The Board of Auditors Disciplinary, which held its sessions at the Ministry of Industry and Commerce, decided to fine an auditor an amount of 20,000 Bahraini Dinars. The Auditor was deemed to have violated the rules of the profession for failing to apply international auditing standards in preparing and presenting financial statements, mentioning false information, and for not reflecting the true financial position of companies.​

The Audit Disciplinary Board was convened after several reports were raised by the Companies Control Directorate at The Ministry of Industry and Commerce, having discovered violations of international audit standards in preparing and presenting financial statements, inadequate documentation in audit files, as well as other irregularities.

The Ministry of Industry and Commerce accordingly stated that it will take necessary legal and administrative actions against any auditor found to be in violation of applicable laws and provisions to protect citizens, investors and any who are concerned with audited financial reports.

H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, stressed the importance of investments that enhance economic growth rates in light of the facilities provided by the government of Bahrain based on visions and targeted strategies that promote the Kingdom's investment position.

This came during the inauguration of the second Danube Home showroom in Bahrain in Lulu Hidd, under the patronage of H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, in the presence of the senior management of Danube Home.

Danube Home is one of the leading home improvement and furniture retail companies in the GCC. The new Danube Home showroom in Hidd spans 50,000 sq. ft. and features a selection of indoor and outdoor home furnishings both. The brand also offers a design and development service where customers can get fully customized interior and exterior solutions for their homes with the help of a talented team of interior designers and engineers.

H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, stressed the importance of the initiatives and steps taken by the private sector to develop various commercial and service facilities that meet the needs of citizens, praising the efforts made by the private sector and its continuous initiatives in strengthening the national economy and catering to public needs.

This came on the sidelines of the official inauguration of the new "Laser Car Services" branch in Diyar Al Muharraq, under the patronage of H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, in the presence Laser Chairman Mr. Arif Hejris, Director-General of Traffic, Brigadier Shaikh Abdulrahman bin Abdulwahab Al Khalifa, and a number of invitees, where the Minister affirmed the Ministry's commitment to continue providing support to the private sector and boost local commercial movement by providing it with all facilitations and required services.

His Excellency the Minister toured the branch, and was introduced to its services, most importantly the technical inspection service of the General Directorate of Traffic at the Ministry of Interior, which was recently added to the branches of "Laser", and operates to ensure the safety and durability of vehicles and whether they meet technical requirements.

H.E. Minister of Industry and Commerce Abdulla bin Adel Fakhro affirmed the deep relations that tie Bahrain and India, recalling their historical extension, especially at the commercial level.

This came during a luncheon organized by Bahrain-India Society where the Minister of Industry and Commerce participated as a keynote speaker, in the presence of Indian Ambassador Mr. Piyush Shrivastav, Chairman of the Board of Directors of the Bahrain India Society Mr. Abdulrahman Juma, and a number of Society members.

During the event, the Minister reviewed a number of topics and issues of common interest, including the initial positive results of the official visit of the Bahraini economic delegation headed by His Excellency to India during March 2023, which included several meetings with senior officials and prominent leaders in the Indian business and private sector, as well as various events that stressed the importance of the great role played by the private sector in diversifying and developing the economy. H.E. Fakhro also highlighted the attractive investment environment in the Kingdom of Bahrain and the privileges and facilities provided by the government to investors inside and outside of Bahrain.​

The Ministry of Industry and Commerce, in partnership with the UAE Ministry of Industry and Advanced Technology and in cooperation with the Bahrain Chamber of Commerce and Industry, held a workshop for the private sector on the Integrated Industrial Partnership for Sustainable Economic Development, as part of the Kingdom of Bahrain's preparations to host the fourth meeting of the executive and higher committees of the Partnership this year. The workshop aims to introduce new companies to the Integrated Industrial Partnership and its objectives, collect views on enablers and project proposals, in addition to introducing the UAE ADQ Holding Company, which allocated a $10 billion investment fund for projects resulting from this Partnership, in addition to other financing services.

