A revival in transport and tourism after two years of pandemic-related slowdowns caused by closed borders and social-distancing measures is helping to boost the economy, with the kingdom’s hotels, restaurants and resorts once again open to regional and international visitors. The country’s guiding plan, Bahrain Economic Vision 2030, aims to enhance private sector growth and continue government
Although it is one of the most diversified economies in the GCC, Bahrain did not emerge unscathed from the 2014 oil price crash. Since then, the country has worked to broaden state revenue streams, implementing new fiscal measures to balance the budget, such as the introduction of a 5% value-added tax in January 2019 and the lowering of state subsidies. Nevertheless, large-scale infrastructure pro
Law No. 22 of 2018, known as the Reorganisation and Bankruptcy Law (New Law), was published in the Official Gazette on June 7, 2018 and came into effect on December 7, 2018. This repealed and replaced the Bankruptcy and Composition Law of 1987. The New Law brings innovation in bankruptcy dealings to the GCC, and encourages investment by laying out transparent and flexible regulations for insolvency. The…
Recent years have seen the promulgation of various laws to position Bahrain as a competitive regional jurisdiction. This chapter reviews these new laws, including Bahrain’s new Law for the Encouragement and Protection of Competition, which came into effect on February 1, 2019. The first dedicated Personal Data Protection Law (PDPL) came into force on August 1, 2019. Prior to the implementation of…
Bahrain’s new Law for the Encouragement and Protection of Competition (Competition Law) was published in the Official Gazette on July 19, 2018, and its provisions – with the exception of Chapter 2 – came into effect on February 1, 2019. Chapter 2 establishes and relates to the Authority for Encouragement and Protection of Competition, and came into force on August 1, 2018. While the authority…
Viewpoint:Hatim Q Zu’bi In June 2017 the Central Bank of Bahrain (CBB) announced plans to develop a regulatory sandbox, establishing Bahrain as a leader in the Middle East’s financial technology (fintech) landscape. The regulatory sandbox is a virtual space and framework that facilitates the development of fintech through safe testing of innovative products, services, business models and…
In recent years Bahrain has seen the introduction of a series of laws designed to further develop the kingdom’s financial sector, facilitate local and foreign investment, and promote Bahrain as a transparent, secure and cost-effective place to do business in the Middle East and North Africa. The new legislation introduced since 2014 includes three rounds of amendments to the Commercial Companies…
In line with King Hamad bin Isa Al Khalifa’s commitment to strengthening non-oil sectors, the Real Estate Regulatory Authority (RERA) was officially formed with the issuance of Decree No. 69 of 2017 with respect to the organisation of the RERA. It began operations in March 2018, with a focus on licensing real estate service providers, professionals and off-plan sale projects. Its aim is to…
The most recent amendments to Bahrain’s Legislative Decree No. 21 of 2001 promulgating the Commercial Companies Law were ratified in January 2018, and built upon the shareholder-friendly trends of the 2014 and 2015 amendments to the decree. Namely, they show a continued commitment to facilitating both local and foreign investment within the kingdom, in line with Bahrain’s long-term development…
By utilising technology to maximise value from existing reserves and investing in exploration, the energy sector is working to maintain and even increase levels of oil and gas production. These efforts will be given a significant boost by the recent discovery of a large-scale, unconventional oil and gas reserve, which could substantially boost output over the coming decades. The diversity of Bahra