Category: Business & Finance

The resumption of diplomatic relations between the the Kingdom of Bahrain and the State of Qatar supports relations between GCC member states and contributes to reinforcing pan-Arab action, said the Parliament’s Foreign Affairs, Defence and National Security Committee.

Chaired by Mp. Hassan Eid Boukhammas, the committee noted the the step move is in line with the priorities of Bahrain’s foreign policy, led by His Majesty King Hamad bin Isa Al Khalifa.

It stressed legislative support to all policies and initiatives aimed to maintain security, consolidate opportunities of cooperation and co-existence between Gulf countries and peoples, and further pan-Arab work and GCC and Arab unity.

The committee commended the pivotal role of Saudi Arabia, led by Custodian of the Two Holy Mosques King Salman bin Hamad Al Khalifa and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince and Prime Minister, to unify Arab ranks and overcome differences.

In a statement today, the committee lauded Saudi-led role and efforts to advocate the Arab and Islamic nations and maintain regional security and stability.

Source: Bahrain News Agency

The Organization of Islamic Cooperation (OIC) voiced deep concerns over the fighting in several Sudanese cities between the Sudanese army and the Rapid Support Forces.

OIC Secretary-General Hissein Brahim Taha called for an immediate ceasefire, resuming dialogue and resorting to the voice of reason.

He expressed confidence in the wisdom of the Sudanese people and leadership and their ability to overcome this crisis through negotiation and dialogue.

The Arab League voiced deep concerns over the current clashes between the Sudanese Armed Forces and the Rapid Support Forces in the capital, Khartoum, and other areas.

In a statement, Arab League Secretary-General Ahmed Aboul Gheit urged the warring parties to preserve the security and safety of Sudanese civilians in the fighting areas and throughout the country, calling for an immediate ceasefire and an end to the bloodshed.

Source: Bahrain News Agency

Saudi Arabian Airlines (Saudia) said that one of its Airbus aircrafts came under gunfire at Khartoum International Airport before its scheduled departure to Riyadh on Saturday.

“The Airbus A330, Flight SV458 came under fire at Khartoum International Airport before taking off to Riyadh at exactly 7:30 UTC this morning.”, said the company in a statement.

The company also said in a statement that it had suspended all its flights to and from Sudan until further notice.

Saudia’s Emergency Coordination Center is working with members of the cabin crew, ground staff, and the Saudi embassy in Sudan to get more information about the incident, said the statement

Source: Bahrain News Agency

The Saudi Stock Index (TASI) concluded today’s trading session with a gain of 29.28 points, closing at 10946.67 points, with a total trading volume of SAR 5.1 billion.

The number of traded shares totalled 164 million, with 124 companies experiencing a surge in share value, while the shares of 81 companies closed with a decline, reports SPA.

The Saudi Parallel Stock Index (NOMU) also closed higher, with a gain of 338.34 points, ending the day at 20573.95 points, with a total trading volume worth SAR 22.8 million. The number of traded shares exceeded 480,000.

Source: Bahrain News Agency

The Social Insurance Organisation (SIO) has affirmed its commitment to supporting home-based entrepreneurs who benefit from the “Khotwa” (Step) Programme for Home Projects by making it possible for them to benefit from the social insurance system in accordance with the provisions of Cabinet Resolution (39) of 2014 by applying the insurance to the self-employed persons and employers branches.

The aim is to pave the way for them to benefit from insurance coverage while continuing to work and practise their home-based production activity, SIO said.

According to the Cabinet Resolution, the applicant shall:

– obtain an official license issued by the relevant authority.

– be aged between 18 and 50 when they join the insurance system.

– provide a recent medical certificate proving their health condition issued by the medical committees, along with their application to join the system.

– not be a pensioner or subject to any of the retirement or insurance laws.

– present a license to practise domestic work that is effective throughout the period of their subscription, which becomes expired upon the end of the validity of the license or official permit.

Cabinet Resolution (39) of 2010 on regulating the practice of productive activity from home (Productive Home) stipulates that the registration in the producer’s register remains valid for one year from the date of its issuance. The registration application may be renewed annually at the request of the owner of the productive activity.

Accordingly, many applications for subscription in the social insurance system have been submitted through the Khotwa Programme, and the SIO approved them based on certificates issued by the Ministry of Social Development. Then, individuals applied for including previous periods based on letters from the Ministry of Development stating the date of starting their home-based activities, in order to complete the necessary period for their entitlement to the retirement pension.

However, while studying the applications, the SIO found the following:

– some applicants submitted statements of practicing home-based activities without presenting effective permits or registration records during the period required to be added.

