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Bahrain pearling to be opened up for foreign investment

MANAMA, May 11, 2015

Bahrain’s pearling industry is being opened up to foreign investment.

The government wants private companies to replace the kingdom's existing Pearl and Gem Testing Laboratory, said a report in the Gulf Daily News (GDN), our sister publication.

A Royal Decree was issued in December and the Shura Council approved it yesterday (May 10).

Industry and Commerce Minister Zayed Al Zayani said yesterday that the existing government-run facility was losing money.

“The current lab costs us BD200,000 ($530,223) a year and makes only BD57,000,” he said.

“I don't want to upgrade this facility because it will cost millions and employs just 12 people, so scrapping it is better.

“Giving the work to private companies, whether Bahraini or expatriate, is better. Rest assured that we will impose fees on those entering the trade, meaning we will be rid of a burden, make profit and allow the market to boom.”

He suggested existing Pearl and Gem Testing Laboratory employees could form their own company and bid for the contract.

“Bahraini pearl businessmen could also form their own companies and enter as bidders,” he said.

“We don't have a preference, more than one company could be allowed.” - TradeArabia News Service




Tags: Bahrain | investment | industry | foreign | open | pearling |

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