Category: Industry

Manama, The Labour Fund (Tamkeen) supported the participation of 15 Bahraini food businesses at the Saudi Food Show, Saudi Arabia's largest international food and beverage showcase. Over 1,000 exhibitors are expected at the event, including leading brands of a range of restaurants, as well as food and beverage manufacturing companies from 97 countries and more than 80 renowned regional and international chefs. The exhibition, which is taking place from 21 to 23 May at the Riyadh Front Exhibition and Convention Center, provides a prime platform for Bahraini companies to display their products and services. Participating enterprises will gain valuable insights into sector trends; exchange best practices; and forge relationships with industry leaders. Notable brands such as IFFCO Group, Bidfood, and Lactalis Group will be present, alongside events such as the Saudi Food Trend Trail, which will showcase more than 30 innovative food and beverage concepts, and the YouthX Saudi competition, featuring the brightest emerging culinary talents from all over the world. Maha Abdulhameed Mofeez, the Tamkeen Chief Executive said, "Our commitment to supporting Bahraini businesses' participation in this event highlights our dedication to enhancing their global competitiveness. This will help strengthen the pivotal role the private sector plays in the growth of our national economy." She added, "With the manufacturing sector contributing 14% to GDP in the final quarter of 2023, we are keen to bolster this sector's growth trajectory. By affording Bahraini enterprises a platform to showcase their offerings on a global stage, we aim to foster meaningful connections and partnerships for them with industry leaders. This endeavor elevates the local food and beverage landscape while contributing to the Kingdom's sustainable economic growth." Safaa Abdul Khaleq, the CEO of Export Bahrain said: "Our partnership with Tamkeen reflects a firm commitment to supporting the growth of the food and beverage sector in Bahrain and enhancing the success of the enterprises operating in it. We are excited to help spotlight participating enterprises and showcase the diverse range of products and services originating from Bahrain on a global platform. Fostering a thriving local food and beverage ecosystem characterized by innovation and sustainability is one of our priorities. This event offers us the opportunity to acquire the latest insights and forge valuable business connections." Tamkeen's sponsorship of the Kingdom of Bahrain's pavilion at the Saudi Food Show is aligned with its 2024 strategic priorities focused on economic impact and the private sector under three pillars; increasing economic participation through employment opportunities for new entrants, expanding career development opportunities available to the Bahraini workforce, and further developing the private sector by supporting enterprises and boosting productivity and the adoption of technology. Source: Bahrain News Agency

Manama, The National Bureau for Revenue (NBR) reaffirmed its continuous commitment to enhancing the level of business compliance within the local markets and ensuring adherence to all regulations and legislation for the effective implementation of VAT and Excise including the Digital Stamps Scheme. The NBR conducted 343 inspection visits within the local markets across different governorates in the kingdom during the first quarter of 2024. These inspections aimed at monitoring the market and providing high levels of protection for customer rights and combating VAT and Excise evasion, along with spreading awareness of the rightful ways of implementation. The NBR has confirmed that effective oversight of the local market has resulted in reporting 36 VAT violations, in which administrative fines have been imposed in accordance with the VAT Law. The reported violations were related to the failure to comply with the conditions for issuing VAT invoices, failure to show prices inclusive of VAT, failure to display a VAT certificate in a visible location. The NBR identified several violations that may be considered suspicions of VAT or Excise evasion, in which legal actions will be taken against violators and referred those who are proven to have committed evasion crimes to the competent authorities to initiate a criminal case against them, which may be punishable by imprisonment for five years and a fine equivalent to three times the amount of VAT due or by imprisonment for one year and a fine equivalent to double the evaded excise according to the Excise law. The NBR emphasised that the cooperation of businesses and consumers is integral to the success of the ongoing inspection campaigns to achieve the highest compliance standards, the NBR also urges all concerned parties to report any violations or evasions of the VAT or Excise law by contacting the NBR call center at 80008001 available 24 hours, 7 days a week, or through the National Suggestions and Complaints System (Tawasul), or by email through vat@nbr.gov.bh f or VAT related queries, and to ds@nbr.gov.bh for the Digital Stamps Scheme queries. Source: Bahrain News Agency

