On behalf of the Minister of Industry and Commerce, Zayed bin Rashid Al Zayani, H.E. Ms. Eman Al Doseri patronized the closing ceremony of the second edition of “The Annual Young Entrepreneur Tech Camp" at the Diplomat Hotel on Sunday.

H.E. Al Doseri affirmed the government's commitment to continuing to invest in human capital through various training programs, highlighting that the tech camp serves the national objectives of transformation to a digital economy.

Al Doseri added that the camp will further encourage entrepreneurship and creativity among Bahraini youth, strengthening the Kingdom's position as a regional hub for technological development and tech-related investments.

The second edition of the camp was held between 17 July and 7 August, and hosted university students specializing in technology-related fields.

For his part, the chairman of the camp's organizing committee, Ahmed Buhazza, highlighted that this year's camps saw the participation of 20 university students, over the course of three weeks.

Buhazza added that the Tech Camp offered various training programs on topics related to business solutions and self-development. The camp also provided students with networking opportunities through visits to various industry-related entities and companies.

The ceremony began with the national anthem, followed by speeches and honoring of students by Her Excellency, who also received an honorary award and concluded the ceremony with a tour around the programs, praising such projects for their initiatives in promoting  Bahraini Youth. 

​The Auditors Disciplinary Board, which held its sessions at the Ministry of Industry and Commerce, decided to suspend an auditing firm for a period of one year and another for a period of two years. Both firms were 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 the company.

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 errors in the final accounts of several companies audited by these firms, violation 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 would take necessary legal and administrative actions against any audit firm found to be in violation of applicable laws and provisions to protect citizens, investors and any who are concerned with audited financial reports.

The National Bank of Bahrain (NBB) has partnered with Cork Information Technology W.L.L. to introduce a Supply Chain Finance solution for its Corporate and SME clients and their suppliers. The agreement was held under the patronage of His Excellency Mr. Zayed R. Alzayani, Minister of Industry and Commerce (MOIC) Chairman of the Council for the Development of SMEs, at MOIC's headquarters with the attendance of NBB and Cork Information Technology W.L.L. representatives.

Reiterating its commitment towards uplifting the SME sector in the Kingdom, NBB launched its latest digital product offering that aims to bridge gaps between buyers and suppliers by providing a range of financing and risk mitigation solutions designed to optimise working capital.

The new solution will operate through Cork Information Technology's Corklinc platform and will include a range of benefits for both parties. Suppliers will have the opportunity to avail prepayment of their invoices upon acceptance of invoices by the buyer, and will benefit from quick access to cash as well as an additional source of funding without consuming their credit limits. Additionally, buyers will be able to aid their suppliers with access to financing and can also help in securing better payment terms and discounts.

Commenting on the occasion, HE Mr. Zayed R. Alzayani, Bahrain Minister of Industry and Commerce, said: “Across the globe, we are witnessing the adoption of Fintech solutions as an enabler for Banking & Finance industry. We are opening new growth opportunities for SME's, especially in Bahrain that is ripe for digital transformation and keen to stay ahead in today's digital and automation age."

On his side, Jean-Christophe Durand, CEO of NBB, said: “We are pleased to partner with Cork Information Technology in launching our new Supply Chain Finance solution as a testament to our commitment towards supporting businesses in the region with innovative solutions and we specifically focus on SMEs that play a vital role in driving economic growth. Our new product enables us to support the sector while also expanding our trade offerings to various clients. The platform promises to provide a seamless and efficient experience to both buyers and sellers as we continue to offer a range of digitally innovative products and services to meet our customers' needs."

Mr. Khalid Hussain AlMaskati, Chairman of Cork Information Technology W.L.L., added: “We are excited to support National Bank of Bahrain (NBB) as it accelerates business growth through innovative products and enhanced experiences. Corklinc SCF Platform is designed in full cooperation with industry-leading banks, corporates, and other financial institutions. We are confident that this partnership with National Bank of Bahrain (NBB) will help offer innovative supply chain finance solution to their clients in a digitally enhanced manner."

In line with its efforts to integrate ESG practices into the organisation, NBB continues to develop beneficial SME-centric products and services in order to enhance their businesses operations and promote economic recovery within the Kingdom.

The Ministry of Industry and Commerce held an open meeting under the patronage of H.E. Mr. Zayed R. Alzayani, Minister of Industry and Commerce in the presence of H.E. Samir bin Abdullah Nass, President of the Bahrain Chamber of Commerce and Industry and a number of representatives of the industrial sector in the Kingdom of Bahrain, to review the most prominent developments in the industrial sector, in particular the accession of the Kingdom of Bahrain to the Integrated Industrial Partnership for Sustainable Economic Development with the UAE, Jordan and Egypt, which aims to promote industrial integration among Arab countries.

H.E. Alzayani began the meeting with a speech in which he stressed the kingdom's keenness to empower the industrial sector and build on the success and continuous growth achieved over the past years, which was the result of the policies adopted by the government since the 1960s aimed at not relying solely on oil and natural gas products, and making the industrial sector a diversified sector.

H.E. affirmed the keenness to implement the visions and aspirations of HM King Hamad bin Isa Al Khalifa, to achieve comprehensive economic development, and create more qualitative opportunities for citizens, praising the attentiveness and support of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, for this sector, which is one of the promising sectors the Kingdom seeks to develop within the economic recovery plan and through an integrated ambitious strategy.

