Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and Singapore Commissioner of Revenue – Lee Moses sealed a protocol to the existing Singapore/Bahrain agreement for the avoidance of double taxation and prevent tax evasion on taxes on income. The protocol amends the double taxation agreement exists including a new article in the agreement that allows the Bahrain and tax administration in Singapore to exchange information relevant tax. It also ensures that the existing agreement is compliant with the tax information exchange set by the Organization for Economic Co-operation and Development, which was endorsed by the G20 summit in London in April.
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Private sector in Bahrain is to get a major boost with the launch 1,000 projects to support small and medium enterprises. Funds amounting to BD12.3 million euros have already been put aside for now, the Chief Executive Abdulellah Al Qassimi was revealed yesterday. The announcement was made at the opening of the Forum Tamkeen Management Growth in the Gulf Hotel, which was held to highlight its programs supporting the private sector. “Entrepreneurs in Bahrain and the business community have contributed to the success of these programs Tamkeen and businesses attended the forum are a big boost for budding businessmen,” said Al Qassimi. The announcement came as officials Tamkeen revealed 5,800 people had already benefited from its projects.
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Soaring crude prices have stimulated investor business with Bahrain’s oil production operations due to be made by October 31. These situation will be evaluated by the Bahrain’s National Oil and Gas Authority, headed by oil and gas affairs minister Abdul Hussain bin Ali Mirza. Depending on whether companies have chosen to conduct additional seismic testing, mr. Mirza said he was confident that exploration once grants are awarded could begin by the end of 2008. A wider search of energy is also underway through cooperation with Qatar and Iran, particularly with regard to gas supply. In addition, the Oil Ministry have formed a company in August to consolidate the interests of the Kingdom to Bahrain Petroleum Company, Gulf Petrochemical Industries, Bahrain National Gas Company and other energy companies, with shares of the state.
Rationalization is also designed to establish a greater international presence by creating a portfolio of investments in oil specific overseas and gas markets. Accordingly, the holding company for oil and gas was permitted to establish enterprises to participate in projects both in Bahrain and outside the United offices may also be set up abroad. The move will open a new era in making oil and gas to Bahrain attractive to outside investors, Mirza believes.
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Bahrain and Oman have agreed not to copy the business models of their neighbors. Nevertheless, both countries aim to emerge from the shadow of Dubai, Abu Dhabi or Qatar. The two economies are set to grow in 2009 by 2.6% and 3% respectively, according to the IMF. Bahrain based organization of currency first in the region in 1971, and has a tradition as a financial center. The annual accounts of the Formula 1 Grand Prix, which has functioned since 2004 in the capital Manama, was the only flag in the world in recent years.
For Bahrain, the island of 1000 smiles, being small is not only beautiful, but is also an asset to attract business. “Proximity is a key benefit of Bahrain,” says Douglas Hansen-Luke, CEO of Dutch Robeco Asset Management Middle East. “We are based at the World Trade Center and we can not reach all the departments within 10 minutes.The Bahrain World Trade Center is partly powered by three wind turbines which connects the twin towers. He became the symbol of a region rich in carbon that needs to diversify its energy sources.
Bahrain and Oman are the only two non-OPEC states in the GCC. The Sultanate of Oman has taken a severe blow during the first four months of 2009 due to a decrease of 51% in oil revenues. According to the IMF, the government needs a price level of $ 77 per barrel to maintain a balanced budget. For businesses, however, the South Eastern State is a haven of political stability. Efforts to stimulate the real estate and tourism as the building project on the wave, or new ferry services to islands of Oman in the Indian Ocean are designed to reduce the petroleum sector’s contribution to gross domestic product 9% in 2020 against 41.5% in 2007. Diversifying is always a growing number of opportunities in the service, banking and trade.
