H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, headed the delegation of the Kingdom of Bahrain participating in the twenty-ninth edition of the Partnership Summit 2024, organized by the Federation of Indian Industry (CII) in cooperation with the Department of Industry Promotion and Internal Trade (DPIIT) of the Indian Ministry of Commerce and Industry in the Indian capital, New Delhi, with the participation of representatives of countries and international companies from around the world.

HE the Minister stressed the great importance of this summit in supporting the efforts of participating governments and countries in enhancing regional and international cooperation in various development fields. pointing out India’s role as one of the most important economic countries with a distinguished historical economic civilization. Expressing his hope that the summit will achieve its ambitious goals in strengthening economic partnerships and forming new frameworks for global economic cooperation.

On the sidelines of the Summit, HE the Minister of Industry and Commerce met with HE Minister of Commerce and Industry of the Republic of India Piyush Goyal, where they discussed opportunities for cooperation in the fields of industry, trade and investment.

This year's summit will discuss a number of topics, most notably trade and the future of industry, sustainability and climate, technology and development, and expanding the scope of dialogue and international cooperation to achieve global development.

In implementation of Resolution No. (43) of 2024 regarding payments related to commercial transactions of commercial establishments, the Ministry of Industry and Commerce announced that the first phase of the decision goes into effect on Friday, December 13, and it includes new commercial establishments.

The decision aims to enhance transparency and regulate financial transactions for all commercial establishments in the Kingdom of Bahrain, including virtual shops registered in (Sijili), and stipulates that all commercial establishments are required to open a commercial bank account for their commercial transactions, and provide electronic payment services that include e-payment platforms approved by the Central Bank of Bahrain, point of sale (POS) machines, or e-portals.

His Excellency Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, affirmed that the decision aligns with the economic and technological developments in the Kingdom of Bahrain, and is an important step to enhance the efficiency of commercial establishments and support digital transformation, as the decision will contribute to raising the level of transparency and providing a safer and more reliable financial environment.

His Excellency stressed the need to abide by the resolution, as it contributes to the development of the business environment and supports enhancing competitiveness locally and internationally, pointing out that the resolution is not only limited to opening a commercial bank account, but also obliges establishments to exclusively use this account for all their financial transactions, in order to enhances transparency in money management and provide a comprehensive view of financial conditions. 

The decision will enter into force in two phases: the first begins on December 13, 2024 and includes new commercial establishments, while the second phase begins on June 13, 2025 to include existing establishments, so that this category is given a period of six months to reconcile their situations with the requirements of the decision.

For more information, visit the Ministry's website https://www.sijilat.bh or call on the free number: 80008001.

The Joint Economic Committee between the Ministry of Industry and Commerce and the Bahrain Chamber of Commerce and Industry held its forty-fifth meeting at the Chamber's headquarters. The Ministry of was chaired by H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, and the BCCI was chaired by BCCI Chairman H.E. Mr. Sameer bin Abdullah Nass. 

The Minister stressed the Kingdom of Bahrain’s is keenness to supporting the commercial and economic sectors in light of the comprehensive development process, emphasizing the contributions of the private to the GDP, and highlighting BCCI’s role in adopting projects and initiatives that support the national economy.

For his part, H.E. Mr. Sameer Nass, stressed the importance of strategic cooperation with the Ministry of Industry and Commerce to enhance cooperation between the public and private sectors in the Kingdom and support sustainable economic growth, affirming the Chamber’s commitment to achieving Bahrain's Economic Vision 2030, by developing trade and industrial policies to enhance the investment environment and support Bahraini entrepreneurs. As well as supporting the business community and enhancing its competitiveness regionally and internationally. 

Moreover, H.E. Nass noted that this meeting represents an important step towards strengthening permanent with the Ministry of Industry and Commerce to achieve common visions to improve the national economy and achieve sustainable growth.

The meeting also discussed topics on the agenda, in addition to reviewing and following up on the topics raised in the committee’s previous meeting.

HE Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, stressed the continued enhancement of commercial procedures, to strengthen Bahrain’s business environment and supporting the economic system, noting the role of private sector in applying the Industrial Sector Strategy (2022-2026), by attracting more national cadres to engage in this promising sector, to achieve Bahrain's Economic Vision 2030.

