MANAMA: Six elected economic societies have announced the launch of the first economic union Bahrain Economic Union, which will represent big and influential business entities in Bahrain. The founding members of is expected to include new members in the coming weeks.
The founding committee of the union, which includes the heads of the 6 societies or their representatives, will complete the rest of the administrative procedures related to publicising the Union and establishing it according to the applicable laws and regulations in Bahrain.
The six founding societies are Bahrain Small and Medium Enterprises Development, Bahrain Real Estate organization, Bahrain Contractors Association, Bahrain Businessmen Association, Gulf Bahraini Gold & Jewelry Association, Afaq Society for developing the old Souq.
A number of economic societies have expressed their willingness to joining the newly formed Union, but discussions are going under way with them to agree upon mutual goals.
The Union covers broad sectors in the economy, representing the backbone of Bahrain’s national economy, including leading businessmen, small and medium enterprise sector, contractors, and real estate, gold and jewelry merchants, old and traditional markets.
The main objective of the Union is to coordinate between all of these associations and to unify their vision and objectives during the coming period, to speak out the difficulties that faces the Bahraini economic entity, and to reach out these issues to decision-makers more objectively and clearly, especially in light of the exceptional economic circumstances that faces Bahrain and GCC with the lower oil price and the subsequent several resolutions that followed it such as lifting subsidies on energy, water and other subsidized food. These decisions will have many impacts on businesses, entrepreneurs, merchants, and manufacturers.
“We are very proud to launch this important initiative which will unify the voice and the actions of these economic associations under the umbrella of “Bahrain Economic Union”, which contains big and influential entities that reflect a significant segment of Bahrain’s economy,” said, Mr. Ahmad Subah Al Saloom, who is the Chairman of Bahrain Small and Medium Enterprises Development and the coordinator of the founding committee.
“Coordination between us is an important factor to our success. We will do our best to listen to their ideas, visions, initiatives, suggestions and to deliver them to the decision makers in the government in order to support the Bahraini businessman and to remove the obstacles facing them.”
