The Ministry of Industry and Commerce and BENEFIT announced the signing of a Memorandum of Understanding (MoU) to develop the corporate credit rating system, with the aim of providing accurate and transparent credit ratings to reflect the financial position of enterprises in the Kingdom of Bahrain, thus facilitating and accelerating SMEs' access to necessary financing to expand their investments.

H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce and Chairman of the SMEs’ Development Council, affirmed the government’s support to this vital sector, under the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, which contributed to empowering it by launching innovative initiatives that facilitate its access to finance to accelerate its growth, given this sector’s pivotal role in developing the national economy.

The Minister added that the MoU signing with BENEFIT is an important step towards strengthening the financial infrastructure of commercial enterprises in the Kingdom of Bahrain. This collaboration reflects our commitment to supporting SMEs by providing innovative solutions that facilitate their access to finance and enhance their ability to grow and compete in the market. 

For his part, BENEFIT CEO Abdulwahid Janahi, said: "We are very pleased to sign the MoU with the Ministry of Industry and Commerce, which comes as an important extension of the services of the Bahrain Credit Information Center operated by BENEFIT, especially with regard to the business sector, noting that the development of mutual knowledge between both parties will enhance the development of the commercial sector and the national economy.

This project supports efforts to strengthen the commercial sector in the Kingdom and provides the necessary tools to support economic growth, as it focuses on the development and implementation of an innovative model for evaluating commercial credit rating, which will contribute to improving financing opportunities for SMEs and enhancing the capabilities of financial institutions in assessing credit risks accurately.

The commercial credit rating system is a vital tool that allows businesses to easily access the necessary financing, speed up the approval processes for credit applications, and improve financing conditions. The system is expected to analyze the financial behavior of commercial enterprises, and provide financiers with a tool that facilitates financing decision-making processes, and this cooperation is expected to support the digital transformation in the finance sector, with a focus on supporting small and medium enterprises.

H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, inaugurated "Mad Park" playground at Al Aali Mall, Bahrain's first and largest augmented reality playground, in the presence of H.E. MP Mamdouh Al-Saleh, and a number of officials. 

The Minister toured the playground and praised the private sector’s contributions in various economic sectors, noting that modern entertainment centers equipped with advanced technologies attract a diverse segment of visitors from different age groups, including visitors and tourists.

His Excellency affirmed the Ministry’s commitment to supporting these projects towards further success.

H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, visited Jalal Ionics Company "Aqua Cool" in Mina Salman Industrial Area, as part of the continuous efforts to follow-up on all developments and production mechanisms in the industrial sector facilities in accordance with the requirements of the local and regional market and in accordance with international standards.

His Excellency the Minister was briefed on all stages of bottled mineral water production, starting from the harvesting and processing process to the water bottling process. Factory director Mr. Mahmoud Al Hashemi gave a detailed explanation to His Excellency the Minister on the mechanisms of the factory's commitment to achieving high quality in products and health and safety standards in line with international standards.

Minister Fakhro expressed his pride in local industry, praising the Company’s efforts in promoting the field of water industry in the Kingdom and the quality of the factory's products, and affirming the Ministry's commitment to push local factories to achieve the objectives of the Industrial Sector Strategy (2022-2026), which aims to increase the contribution of the industrial sector to the GDP, increase exports of the industrial sector of national origin, achieve sustainable development and offer new opportunities for investment and export.

H.E. Mr. Abdulla bin Adel Fakhro Minister of Industry and Commerce, met with Russian Minister of Culture Olga Lyubimova, in the presence of H.E. Aleksei Skosyre, the Russian Ambassador to Bahrain, and a number of officials. Where they discussed the bilateral relations between Bahrain and Russia, and ways to advance cooperation in various fields.

The Minister stressed Bahrain’s keenness to develop global relations, highlighting the importance of mutual visits and joint events in strengthening bilateral relations, referring in this regard to the friendly and welcoming investment environment in the Kingdom of Bahrain, in addition to the economic openness that characterizes it in light of the government's strategies and visions to enhance its position an ideal choice for investors.

For her part, Minister Lyubimova praised the distinguished relationship between the two countries and the importance of bilateral cooperation in all fields.

The Ministry of Industry and Commerce organized a ceremony to honor of commercial stores participating in the third edition of the National Initiative to encourage the commercial sector, where His Excellency Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, honored a group of representatives of the commercial sector who benefited from the national initiative launched by the Ministry of Industry and Commerce, represented by the Consumer Protection Directorate. 

Representatives of the commercial sector were honored in recognition of their efforts and support to the commercial sector during the Bahrain holiday season and the Kingdom of Bahrain's celebrations for the year 2024, and the national initiative included exempting fees for promotional campaigns and extending commercial discounts starting from December 2024.

This initiative received a great turnout from shop owners and commercial complexes around the Kingdom, as 1210 licenses were issued for promotional campaigns and commercial discounts, an increase of approximately 10% compared to 2023.

This initiative is part of the Ministry of Industry and Commerce's efforts to enhance the participation of the commercial sector in national events, and boost the shopping movement during the holiday season, and aims to ensure the stability of local markets and protect consumer rights.

