Manama: Abdullah bin Adel Fakhro, Minister of Industry and Commerce, announced a series of impactful initiatives during his participation in the Gateway Gulf Forum 2024. These initiatives aim to stimulate investment, foster innovation, and empower businesses to thrive in Bahrain.
According to Bahrain News Agency, Fakhro commended the collaboration between public and private sector partners, emphasising Bahrain’s ongoing commitment to creating an attractive investment environment. The Kingdom is focused on attracting high-value projects with tangible economic impact across diverse sectors.
Among the key announcements was the launch of a BD 100 million small and medium enterprises (SMEs) Development Fund, a public-private partnership managed by the Bahrain Development Bank. This fund will accelerate the growth of SMEs with support from Tamkeen Labour Fund and leading local and regional banks, including National Bank of Bahrain (NBB), Al Salam Bank, Bank of Bahrain and Kuwait (BBK), and Khaleeji Bank. It aims
to bolster innovation and entrepreneurship, aligning with the SME Development Board’s strategic plan.
Further strengthening Bahrain’s industrial sector, a National Industrial Development Fund will be established to support the Industrial Sector Strategy (2022-2026). This fund will promote advanced manufacturing, green production, and investment in technological infrastructure, encouraging the digitalisation of manufacturing and the adoption of sustainability best practices.
Announcing the completion of infrastructure works in the first phase of the US Trade Zone, the minister confirmed that applications for industrial plots are now being accepted. This zone is strategically positioned to attract major US companies to invest and expand their regional operations, further strengthening trade ties between Bahrain and the US under the Free Trade Agreement and the Comprehensive Security Integration and Prosperity Agreement.
In a move to further diversify Bahrain’s industrial base, plans and budget allocations, t
otalling approximately BD 18 million, have been finalised for developing an Aluminium Downstream Industries Zone. This initiative capitalises on the Kingdom’s position as host to the largest aluminium smelter outside of China. The infrastructure development is expected to be completed by the end of 2026.
To enhance financial transparency and access to funding, a credit rating system will be launched in partnership with BENEFIT. This system will provide accurate and transparent credit evaluations for businesses in Bahrain, facilitating access to finance for SMEs and supporting their investment and expansion plans.
Modernising its regulatory framework, the Ministry, in collaboration with the Information and eGovernment Authority, is developing the fourth version of the Commercial Registration System Sijilat (Records) 4.0. This upgraded system will incorporate advanced technologies, including AI, to enhance regulatory oversight and improve the investor experience. It will also streamline registration and licen
sing procedures and strengthen integration with other government entities, with a planned launch in late 2025.