This came during the opening ceremony of the new Bahrain Gas Company showroom in Arad, where his excellency was received by company chairman Mr. Bashar Mohammed Ali Alhassan, and in the presence of a number of senior officials.

The Minister toured the showroom and was briefed on Bahrain Gas Company's work line, which includes a range of world-renowned high-quality products specialized in many fields of gas installations and pipelines, refrigeration and air conditioning gases, Italian kitchen cabinets, large household appliances, food service equipment, cooking ranges, oven ranges, tabletops for consumers, and other products.

Bahrain Gas Company was established in April 1962 by Mr. Mohammed Ali Al-Hassan, and quickly evolved from a gas distribution company to a specialized company in kitchen equipment and a one-stop shop for all kitchen equipment requirements - whether professional or household, in addition to that, Bahrain Gas is also a supplier of products and services specialized in fuel systems distribution and management as well as the providing refrigerants.

The Industrial Transition Accelerator (ITA) announces partnerships with the UAE and Bahrain as it ramps up activity in the Middle East and North Africa (MENA) region, where it will work directly with industry, investors and local governments to accelerate investment by 2026

•    First country partners of the ITA MENA Project Support Programme are the United Arab Emirates (UAE) and the Kingdom of Bahrain.
•    The ITA is working with the UAE’s Ministry of Industry and Advanced Technology and with the Ministry of Industry and Commerce in Bahrain to ensure efforts align with national climate objectives.

07 November, 2024, Abu Dhabi – The Industrial Transition Accelerator (ITA) has announced partnerships with governments of the UAE and Bahrain to expand its efforts in industrial decarbonization across the Middle East and North Africa (MENA) region. This is the ITA’s second region of focus, following the early success of its Brazil programme, announced in a partnership with Brazil’s Ministry of Development, Industry, Trade and Services in July this year. 
The industrial sector contributes 40% to MENA’s GDP, surpassing the global average of 26%, and with advantages in both conventional energy and renewable energy generation, the MENA region is well-positioned to lead the global decarbonisation of heavy industry1. 

The UAE’s Ministry of Industry and Advanced Technology and Bahrain’s Ministry for Industry and Commerce are the ITA’s first partners in the MENA region, with further country partners expected to be announced in the coming months. The ITA will collaborate with regional governments, industry leaders, and financial institutions to bolster the investment case for MENA's emerging green industries and mobilise the critical capital needed to advance regional and global decarbonisation efforts.
H.E Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President, and ITA Co-Chair: “Quote”
The ITA’s analysis, using the Mission Possible Partnership (MPP) Global Project Tracker shows a pipeline of announced green industrial projects in the MENA region.  These projects are awaiting billions of dollars of investment to start production of green commodities but require a stronger demand signal from the market to give businesses and investors the confidence to act.
H.E. Abdulla Bin Adel Fakhro, Minister of Industry and Commerce of the Kingdom of Bahrain, said: “We are delighted to be the first partner to join the ITA and the UAE in the MENA Project Support Programme in this critical initiative to expand green industry in the region. Being part of this reaffirms our commitment towards promoting sustainable manufacturing inline with our Industrial Sector Strategy (2022-2026). The opportunities are vast and exciting and the need to advance this industry is urgent to accelerate our efforts to achieve carbon neutrality.

Faustine Delasalle, Executive Director of the ITA, said: “The Middle East, a region often associated with its fossil fuel resources, has the potential to become a major producer of green commodities.  Unlocking the existing pipeline of green industrial projects in the region would make a significant contribution to the region’s green growth agendas and help the scale-up of green markets globally. This new partnership with the governments of the UAE and Bahrain will showcase how the MENA region can speed up its energy and industry transition.” 

The road to Final Investment Decision (FID) in the UAE  
The ITA is working to identify and support large-scale industrial projects that can be accelerated toward FID by 2026 and operational by 2030.  

To get on track with Paris-aligned climate targets, a critical mass of large-scale projects that have the potential to drive a deep reduction in emissions, must reach FID in the next two years and be brought online by 2030. The MPP Global Project Tracker has identified more than six announced net-zero aligned industrial plants in the UAE which, if brought to FID and combined with those already operating or at FID, would represent a total of approximately 30% of UAE’s 2030 climate target2.  

