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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

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

In a recent report released by the Swiss organization “IQ Air,” Kuwait emerged as the 11th country worldwide in terms of air quality, ranking 134 countries and regions based on air pollution levels with fine PM 2.5 particles. Meanwhile, Bangladesh topped the list as the most polluted country according to this indicator.

Within the Arab world, Kuwait secured the fourth spot on the list, following Iraq, the Emirates, and Egypt. Notably, only seven countries out of the 134 included in the report, including Australia, Estonia, Finland, Grenada, Iceland, Mauritius, and New Zealand, met the World Health Organization’s guidelines for small airborne particles emitted by vehicles and industrial facilities.

In the context of global capitals, Kuwait City was ranked 13th among the world’s capitals with air pollution attributed to PM 2.5 particles, trailing behind Baghdad and Cairo in the Arab region.

IQ Air emphasized that the majority of countries fall short of meeting the WHO standard for PM 2.5 particles, which are microscopic soot specks smaller than the width of a human hair.

SOurce:https://www.arabtimesonline.com/news/kuwait-ranks-11th-globally-for-air-quality-swiss-report/

The new Oman Labour Law terminates the need for employers to withhold employee passports

Sultan Haitham bin Tarik of Oman recently issued a new labour law aimed at ensuring a fair and balanced relationship between employers and employees while promoting transparency in labour practices.

The Labour Law 53/2023, this legislation, issued via Royal Decree, features various provisions to protect workers’ rights and outline the circumstances under which an employer can terminate an employee’s service.

Article 43 of the law specifically focuses on the conditions of employee termination, providing clarity on the matter.

The law allows termination if an employee fails to meet required performance standards. However, employees are granted a six-month grace period to improve their performance, and if the level remains unsatisfactory, termination may occur.

For Omani employees, the company must replace them with another Omani national in such cases.

The law also allows for termination in situations like a business shutdown, bankruptcy declaration, a reduction in the scope of business activities, or implementation of an alternative production system affecting staffing needs.

Moreover, economic factors may necessitate employee termination, but this requires the employer to submit an application to a committee within the Ministry of Labour for approval.

New Oman labour law changes protect expat workers
Expat workers are also protected under this law. Employers are prohibited from holding their passports or private documents without written consent.

If an expat worker is dismissed, they have the right to file a complaint within 30 days of notification.

The new labour law ensures employee leave entitlements, including a minimum of thirty days of annual leave after six months of employment and the ability to combine leaves based on mutual agreement.

Non-Omani workers are entitled to a return air ticket to their home country, and they receive their full wage during official holidays.

The law also permits employers to grant unpaid special leave based on the worker’s request and subject to conditions.

Additionally, the law mandates a six-month grace period for performance improvement before termination and emphasises the need for employers to maintain an attractive work environment.

Provisions for the transfer of workers to different projects and the requirement to hire Omanis for old projects with equal wages and benefits further enhance the law’s equitable approach.

Other aspects of the law address temporary job assignments, shifts changes based on ability, an hour of childcare for women after childbirth, and the necessity for sick leave applications to be approved by the Ministry of Health from private hospitals.

Source:https://www.arabianbusiness.com/jobs/oman-announces-new-law-change-for-employees

Aluminium Bahrain (Alba) Chief Executive Officer Ali Al Baqali inaugurated the the company’s Annual Majlis for 2023 on Tuesday (January 17) at the Oasis Hall.

Attended by Alba’s executives, directors, and managers, the opening session shed the light on the successes Alba celebrated in 2022 as well as lessons learnt as the company journeys in 2023.

The CEO also unveiled the company’s 2023 objectives: 1) Safety is Our Operating License, 2) Al Hassalah Top Up, 3) Be Ready to Take off Safely, and 4) Don’t Limit Yourself, which will guide the company to taken actions in the present and turn market challenges into opportunities.

Al Baqali said: “No one ever got anywhere by staying in one place. We want to leap forward in 2023 by working collectively together to be a force for change in line with Bahrain’s Economic Vision 2030. This platform sets us on the right path to make our future happen today and this can be done if we do it together as one team.”

The CEO’s Annual Majlis sessions will continue till Thursday and will be delivered in a hybrid format for employees and contractors’ workers across Alba. These sessions aim to foster two-way communication between the CEO and the company’s workforce as well as provide guidance to focus on Alba’s vision.

Source:https://www.abc-bahrain.com/News/1/343087

Investors need to look to the Asian region for the best investment opportunities in the short and medium term, said Steve Brice, Global Chief Investment Officer at Standard Chartered Bank.

Providing his outlook for 2023, Brice said there will be a slowing of global inflation and fewer federal interest rate rises in the first half of the year, followed by a decline in the second half of the year.

Brice noted that the economic slowdown should help cool inflation significantly but cautioned that inflation will not return to 2% levels in the foreseeable future.

China the exception
The exception to this will be seen in China, which is expected to achieve high growth rates as a result of the lifting of Covid restrictions and a shift in policy focus towards stabilising growth and improving opportunities for companies, investors and consumers.

“2022 was the toughest year for investors that I have seen during my 25-year career. It is only the fourth year in a century-and-a-half that US stocks and bonds have depreciated so rapidly,” Brice told an economic briefing for over 70 clients and guests in Bahrain.

