Bahrain steps to revitalise economy
Manama, December 30, 2011
Bahrain yesterday unveiled a series of ambitious steps to revitalise its economy, which includes the setting up of a specialised office to promote investments more aggressively.
The new pivotal hub will be based at the Bahrain Investors' Centre in Seef District and Beit Al Tijjar.
A forum bringing together local and GCC businessmen will also be convened in a bid to encourage investor-trading on Bahrain Bourse.
The steps were approved yesterday during a meeting co-chaired by Industry and Commerce Minister Dr Hassan Fakhro and Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj.
The first session was attended by officials representing the Finance Ministry, Bahrain Bourse and the Bahrain Chamber of Commerce and Industry.
Closed family and private stock companies were urged to turn into public joint stock companies.
The session called on banks and financial institutions to use the surplus liquidity to trade in the shares of local companies.
Government departments were also urged to consider turning companies with lucrative projects into public joint stock firms.
The session stressed the importance of stepping up co-operation between the CBB and traders at Bahrain Bourse and other sectors.
"Such a drive will spur growth, reduce challenges and obstacles curbing these sectors and explore adequate solutions by legislating necessary laws," the session said.
Al Maraj highlighted Bahrain Bourse's strides over recent years, especially at its new Bahrain Financial Harbour headquarters.
He outlined cutting edge systems which enable investors from all nationalities to trade online.
He also pointed out the decrease in the rate of traded shares at the stock exchange as a result of the financial meltdown and real estate crisis.
Bahrain Bourse chief executive Fuad Rashid unveiled a strategy to streamline trading and listing of private companies.
He said a large number of investors and traders are GCC nationals.
Dr Fakhro stressed the need to supply investors with accurate and transparent data and issue regular reports for investors trading on the stock exchange.
He also stressed the importance of setting up investment offices at different trading facilities to promote investments and attract businessmen. - TradeArabia News Service