Amid the reservation of “industry”, “property” and “room”
The Parliamentary Financial and Economic Affairs Committee approved the proposal of a law to establish the Industrial Development Fund, which includes the establishment and organization of the fund so that it is concerned with encouraging and supporting investment in the industrial field in the Kingdom of Bahrain.
The proposal aims to advance the industrial sector in the Kingdom by encouraging industrial investment, supporting Bahraini industrial projects, creating promising job opportunities for citizens, supporting the transformation of the industrial sector towards the fourth industrial revolution and industrial projects in the fields of renewable energy, green hydrogen, blue, manufacturing, food, pharmaceutical, and accurate electronics, increasing exports of the industrial sector national origin and developing their quality with including It strengthens its competitiveness in foreign markets, increasing the contribution of the industrial sector to the gross domestic product, and contributing to the development and promotion of the national economy.
The Ministry of Industry and Trade confirmed that the content of the proposal by a law achieved on the ground, noting that the ministry is striving to develop the industrial sector in the Kingdom of Bahrain, in coordination with all relevant authorities that funded industrial projects.
The ministry said that it is working hard to collect all efforts to meet the requirements of the industrial sector and advance it to upgrade the Kingdom among the ranks of developed countries.
Mumtalakat Holding Company requested a review of the proposal for a law, because submitting financing by the company is limited to its subsidiaries only, and not other private sector companies, in compliance with what Decree No. (64) of 2006 was established by establishing the Bahrain Holding Company.
The goals to which the proposal aims to a law enter into the general policy that the state is concerned with adopting and directing the competent government agencies to implement it, and a property company cannot be among the authorities concerned with achieving the goals to which the proposal aims to the law as it adheres to specific investment standards in accordance with the strategy approved by its board of directors.
Article (4) of the proposal by law contradicts Article (4/e) of the statute of the company that limited the issue of financing to companies affiliated with a company only, and Article (16) of the proposal in a law with Article (39) of the company’s articles of association that came to regulate the mechanism of disposal in the company’s profits.
The company saw that the fund’s board of directors consist of its shareholders or other relevant authorities, without having a role in that; Due to the lack of jurisdiction for its part, the Bahrain Chamber of Commerce and Industry stressed the need to work to activate and unify efforts with the executive authority to achieve the goals of the proposal, noting that it is not possible to achieve the desired goals and goals from the proposal by the law referred to; Due to the lack of legislation, policies, and reference regulations, there is also no comprehensive vision that defines the goals and goals governing the future of national industries in the Kingdom of Bahrain.
According to the “Chamber”, the proposed fund contradicts its construction in accordance with the proposal by a law with the competencies of a number of existing and active government agencies in the industrial sector, namely: the Economic Development Council, the “Tamkeen” labor fund, and the Ministry of Industry and Trade.
The “Chamber” indicated that the establishment of a new fund for the same goals that the agencies referred to on the above specialize will lead to the creation of a state of confusion, in addition to dispersing financial resources, roles and specializations instead of focusing on developing the leading industrial projects.