He said although China is expected to rebound, a recession in the US is inevitability due to interest rate hikes, while Europe’s recession will be precipitated by increased energy prices.

Dr Boutros Klink, CEO of Standard Chartered Bahrain and the Middle East (ex UAE), said: ‘We are delighted to have had Steve with us in Bahrain this week where he shared his expert and economic insights for this year with our valuable clients. We continuously work on making tools and information available to clients for them to make informed financial decisions. As a financial institution that has been in Bahrain for over 100 years, we are committed to continue to share our expertise with our clients and contribute to the kingdom’s economic growth and development.

Source:https://www.abc-bahrain.com/News/1/343138

The BMMI Group will be showcasing various products including two of its own brands, Purely and Nature’s Origins, at Gulfood Exhibition at the Dubai World Trade Centre from February 20 to 24.

Participating for the first time, BMMI will be part of the Bahrain Pavilion.

The Purely brand offers customers with consistent, high-quality, and ethically sourced food products at great value. The brand’s tagline, ‘the right choice’, highlights BMMI’s belief that great value should not mean sacrificing on high-quality or on ethical sourcing.

Great taste
Through Purely, BMMI is committed to great taste, great value and greater care for the planet. The Purely range showcased at Gulfood will include pantry staples such as canned fava beans, white beans, green peas, hummus, and more.

Nature’s Origins, the second brand BMMI is presenting at the exhibition, provides the market with farm-to-shelf spices, with an emphasis on ethical and sustainable sourcing. With Nature’s Origins, a wide range of organic and conventional products are picked from the ideal origins, with a focus on quality and adherence to international standards. Some of the brand’s products that will be showcased at Gulfood include cardamom, cinnamon, black pepper, and cloves amongst others.

BMMI works to a model of vertical integration across the group’s value chain allows BMMI to source efficiently from manufacturing sources and farm gates.

Source:https://www.abc-bahrain.com/News/1/343625

Gulf Islamic Investments (GII) a leading shari’ah-compliant global alternative investment company, with over $3 billion of assets under management in real estate, private equity and venture capital, has announced the opening of its new company, Gulf Ventures Capital, with headquarters in Bahrain.

This comes as part of GII’s strategy to expand its footprint in the Mena region and globally with current presence in the UAE, London, and Frankfurt.

The company is set to invest in food, focusing on strategic food sustainability projects in agriculture, aquaculture, food processing and production, as well as logistics, green technology, and healthcare, aligning with the company’s vision for the GCC.

Through its investment in food sector, GII aims to address the rising population, increase in standard of living, disposable income and thereby the rising demand in food, it stated.

Increasing local production in sectors that are experiencing demand-supply gap, would improve GCC food sector, and GII’s investments are aligned to narrow the gap, create market competitiveness of locally produced and processed food, contributing towards long-term food sustainability, it added.

Mohammed Al Hassan, co-Founder, and co-CEO, said: “Our commitment to building and increasing our footprint is testament to our firm belief in the thriving GCC market. We see significant growth potential in food projects and logistics in Bahrain and the larger GCC region. We continue to deliver on our strategy through expanding our portfolio for our stakeholders and partners.”

GCC food market by consumption is forecasted to reach 53.14 million MT in 2026, experiencing growth at a CAGR of 3.15% for the period spanning 2022-2026.

According to Al Hassan, the logistics sector is estimated to witness strong growth due to the increase in infrastructure investment by government & private sector to develop the region into a robust logistics hub with pro-business regulatory policies.

It is estimated to register a CAGR of over 5% during the forecast period 2022-2027, he added.

Pankaj Gupta, co-Founder, and co-CEO for GII, said: “GII’s diversified investments prove our leadership in financial solutions and profitable partnerships. Our new presence in Bahrain offering different asset classes demonstrates our strong position in the region.”

Saleh Albelushi has been appointed as the CEO for the new GII entity – Gulf Venture Capital.

On his new role, Albelushi said: “It gives me pleasure to execute GII’s strategy for growth. Food, agriculture, logistics and green technology are sectors that we will focus on, covering not only Bahrain but also the GCC.”

Source:https://www.abc-bahrain.com/News/1/343845

The UAE Central Bank has raised its benchmark borrowing rate following a similar move by the US Federal Reserve.

CBUAE has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 50 basis points – from 3.9% to 4.4%, effective from Thursday, 15 December 2022.

This decision was taken following the US Federal Reserve Board’s announcement on December 14 to increase the Interest on Reserve Balances (IORB) by 50 basis points.

Central banks hike rates
The CBUAE also has decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the Base Rate.

The Base Rate, which is anchored to the US Federal Reserve’s IORB, signals the general stance of the CBUAE’s monetary policy. It also provides an effective interest rate floor for overnight money market rates.

The central banks of Saudi Arabia (Sama), Bahrain, and Qatar also increased their interest rates following the US Federal Reserve Board’s announcement.

Sama, the Central Bank of Bahrain and QCB upped their interest rates by 50 basis points in statements.

The Board of Directors of the Central Bank of Kuwait (CBK) had decided to raise the discount rate by 0.50% from 3.00% to 3.50% effective December 7, 2022.

Source:https://www.arabianbusiness.com/politics-economics/gulf-central-banks-hike-interest-rates-following-feds-increase