Targeted Regional Support  
To help mature the project pipeline in the MENA region, the ITA will provide on-the-ground, practical, tailored implementation support. Specifically, the ITA is partnering with project developers to identify and help overcome their barriers to investment by, for example, helping to stimulate demand for green goods by addressing policy and regulatory needs at a regional level, while building low-emissions value chains and identifying mechanisms to de-risk regional project investment.   

Corporate partnerships 
The following companies from the UAE are the first to sign formal agreements to work with the ITA as part of the MENA program: EMSteel, Emirates Global Aluminium, and Arabian Gulf Steel Industries.
Eng. Saeed Ghumran Al Remeithi, Group Chief Executive Officer of EMSTEEL, said: “As one of the largest publicly traded steel and building materials manufacturers in the region, we are honoured to be working with the ITA to accelerate the decarbonisation of heavy industries in the UAE and beyond. EMSTEEL has been actively driving low-carbon products and setting sustainable benchmarks for the region, and our pilot project with Masdar demonstrating the use of green hydrogen to produce green steel is a clear testament to our efforts. It is essential for us to work with the wider ecosystem to effectively address viability concerns of commercial scale decarbonisation projects, and we are confident that our partnership with the ITA will help in overcoming those obstacles and in driving the wider adoption of sustainable solutions.”
Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “Many decarbonisation challenges are shared between industries, and we must work together to solve them. The Industrial Transition Accelerator is a forum to advance this cooperation.”

Asam Hussain, CEO of AGSI, stated: “As a signatory to the ITA, and the world’s first carbon neutral steel plant, we are excited to see the opportunities for advancing net-zero goals in the MENA region. We are committed to being a voice for industry on the ground, actively implementing sustainable solutions and driving decarbonisation across the sector.  However, to drive progress effectively, we need a clear path to scale demand, clarity in industry definitions and confidence in policy frameworks that support project scalability.”

The Ministry of Industry and Commerce announced the signing of a Memorandum of Understanding (MoU) with the Bahrain Institute of Banking and Finance (BIBF), with the aim of enhancing joint cooperation in the field of e-commerce.

The MoU was officially signed at the Ministry of Industry and Commerce by H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, and Dr. Ahmed Al Shaikh, CEO of the Bahrain Institute of Banking and Finance (BIBF), in the presence of a number of senior officials from both parties.

The Minister stressed that the MoU signing emerges from the keenness of the Ministry of Industry and Commerce to enhance constructive cooperation to support the implementation of a number of strategic initiatives related to e-commerce, through the development plans and the proper application of initiatives that will enhance this promising sector.

The Ministry of Industry and Commerce announced the launch of the National Initiative to encourage participation of the commercial sector in the approaching Bahrain holiday season.

Shaikh Hamad bin Salman Al Khalifa, Assistant Undersecretary for Domestic and Foreign Trade at the Ministry of Industry and Commerce, said that the initiative includes exempting fees for promotional campaigns and extending periods of commercial discounts starting from the first of December until the end of the year, coinciding with Bahrain’s holiday season and the celebrations Bahrain’s national holidays. Calling on shop owners to benefit from this incentive by coordinating with the Consumer Protection Directorate at the Ministry of Industry and Commerce and applying via e-mail promotion_enquiries@moic.gov.bh .

The Assistant Undersecretary indicated that this national initiative aims to encourage commercial participation in the national celebrations and boost market movement during the holiday season, noting the initiative’s remarkable turnout last year, with the participation of more than 1122 commercial stores.

The Auditors' Disciplinary Board, which held its sessions at the Ministry of Industry and Commerce, decided to fine two audit offices with five thousand BDs each.

The decision came after proof of violations of Decree-Law No. (15) of 2021 regarding external auditors and the principles of the profession and responsibilities entrusted to them, in addition to committing violations that harm the dignity of the profession, and not conforming to international standards on auditing and financial statements.

The Ministry of Industry and Commerce affirms its commitment to taking legal and administrative measures against any audit firm in violation of the provisions and laws in force, as it will spare no time or effort to protect citizens, customers and everyone involved in dealing with audited financial reports.