On this occasion, H.E. Ms. Eman Ahmed Al-Doseri, Undersecretary of the Ministry and member of the Executive Committee for Integrated Industrial Partnership, said: "This workshop comes in the context of Bahrain's accession to the Basic Law of the Integrated Industrial Partnership for Sustainable Economic Development in 2022, which translates the visions of the country's leadership in relying on assets, capabilities and expertise offered by the Partnership countries, which provide industrial opportunities that contribute to diversifying the economy, and increasing the competitiveness and flexibility of the industrial sector, as the industrial sector is one of the main pillars of economic diversification.  H.E. added: "The government's support to the industrial sector encourages us to launch initiatives that support this sector in line with the industrial sector strategy launched within the economic recovery plan, which considers increasing the efficiency of supply chains through industrial integration one of its most important pillars."

 
Al Doseri added: "Holding this workshop in strategic partnership with the BCCI is the best evidence of the importance of the role of the private sector in the success of this vital initiative as it is the main engine of growth."

The workshop was presented by H.E. Mr. Abdulla Al Shamsi, UAE Assistant Undersecretary for Industrial Development at the Ministry of Industry and Advanced Technology, and Industrial Advisor at the Ministry, Mr. Fadi Shafiq Al-Qaed, in the presence of a number of representatives of the private sector and the government sector in Bahrain.

The Kingdom of Bahrain entered this partnership along with the UAE, Jordan and Egypt with the aim of securing the supply chain and creating self-sufficiency, localizing industries and integrating value chains, and encouraging integrated value-added industries that will achieve sustainable economic development and contribute to creating promising job opportunities for citizens in targeted industries such as agriculture, food, fertilizers, pharmaceuticals, textiles and clothing, metals, petrochemicals and plastics.​

In an aim to enhance communication between the Ministry of Industry and Commerce and the private sector, H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce met with a number of entrepreneurs in an open discussion organized by the business incubator "The Collective Hub" in Yateem Center, the incubator is specialized in gathering start-ups, creators and investors under one roof, in order to identify the most important pillars of the entrepreneurship environment in Bahrain.

This gathering reflects the Ministry's commitment to keep close communication with the business community and develop policies to enhance the development of SMEs and boost their business, by promoting local products, provide employment, and easing export.

The Minister listened to the experiences of entrepreneurs and owners of institutions and reviewed the developments of their business, in addition to identifying the most important challenges they face, in an effort to facilitate and simplify procedures and find appropriate solutions in coordination with relevant authorities. H.E. praised the growth of SMEs in Bahrain, noting that the Ministry spares no effort enhance and support this sector.​
 

The discussion was led by Mr. Suhail Algosaibi, Chairman of Tenmou Company, amidst enthusiastic interaction from attendees, who appreciated the opportunity to communicate with decision makers to convey their views and suggestions to enhance the business environment in Bahrain. Moreover, the Minister affirmed his aspiration to continue to hold these meetings periodically in an aim to develop the entrepreneurship sector and small and medium enterprises.

H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, met with the Chairman of the Technology and Digital Economy Committee at the Bahrain Chamber of Commerce and Industry, Mr. Alharith Alatawi, and a number of Committee members, where they reviewed Bahrain's economic developments in general and digital economy in particular.

Commending BCCI's remarkable efforts in promoting investment opportunities in the Kingdom of Bahrain, HE the Minister praised the pivotal role it plays in supporting technology and digital economy, noting in this regard the importance of cooperation between the Ministry and the Chamber to promote the economic sector and continue to push the economy to achieve goals and aspirations.

Moreover, the meeting discussed the committee's most important upcoming economic programs and events regarding the technological and digital sector.

 H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, meets the Chairman of BCCI Technology and Digital Economy Committee.​

H.E. Mr. Abdulla bin Adel Fakhro Minister of Industry and Commerce received H.E. Anne Gallandoan Lewis, Philippine Ambassador-designate, where they discussed areas of cooperation between the two countries.

The Minister HE the Ambassador, and reviewed bilateral relations and the positive developments they are witnessing at various levels, noting the importance of continuing work to consolidate and develop these relations, especially in the industrial and commercial fields to achieve common goals and aspirations. 

For her part, the Ambassador of the Philippines expressed her sincere thanks and appreciation to the Minister of Industry and Commerce, hailing Bahrain's efforts towards strengthening the bonds of cooperation between the two countries in all fields, and looking forward to strengthening bilateral economic relations and widening aspects of cooperation in the best interest of both nations and their people.​