For his part, Dr. Khalid Fahd Al Alawi, Assistant Undersecretary for Industrial Development, provided a brief explanation of the Integrated Industrial Partnership Initiative for Sustainable Economic Development, aimed at developing globally competitive industries by promoting the growth and integration of value chains and trade between partnering countries, which will contribute to the development of value-added manufacturing sectors to ensure the flexibility of supply chains, thereby enhancing the economic position of the Kingdom of Bahrain on the world map, to reach a developed and sustainable industry based on innovative advanced initiatives, calling on participants  wishing to support the objectives of this partnership to submit their initial proposals by filling out the electronic form available on the official website of the Ministry of Industry and Commerce.

Notably, an investment fund of $10 billion, managed by ADQ has been allocated to invest in projects arising from this partnership in priority sectors identified by the relevant committees and limited to five industrial areas including agriculture, food and fertilizers, medicines, textiles, minerals and petrochemicals.

HE Mr. Zayed R. Alzayani, Minister of Industry and Commerce, received this morning Dr. Shaikh Rashid bin Mohammed Al-Hajri, Sunni Endowments Council's Chairman.

During the meeting, HE Mr. Zayed R. Alzayani, Minister of Industry and Commerce, congratulated Dr. Shaikh Rashid bin Mohammed Al-Hajri, on the New Hijri Year, and praised the constant support provided by the Sunni Endowments Council to the Endowment development projects, in order to maintain and develop its funds, and maintain and reconstruct places of worship.

During the meeting, areas of cooperation development between the Ministry and Sunni Endowments were reviewed, such as the provision of industrial zones and providing basic services to all industrial zone visitors and employees, including the construction of mosques and places of worship, in addition to discussing a number of issues of common concern.

On this note, The Minister pointed out the importance of providing basic services to industrial zones, praising the great role played by mutual visits between government officials to achieve required growth in these relations.   

As part of the Ministry of Industry and Commerce's continued strategic development plans and efforts to improve its services to citizens and residents of Bahrain, Minister of Industry and Commerce H.E. Mr. Zayed R. Alzayani opened the Consumer Protection Center at the headquarters of the Ministry of Industry and Commerce, the third customer service center in the Ministry, aiming to enhance government services provided by the Department of Consumer Protection to all categories of Bahraini society by smart and innovative technical standards that achieve customer satisfaction through facilitating business and easily benefitting from consumer protection management services.

H.E. the Minister of Industry and Commerce stressed the importance of establishing the center and noted that the Department of Consumer Protection seeks to achieve the strategic objectives set in its national executive plans and government work programs for the Ministry of Industry and Commerce, aiming to improve consumer protection performance and services, and ensure that their efficient implementation with the highest standards, to activate cooperation and joint action between the ministry and traders within the active framework the government and the private sector, to achieve development aims.

H.E. Mr. Zayed R. Alzayani also confirmed that the Consumer Protection Center works innovatively according to set plans and strategies to serve customers considering all scenarios. The center also offers services for people with special needs, as well the possibility of communication in several languages. To ensure providing smooth consumer protection services to the largest segment of citizens and residents of the Kingdom of Bahrain.​​

The Consumer Protection Centre for Customer Service provides multiple services, most importantly receiving automatic and traditional bakery's  subsidized flour  applications, promotion and discount licenses, as well as receiving and processing consumer complaints. In addition to a specialized office to provide introductory and educational services to consumer protection law No. 35 of 2012, as well as smart screens to provide high quality and professional electronic services.

The Minister of Industry and Commerce, Zayed bin Rashid Al Zayani, participated in a press conference on the sidelines of the higher committee meeting for the Integrative Industrial Partnership, being held in the Egyptian Capital, Cairo. Also participating in the conference were the representatives of the UAE, Egypt and Jordan.

During the conference, the Partnership higher Committee members highlighted the role the agreement will play in promoting the growth and integration of value chains and trade between their states. They affirmed their countries' commitment to adopting joint initiatives and projects, while facilitating joint investments in the industrial sector.

Minister Al Zayani highlighted the Government of Bahrain's objectives of cementing ties between the member states to further develop its industrial sector. He stated that the government has launched the Industrial Strategy (2022-2026), which aims to develop the sector through different initiatives, including establishing a new industrial zone, and seeking to attract foreign investment by encouraging industrial projects and partnerships.

The committee stated that it has received 81 project proposals, including 11 that have been referred to enter the feasibility studies phase, in the agricultural, food and fertilizers, and medicines fields, with initial investments amounting to $1.6 billion. The next phase of projects will focus on metal, chemical, plastic, textiles and clothing.

The Kingdom of Bahrain has joined the “Integrative Industrial Partnership for Sustainable Economic Development", launched by Egypt, Jordan and the UAE in late May.

The Minister of Industry and Commerce, Zayed bin Rashid Al Zayani signed the industrial partnership agreement, on the sidelines of the first higher committee meeting of the integrated industrial partnership, being held in Cairo. The signing ceremony took place in the presence of Egyptian Prime Minister, Dr. Mostafa Madbouly, and the concerned representatives of the three participating countries.

 Minister Al Zayani affirmed that the industrial sector is an integral component of the Kingdom of Bahrain's comprehensive development efforts. He highlighted that this partnership will further strengthen the well-established relations between the participating countries, providing more investment opportunities and solidifying strategic collaboration among them.​

The Minister stressed that this partnership supports the objectives of the Industrial Sector Strategy "2022-2026" and will contribute to strengthening the economic position of the Kingdom of Bahrain, by supporting it in advancing a developed industrial sector that anchors on innovation and creativity.