Tamkeen supports the participation of 15 local businesses in Saudi Food Show

Manama, The Labour Fund (Tamkeen) supported the participation of 15 Bahraini food businesses at the Saudi Food Show, Saudi Arabia’s largest international food and beverage showcase. Over 1,000 exhibitors are expected at the event, including leading br…


Manama, The Labour Fund (Tamkeen) supported the participation of 15 Bahraini food businesses at the Saudi Food Show, Saudi Arabia’s largest international food and beverage showcase. Over 1,000 exhibitors are expected at the event, including leading brands of a range of restaurants, as well as food and beverage manufacturing companies from 97 countries and more than 80 renowned regional and international chefs.

The exhibition, which is taking place from 21 to 23 May at the Riyadh Front Exhibition and Convention Center, provides a prime platform for Bahraini companies to display their products and services.

Participating enterprises will gain valuable insights into sector trends; exchange best practices; and forge relationships with industry leaders. Notable brands such as IFFCO Group, Bidfood, and Lactalis Group will be present, alongside events such as the Saudi Food Trend Trail, which will showcase more than 30 innovative food and beverage concepts, and the YouthX Saudi competition, featuring the brightest
emerging culinary talents from all over the world.

Maha Abdulhameed Mofeez, the Tamkeen Chief Executive said, “Our commitment to supporting Bahraini businesses’ participation in this event highlights our dedication to enhancing their global competitiveness. This will help strengthen the pivotal role the private sector plays in the growth of our national economy.”

She added, “With the manufacturing sector contributing 14% to GDP in the final quarter of 2023, we are keen to bolster this sector’s growth trajectory. By affording Bahraini enterprises a platform to showcase their offerings on a global stage, we aim to foster meaningful connections and partnerships for them with industry leaders. This endeavor elevates the local food and beverage landscape while contributing to the Kingdom’s sustainable economic growth.”

Safaa Abdul Khaleq, the CEO of Export Bahrain said: “Our partnership with Tamkeen reflects a firm commitment to supporting the growth of the food and beverage sector in Bahrain and enhancing the
success of the enterprises operating in it. We are excited to help spotlight participating enterprises and showcase the diverse range of products and services originating from Bahrain on a global platform. Fostering a thriving local food and beverage ecosystem characterized by innovation and sustainability is one of our priorities. This event offers us the opportunity to acquire the latest insights and forge valuable business connections.”

Tamkeen’s sponsorship of the Kingdom of Bahrain’s pavilion at the Saudi Food Show is aligned with its 2024 strategic priorities focused on economic impact and the private sector under three pillars; increasing economic participation through employment opportunities for new entrants, expanding career development opportunities available to the Bahraini workforce, and further developing the private sector by supporting enterprises and boosting productivity and the adoption of technology.

Source: Bahrain News Agency

NBR conducts 343 inspection visits, reports 36 violations during Q1 of 2024

Manama, The National Bureau for Revenue (NBR) reaffirmed its continuous commitment to enhancing the level of business compliance within the local markets and ensuring adherence to all regulations and legislation for the effective implementation of VAT…


Manama, The National Bureau for Revenue (NBR) reaffirmed its continuous commitment to enhancing the level of business compliance within the local markets and ensuring adherence to all regulations and legislation for the effective implementation of VAT and Excise including the Digital Stamps Scheme.

The NBR conducted 343 inspection visits within the local markets across different governorates in the kingdom during the first quarter of 2024. These inspections aimed at monitoring the market and providing high levels of protection for customer rights and combating VAT and Excise evasion, along with spreading awareness of the rightful ways of implementation.

The NBR has confirmed that effective oversight of the local market has resulted in reporting 36 VAT violations, in which administrative fines have been imposed in accordance with the VAT Law. The reported violations were related to the failure to comply with the conditions for issuing VAT invoices, failure to show prices inclusive of VAT, failure to display
a VAT certificate in a visible location.

The NBR identified several violations that may be considered suspicions of VAT or Excise evasion, in which legal actions will be taken against violators and referred those who are proven to have committed evasion crimes to the competent authorities to initiate a criminal case against them, which may be punishable by imprisonment for five years and a fine equivalent to three times the amount of VAT due or by imprisonment for one year and a fine equivalent to double the evaded excise according to the Excise law.

The NBR emphasised that the cooperation of businesses and consumers is integral to the success of the ongoing inspection campaigns to achieve the highest compliance standards, the NBR also urges all concerned parties to report any violations or evasions of the VAT or Excise law by contacting the NBR call center at 80008001 available 24 hours, 7 days a week, or through the National Suggestions and Complaints System (Tawasul), or by email through vat@nbr.gov.bh f
or VAT related queries, and to ds@nbr.gov.bh for the Digital Stamps Scheme queries.

Source: Bahrain News Agency

Bahrain Islamic Index closes higher

Manama, Bahrain All Share Index has closed at 2,014.11 points, marking a decrease of 3.89 points below the previous closing.

This decrease was due to the drop in the financial sector and the material sector.

Bahrain Islamic Index has closed at 786.5…


Manama, Bahrain All Share Index has closed at 2,014.11 points, marking a decrease of 3.89 points below the previous closing.

This decrease was due to the drop in the financial sector and the material sector.

Bahrain Islamic Index has closed at 786.54 points, marking an increase of 0.91 points above the previous closing.

Results indicated that 38 equity transactions took place with a volume of 1,653,155 worth BD 362,861.

Investors traded mainly in the materials sector, representing 46.45% of the total value of securities traded.

Source: Bahrain News Agency

CBB 12 Month Treasury Bills Issue No. 116 oversubscribed by 142%

Manama, This week’s BD 100 million issue of Government Treasury Bills has been oversubscribed by 142%.

The bills, carrying a maturity of 12 months, are issued by the Central Bank of Bahrain (CBB), on behalf of the Kingdom of Bahrain.

The issue date …


Manama, This week’s BD 100 million issue of Government Treasury Bills has been oversubscribed by 142%.

The bills, carrying a maturity of 12 months, are issued by the Central Bank of Bahrain (CBB), on behalf of the Kingdom of Bahrain.

The issue date of the bills is May 23, and the maturity date is May 22, 2025.

The weighted average rate of interest is 6.08% compared to 6.02% in the previous issue on April 18.

The approximate average price for the issue was 94.211% with the lowest accepted price being 94.1450%.

This is issue No. 116 (ISIN BH0002013405) of Government Treasury Bills. With this, the total outstanding value of Government Treasury Bills is BD 2.110 billion.

Source: Bahrain News Agency