– some certificated showed that the applicants were under the age of 18 when they started practising their home-based productive activity, which violates the provisions of the resolutions that stipulate that the period required to be added must have been spent in the practice of work after reaching the age of 18 years.

– The periods required to be added in some cases overlap with those in which the applicants were subject to the provisions of retirement and social insurance laws due to their work in the public or the private sector.

For these reasons, the SIO said that it is currently reviewing all requests to add the previous periods submitted according to the Khotwa Programme to ensure that they comply with the provisions of the resolutions in force, adding that it will contact the applicants directly during the coming period, while preserving their right to receiving their pensions in accordance with the provisions of the law and the edicts in force for those who provide the required documents.

The Social Insurance Organisation affirmed its full commitment to applying the provisions of the law and the resolutions in force, stressing its interest in approving all requests to add previous periods, in a manner that does not violate the provisions of the relevant resolutions.

Source: Bahrain News Agency

Shura Council Chairman, Ali bin Saleh Al Saleh, has lauded the commencement of the implementation of the second phase of the Alternative Sentencing Law or the “Open Prisons Programme”, in line with His Majesty King Hamad bin Isa Al Khalifa’s sound vision, and in implementation of the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.

Al-Saleh commended the efforts exerted by the Interior Ministry, led by Minister, General Shaikh Rashid bin Abdulla Al Khalifa, in this regard, praising its constant endeavours to continue developing the alternative penalties programme to advance the criminal justice system and enhance social security.

The Interior Ministry’s efforts reflect the kingdom’s ongoing efforts to protect human rights during HM the King’s prosperous era, he said,

He highlighted the positive results of the alternative penalties and open prison programmes, as they contribute to gradually integrating the beneficiaries into society, enabling them to participate effectively in developing society.

He also paid tribute to the Public Prosecutions, civil society and various institutions for their contributions to ensuring the success of these programmes, aimed at rehabilitating convicts, reducing the criminality rate and achieving social stability.

Source: Bahrain News Agency

The Ministry of Economy and Trade on Tuesday set the price of the medium-size bread bundle at LBP 36,000, and that of the family-size bundle at LBP 44,000.

Source: National News Agency – Lebanon

Iraq and Indonesia discussed the development of trade, economic and investment relations between the two friendly countries.

A statement by the Ministry of Foreign Affairs stated that the Chargé d’Affaires of Iraq in Jakarta, Ammar Hamid Saadallah, met today, Thursday, the Indonesian Minister of Trade, Zulkifli Hassan, at the ministry’s headquarters in Jakarta.

During the meeting, according to the statement, they discussed the possibility of developing trade, economic and investment relations between the two friendly countries.

The chargé d’affaires affirmed the desire of the competent Iraqi authorities for the possibility of resuming the work of the joint Iraqi-Indonesian committee for the seventh session in Baghdad during the current year, headed by the trade Ministers of both countries.

Source: National Iraqi News Agency

His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, today issued Edict (30) of 2023, appointing directors in the National Bureau for Revenue (NBR), based on a proposal by the Minister of Finance and National Economy.

According to the edict, the following shall be appointed to the NBR:

1- Nada Alawi Hassan Alawi, Director of the Communications Directorate.

2- Sarah Mohammed Saleh Al Kuwari, Director of the Planning and Performance Follow-up Department.

3- Mahmoud Fouad Habib Khalifa, Director of the Tax Audit Directorate.

4- Amal Ahmed Hassan Al Dosseri, Director of the Foreign Tax Relations Directorate.

5- Ahmed Abdulaziz Abdul Ghaffar Al-Alawi, Director of the Legal Affairs Directorate.

6- Fahad Muhammad Ali Al-Yahya, Director of the Tax Operations Directorate.

The Minister of Finance and National Economy shall implement the provisions of this edict, and it shall come into effect from the date of its issuance, and it shall be published in the Official Gazette.

Source: Bahrain News Agency

The Labour Market Regulatory Authority (LMRA) conducted two joint inspection campaigns in the Capital Governorate and the Muharraq Governorate on a number of shops and work sites.

The campaigns resulted in reporting violations related to the Labour Market and Residency laws. The cases were referred for legal action.

LMRA noted that a joint inspection campaign was conducted in the Muharraq Governorate in coordination with the Nationality, Passports and Residence Affairs (NPRA) and the Governorate’s respective Police Directorate. The other inspection campaign was undertaken in the Capital Governorate in coordination with the General Directorate of Crime Detection and Forensic Evidence of the Ministry of Interior.

The Labour Market Regulatory Authority renewed its call on all members of the society to support the efforts of government agencies in addressing illegal labour practices, by reporting violations via the electronic form on the authority’s website www.lmra.gov.bh or by calling the authority’s call centre on 17506055.

Source: Bahrain News Agency