GulfBase Live Support
Leave a message and our representative will contact you soon
04/04/2017 05:39 AST
Bahrain’s latest three financial laws were the focus of an outreach programme introduced by the Economic Development Board (EDB) in partnership with the Central Bank of Bahrain (CBB).
The programme aims to explain the importance of the Trusts Law, the Investment Limited Partnership and the Protected Cells Companies law to financial institutions and banks in the kingdom, while also promote discussion to support in further enhancing the sector’s performance.
These new laws offer innovative forms of structures and financing that complement the range of existing structures available in the kingdom. They work together to enhance Bahrain’s competitiveness in financial services and make it easier to raise finance, conventional and Islamic, for investment activities.
Bahrain has become the first country in the GCC region to integrate this type of laws into its legal system nationwide. Other jurisdictions have issued such limited partnership laws through free zones only.
The laws enhance the sector competitiveness and create new funding mechanisms. The Limited Partnership Law is expected to provide a strong boost to the sector, supporting growth in real estate funds, private equity funds, venture capital and technology funds, startups, and Shariah compliant funds, as well as captive insurance.
The introduction of the Trusts Law aims to regulate the creation of a trust and its liabilities, as well as allowing establishment of a trust for charitable and non-charitable purposes.
Meanwhile, the Protected Cell Companies law is looked to allow strengthening investors’ rights in separating their private assets from company running the fund, as well as lowering running costs.
Khalid Al Rumaihi, EDB chief executive, said: “We see great potential in the GCC for investors looking for strong returns – and the development of the local funds industry can play an important role in facilitating that investment.
“These reforms will provide a strong boost to the sector, support growth in a number of areas and help to make Bahrain a highly competitive location for those looking to access the opportunities around the Gulf,” he said.
The outreach programme will facilitate an ongoing dialogue with industry to discuss opportunities of further boosting Bahrain’s position as a financial hub, said Abdulrahman Al Baker, executive director of financial institutions supervision at the CBB.
“The kingdom has a strong and mature financial sector that is only growing in par with international markets, and we at the CBB are looking for ways to nurture this growth with the joint support of the EDB, our main partner," he said.
Brian Howard, partner at Trowers & Hamlins, said: “The addition of the new investment limited partnership law, the protected cell companies law and the new trusts law in Bahrain, opens the door to many new lines of business and investment structures not previously available and brings Bahrain's structuring options in line with the best modern international examples.
“Bahrain is the first country in the GCC region to introduce such structures into its mainland legislative framework and we know that investors and institutions have been looking forward to the new opportunities these laws present. We are delighted to have been able to support the Central Bank of Bahrain, the Economic Development Board and the Kingdom of Bahrain in these developments,” he said.
Trade Arabia
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
STC | 83.41 | 257,644 |
DARALARKAN | 13.47 | 74,648,349 |
05/04/2018
Saudi Arabia's Public Investment Fund (PIF) has signed an agreement with Six Flags to develop and design an amusement park in Riyadh. Six Flags, the world’s leading international amusement park compa
Arab News
05/04/2018
In an exclusive interview with Arab News, Turki Mohammed Al-Shehri explains how an expanding renewables industry will boost employment as well as pave the way for a greener future.
A massiv
Arab News
05/04/2018
Dubai’s residential property market continued to soften in the first three months of this year, in line with analysts’ forecasts, with rental values recording a more pronounced fall than sales prices
The National
05/04/2018
Buoyed by a strong oil price of $70 per barrel, Saudi Arabia’s Tadawul shot up by over 6 per cent in March 2018, according to Kuwait Financial Centre’s (Markaz’s) recently released Monthly Markets Re
Times of Oman
05/04/2018
Qatar banks’ combined credit facilities to real estate sector rose by QR17bn to QR147.7bn in 2017. The banks’ credit to various sectors stood at QR911bn at the end of 2017, up from QR839bn recorded i
The Peninsula