61 percent, exceeding OMR15.1 million, compared to transactions amounting to OMR9.3 million in the previous week. However, the number of deals executed declined by 6.6 percent from 2,015 deals to 1,881 deals.

Last week, the Muscat Stock Exchange recorded gains in its market value by OMR36.70 million to rise at the end of Thursday’s trading to OMR23.91 billion.

Source:https://timesofoman.com/article/134419-msx-index-rises-marginally-in-weekly-trading