www.bahrainthismonth.com business bites 85 April 2023 A Business Confidence survey conducted by the Economic Statistics Directorate at the Information & eGovernment Authority (iGA) has indicated that 94.01 percent of investors expect a stability of business and economic environments during the first quarter of 2023. The survey results have also shown that 49.35 percent of companies expect stability in their business performance while 44.66 percent expected an improvement in business performance. The survey revealed that 87.81 percent of businesses experienced a range of economic stability to optimistic performance during Q1 of 2023, i.e 57.14 percent revealed a stability in their performance, while 30.6 percent experienced satisfactory performance. A significant 12.19 percent of the sample has shown dissatisfaction with their business performance during Q1 of 2023. Business Confidence Indices are measured based on surveys carried out by iGA on a sample of the business community covering micro, small and medium enterprises as well as large enterprises. The range includes businesses that are classified as foreign and local investments with large capitals and those which include foreign shareholders (as registered in their records). The survey’s scope covers all active establishments registered at the Ministry of Industry, Commerce (MOIC), as well enterprises licensed by Central Bank of Bahrain (CBB). The Bahrain Institute of Banking and Finance (BIBF) received a delegation from the Chartered Insurance Institute (CII) led by CEO of CII, Alan Vallance, to discuss providing more professional certifications and training opportunities for professionals in the fields of insurance and financial planning. The visiting delegation included Interim Membership and Engagement Director, Azlina Bulmer, and Regional Director for the Middle East, Gaenor Jones. 28,000 EUROPEAN TOURISTS TO VISIT BAHRAIN MAJORITY OF BAHRAIN’S INVESTORS EXPECT ECONOMIC STABILITY CEO of Visit Bahrain, Ali Amralla, has stated that the company has inked agreements with numerous travel and tourism organisations around the world with the aim of bringing 28,000 European visitors to the Kingdom of Bahrain between September 2023 and March 2024. “These agreements are the largest in the company’s history and that will primarily draw tourists from Germany, Russia, and Britain, apart from other European nationalities,” he says of the agreements which were signed concurrently with Visit Bahrain’s participation in ITB Berlin - the world’s largest travel trade fair. Bahrain’s private tourism sector organisations have played a key role in reviving the industry and promoting Bahrain’s as a travel destination. The agreements are part of a larger strategy implemented by Visit Bahrain to attract tourists from all over the world. “The Ministry of Tourism and BTEA provided us with full support during our recent participation in ITB Berlin. The Minister of Tourism, HE Fatima bint Jaafar Al-Sairafi, attendance at this event had a significant impact on fostering cooperation with our partners.” The company has expressed its commitment to advancing Bahrain’s tourism industry through similar initiatives to support the objectives of its Tourism Plan 2022–2026. During the visit, the CII and the BIBF discussed ways to further develop their relationship and support the CII’s future strategies in the region, with a particular focus on providing more valuable support to the CII members in the region helping them in their career development. The BIBF also arranged official meetings with CEOs and executives of insurance companies to gather market feedback. In addition, CII delegates also met with the Governor of the Central Bank of Bahrain, His Excellency Rasheed Mohammed AlMaraj, to discuss the Kingdom’s efforts in developing the insurance sector. As part of the visit, BIBF received renewal of the CII’s accreditation for its professional insurance certificates, offering 13 different units accredited by the CII in both Arabic and English, ranging from introductory courses to specialised technical units in insurance. DEVELOPING BAHRAIN’S INSURANCE PROFESSIONALS
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