Bahrain must continue updating its financial and economic laws to withstand mounting geopolitical tensions, shifting global trade patterns and rapid technological change, Shura Council financial affairs committee chairman Khalid Al Maskati said.
He added that the accelerating pace of international economic developments made legislative reform essential to protecting national economic stability, strengthening competitiveness and keeping development plans on track.
“Building a resilient and sustainable economy requires continuously updating our legislation and financial policies to respond to changing regional and international circumstances,” he said.
He was speaking after the committee’s first meeting of the term, where members stressed the need to diversify Bahrain’s income sources, improve resource management, secure supply chains and create an attractive investment environment.
Mr Al Maskati said these priorities were central to safeguarding public finances and supporting Bahrain Economic Vision 2030.
The committee also highlighted the economic implications of global trade developments, maritime security and emerging technologies, particularly artificial intelligence, calling for laws that keep pace with modern business needs while encouraging innovation and investment.
The committee reviewed outstanding matters and reports prepared during the previous parliamentary session before examining several key financial documents relating to the 2024 fiscal year.
Meanwhile, MP Ahmed Al Salloom has been re-elected chairman of Parliament’s financial and economic affairs committee for the third consecutive time, with MP Mohammed Al Marafi elected vice-chairman.
He said the committee’s priorities include the proposed corporate tax law, the next state budget and two borrowing bills to finance road expansions, bridges and other infrastructure projects.
He expects the corporate tax bill, targeting companies with net profits exceeding BD200,000, to reach Parliament for debate before the end of November, provided agreement is reached on outstanding issues.
He revealed that the multinational corporate tax had generated more than BD150 million for the state budget, according to final accounts.
Separately, MP Hamad Al Doy has called for a Parliament debate on replacing foreign workers with Bahrainis in the private sector. He said major private companies and government-owned firms were failing to take localisation seriously, while foreign workers’ contracts continued to be renewed.
Mr Al Doy stressed that the session should focus exclusively on localisation, with tangible measures to improve job opportunities for Bahraini youth.
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