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A landmark move to update the classification framework for micro, small, and medium enterprises (MSMEs) has been welcomed by the Bahrain Chamber, which stated the upgrade will significantly broaden national support for the vital sector.
The initiative follows the Cabinet’s approval of a draft resolution introducing the revised framework during its regular weekly meeting, which was chaired by His Majesty King Hamad.
According to the Chamber, the updated classification criteria will enhance the effectiveness of national policies and financial programmes by enabling highly-targeted support initiatives that address the evolving needs of enterprises at various stages of growth.
The regulatory upgrade directly impacts the vast majority of Bahrain’s business landscape. The Chamber revealed that MSMEs represent a staggering 93.4 per cent of active commercial registrations in the kingdom, totalling nearly 85,700 businesses, and providing employment opportunities for more than 47,000 Bahrainis.
“These figures underscore the sector’s monumental role in driving economic growth, innovation and entrepreneurship, and highlight the critical importance of maintaining a supportive regulatory and legislative environment,” a Chamber statement said.
The Chamber noted that aligning the MSME classification framework with international standards will yield tangible benefits on the ground, specifically by expanding access to critical financing, strengthening integration into global value chains, and driving overall productivity.
To further reinforce private sector competitiveness and directly address changing business needs under the new framework, the Chamber highlighted the active role of its dedicated SME Support Department.
The Chamber extended its deepest appreciation for the continuous guidance and support of His Majesty and His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister.
This sustained leadership, it added, has firmly reinforced the private sector’s role as a primary engine of economic development and sustainable growth in the kingdom.
avinash@gdnmedia.bh
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