The Consumer Protection Directorate continues to grant the necessary licenses for promotional campaigns and commercial discounts, as well as prize draws, in accordance with Ministerial Resolution No. 1 of 1993, to ensure the regulation of the commercial sector and provide a vibrant and prosperous commercial environment characterized by integrity and justice for consumers in the Kingdom of Bahrain.

The Ministry of Industry and Commerce has announced a comprehensive regulatory campaign to ensure that business owners engaged in "Retail Sales via Internet" activity (ISIC code 4791) adhere to all licensing requirements.

The ministry emphasized that this step is part of its commitment to regulating this sector and protecting the rights of both consumers and merchants, noting that the essential requirements include:

• Registering the e-store link: All business owners must accurately enter their e-store link in the "E-store/E-marketplace Address" field within the ministry's registration system.

• Providing an effective shopping cart: The e-store must include an efficient shopping cart that enables customers to add products to their carts and complete the purchase process easily.

• Providing a secure payment method: The e-store must offer secure online payment options to protect customers' financial data.

• Providing clear policies: All e-stores must provide clear policies for returns, exchanges, usage, and data privacy.

• Providing a delivery service: E-stores must provide an efficient delivery service for products to customers.

The ministry noted that licensees engaged in online sales are prohibited from using a virtual store to sell any products that require approvals from other government agencies.

The ministry called on all business owners engaged in "online sales" activities to comply with these requirements, emphasizing that necessary legal measures will be applied against violators. Moreover, the ministry highlighted the importance of this decision in regulating the e-commerce sector and protecting consumer rights, and that the ministry will continue its efforts to ensure a fair and transparent business environment in the Kingdom.

For inquiries, please contact the Email: ecommerce@moic.gov.bh or by Phone: 1359008-17574969

H.E. Mr. Abdulla bin Adel Fakhro Minister of Industry and Commerce received in his office this morning H.E. Sultan bin Ali Al Khater, Qatari Ambassador to Bahrain.

The meeting reviewed bilateral relations and cooperation between the Kingdom of Bahrain and the State of Qatar, especially in the commercial and industrial aspects, stressing keenness to advance joint efforts to achieve common goals and aspirations.

H.E. the Ambassador expressed his thanks and appreciation to the Minister for the warm reception and affirmed his keenness to strengthen relations between the two brotherly countries on various levels.

H.E. Mr. Abdulla bin Adel Fakhro Minister of Industry and Commerce affirmed that the historical relations between the Kingdom of Bahrain and the United States of America are continuing to grow and prosper, noting the keenness to enhance bilateral cooperation and coordination between the two countries in various fields, especially in commerce and industry.

This came during the business luncheon organized by the American Chamber of Commerce in Bahrain, where His Excellency the Minister participated as a keynote speaker, in the presence of Qays Al Zubi, President of the American Chamber of Commerce (Amcham) in Bahrain, along with Liz Clark, Director of Middle East Affairs at the American Chamber of Commerce.

HE the Minister pointed to the importance of the private sector in both countries as a key partner in pushing joint coordination towards the best interest of both nations, stressing the mutual aspiration to enhance the benefit of these joint relations in the future in various sectors, especially commerce and industry.

For his part, H.E. Mr. Stephen Bondy, Ambassador of the United States of America to the Kingdom of Bahrain, affirmed the commitment to strengthen trade relations between the United States and Bahrain by promoting mutually beneficial cooperation paths under the Free Trade Agreement, praising the fruitful partnership between the American Chamber of Commerce in the US and the American Chamber of Commerce in Bahrain (AmCham), and their cooperation with the US Embassy in Bahrain to promote expanded trade between the private sectors in both countries, to achieve the goals of the Comprehensive Agreement for Security Integration and Prosperity in order to deepen economic cooperation and enhance trade opportunities.

Mr. Qays Al-Zu'bi, President of the American Chamber of Commerce in Bahrain, said that the Chamber is honored to play its role as a key platform that brings together business owners, government representatives and key stakeholders from the Kingdom of Bahrain and the United States of America, adding that the Chamber constantly seeks to strengthen bilateral trade relations, which contributes to achieving common economic goals, saying: "This event reflects our unwavering commitment to supporting American companies in the Kingdom, facilitating the expansion of Bahraini companies' business in global markets, and in cooperation with our valued partners, we are proud to deepen bonds of cooperation and strategic partnership between the United States of America and the Kingdom of Bahrain, and to deliver exceptional value to our members and the business community in general."

In the same regard, Liz Clark, Director of Middle East Affairs at the American Chamber of Commerce, expressed her appreciation for the strategic partnership between the United States of America and the Kingdom of Bahrain, noting the outstanding achievements made over the past few years, and stressing Bahrain's firm commitment to strengthening its relations with the United States in the fields of defense and security, trade and investment.

Clark explained that this commitment is clearly reflected by the signing of the Security Integration and Inclusive Prosperity Agreement (C-SIPA) with the United States of America, which strengthens bilateral relations between the two countries, praising the role of the American Chamber of Commerce in supporting this partnership since the implementation of the U.S.-Bahrain FTA in 2006, and noting the significant growth in trade between the two countries since then.