Doha: Lesha Bank LLC (Public) announced that it had signed a sale and purchase agreement with the Kazakh company Baiterek NMH JSC for the acquisition of the entire share capital of Bereke Bank in Kazakhstan at a price of 65 billion Kazakh Tenge, equivalent to QAR 532,382,681 at the current exchange rate. According to a statement by the bank published on the Qatar Stock Exchange (QSE) website Monday, the agreement is subject to the required approvals from the competent regulatory and supervisory bodies. Source: Qatar News Agency

The dollar was broadly steady on Monday as investors awaited further clues to help chart the US interest rate path in the wake of cautious comments from Federal Reserve officials, even as inflation shows signs of cooling. The Japanese yen was flat at 155.74 per dollar, while the euro was up 0.13% at $1.08825, stalking the nearly two-month high of $1.0895 it touched last week. The dollar index, which measures the US currency against six rivals, was little changed at 104.44. In other currencies, sterling touched a two-month high of $1.2711 ahead of the crucial UK inflation report due on Wednesday. The Australian dollar was up 0.18% at $0.67055, hovering close to its four-month peak while the New Zealand dollar was last at $0.61295, not far from its two-month high. Source: Qatar News Agency

Moroccan Dirham N/A 0.39590 Malayasian Ringgit 0.73380 0.79270 Norwegian Krona 0.31640 0.37340 New Zealand Dollar 2.18990 2.31970 Omani Riyal 9.40000 9.64800 Philippine Peso 0.05850 0.06470 Pakistani Rupee N/A 0.01360 Saudi Riyal 0.96400 0.98600 Swedish Krona 0.31870 0.37490 Singapore Dollar 2.66860 2.78680 Tunisian Dinar N/A 1.25880 Turkish Lira 0.10360 0.12340 U.S.Dollar 3.63000 3.65000 Silver / USD 31.66000 31.70000 Gold / USD 2414.58500 2415.17310 Platinum / USD 1050.05000 1052.45000 South African Rand N/A 0.21730 Source: Qatar News Agency

Manama, The Labour Market Regulatory Authority (LMRA) announced the implementation of 1,523 inspection campaigns and visits, during the week of May 12-18, which resulted in the detention of 30 violating and irregular workers, while 175 violators were deported. The inspection campaigns and visits also resulted in monitoring a number of violations related to the provisions of a number of regulating laws, especially the LMRA and the Residency Laws in Bahrain, noting that legal measures were taken regarding the observed violations. The authority pointed out that 1,512 inspection visits were carried out on various shops in all governorates, in addition to 11 joint inspection campaigns, that included seven campaigns in the Capital Governorate; one campaign in the Muharraq Governorate; two campaigns in the Northern Governorate, and one campaign in the Southern Governorate. The government entities that participated in the campaign are the Ministry of Interior, represented by the Nationality, Passports and Residen ce Affairs (NPRA), and the Governorate's respective Police Directorate. The Authority affirmed the continuation of joint coordination with government agencies to intensify inspection campaigns in all governorates of the kingdom and to address any violations or practices that negatively affect the stability and competitiveness of the labour market or harm the economic and social security of the kingdom. The LMRA 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 or via the government's Suggestions and Complaints System (Tawasul). Source: Bahrain News Agency

Doha: Standard Chartered Bank expects growth in Qatar to spike above trend when the planned liquefied natural gas (LNG) capacity expansion begins to go online in 2025. Chief Executive Officer and Head of CCIB at Standard Chartered Bank - Qatar, Muhannad Mukahall, commented "We expect to see positive growth in Qatar in the coming years as work on the substantial liquefied natural gas (LNG) capacity expansion project begins to pick up pace. The newly-announced expansion at North Field West adds a further 16 million tonnes of LNG per year to existing plans and will no doubt aid Doha on its quest to dominate the top spot for the worlds top LNG producers. Our research shows this will boost the private-sector, increase GDP and therefore massively stunt public debt." According to the Banks Global Focus Economic Outlook Q2-2024, which covers the outlook for 58 economies, key geopolitical issues and financial market implications this year and beyond, the Bank forecasts a calm before the upsized gas boom in Qatar and predicts the post-FIFA slowdown to change pace next year. Qatar now aims to increase output at the North Field by 85% versus 64% previously, which would take natural gas output to 126 million tonnes per annum (mtpa) by end-2027 and 142mtpa by end-2030, from 77mtpa currently. Qatars investment in the recently upsized gas capacity expansion is likely to support private-sector activity. The research notes private-sector credit growth was 6% y/y in January, exceeding GDP growth, which dipped to 1.0% y/y in Q2-2023 from 8.0% in Q4-2022. The planned expansion of LNG output and subsequent boost to GDP is also expected to rein in public debt to 30% by 2027. Prior to that, the report estimates that public debt will decline to 37.5% of GDP by end-2024 and 35% by end-2025, from a peak of 73% in 2020 assuming Qatar continues to use its surpluses to pay down external debt (external debt maturities are USD 4.8 billion in 2024 and USD 2 billion in 2025). The State of Qatar's fiscal breakeven oil price is the lowest amon g oil-exporting regional peers, standing at just USD 50/bbl. Comparatively, reserves stood at USD 67.6 billion in January, rising USD 10 billion since early 2022. Overall, the Global Focus Economic Outlook Q2-2024 also indicates Asia is set to remain the primary engine of global growth, with Africa and MENAP expected to grow faster in 2024 than in 2023. It expects global GDP growth of 3.1% this year, unchanged from 2023, and 3.2% in 2025, an improvement from earlier forecasts of 2.9% and 3.1%. Source: Qatar News Agency

Ramallah - Together - Research by the Director General of the Palestine Islamic Bank, Dr. Imad Al-Saadi with His Excellency the Minister of Health, Dr. Majed Abu Ramadan discussed ways and mechanisms to enhance cooperation and partnership between the two sides in a way that contributes to improving the services provided to citizens. This came during a meeting held at the headquarters of the Ministry of Health in the city of Ramallah, in the presence of the head of the Ministry's Public Relations and Media Unit, Anas Al-Deek, the Assistant Director General of the Palestine Islamic Bank, Zayed Shuqair and Hatem Arinat, and the Bank's Public Relations Officer, Muhammad Marar. During the meeting, His Excellency the Minister of Health stressed the importance of concerted efforts to support health institutions and enable them to continue providing and developing their services, stressing the Ministry's keenness to enhance cooperation with the private sector and its institutions in this aspect. For his part, Al-S aadi stressed the keenness of the Palestine Islamic Bank to provide support to the health sector through its annual program for sustainable social responsibility, where support is provided annually to dozens of health institutions in various governorates of the country by providing them with health equipment, tools and supplies. Al-Saadi added: 'The health and safety of our people is a priority for us, and the health sector occupies a large part of our social responsibility program as it is a vital sector and its development is necessary to achieve sustainable and comprehensive development.' Al-Saadi appreciated the efforts made by the Ministry of Health to provide the best health services to citizens and localize health services despite the great challenges it faces and the growing needs in light of the difficult circumstances our people are experiencing. The mission and vision of the Palestine Islamic Bank are centered on excellence in providing modern and secure banking and investment solutions in accor dance with the provisions of Islamic Sharia. It also develops a well-thought-out strategy to proceed with the process of digital transformation, which has resulted in the launch of pioneering digital services through an easy and safe environment that enhances the digital experience for individual and corporate customers. The bank also considers The largest Islamic banking network in Palestine, including 43 branches and offices and more than 100 ATMs. Source: Maan News Agency