www.bahrainthismonth.com business bites 51 June 2023 Mohammed Al Kayed, the former chief executive of Sevens Holding, has become the first Bahraini to win the top rank in an elite list of young executives and entrepreneurs shaping the present and future of the region’s business sector. Business Elite’s ‘40 Under 40’ is a prestigious awards programme and Mr. Al Kayed outperformed 40 participants who competed with him to win the award, which identifies outstanding young executives and entrepreneurs in global business and creates networking opportunities. Mr. Al Kayed is the current adviser to the chairman of Sevens Holding, a leading company in the field of hospitality, food and beverage in Bahrain, and is responsible for all operations and real estate management of the company including general strategic directions, setting priorities and monitoring asset performance. Through this, he built an administrative and financial structure for a private contract worth more than $300 million, and reduced annual expenses to maintain financial stability during the pandemic-fuelled recession. The young leader also built and launched a hotel and resort with a 5-star rating in Bahrain demonstrating excellence in stimulating business organisations to take advantage of emerging opportunities. Commenting on the achievement, Mr Al Kayed said: “It is a great honour to receive this award from a prestigious institution. Thanks are also due to Sevens Holding chairman Shaikh Khalifa bin Rashid Al Khalifa for his continuous support and guidance.” Bahrain’s Economic Development Board (EDB) is hosted the second of its quarterly Business Law Forums for 2023 last month. With these forums, the Bahrain EDB aims to establish a platform to facilitate a space for stakeholders and experts to regularly discuss and debate topical issues, learn about the latest development in the realm of business law and assess the need for improving existing laws or the introduction of new laws to improve the ecosystem for doing business in the Kingdom, a statement said. In view of the Bahrain EDB’s mandate to attract investment opportunities and enhance Bahrain’s investment climate, it champions regularly reviewing existing business legislation and establishing dynamic business laws, with a particular focus on addressing potential issues in ICT and priority sectors outlined in the Economic Recovery Plan, as this is considered vital to support the development of a business-friendly environment. Moreover, it helps to enhance the ecosystem to attract investment and further diversify the economy, thereby stimulate economic growth and increase high-value opportunities for employment, said the statement. The forum focused on knowledge exchange and discussion of digital markets, digital services and data governance. It also touched on regional developments in in company law and commerce law together with other topical legal issues. Dr. Jameel Al Alawi, Senior Legal Advisor at Bahrain EDB, said: “We in EDB are proud to organise these quarterly business law forums. Through these forums, we hope to build on Bahrain’s pioneering strides towards enriching the business ecosystem, by enabling discussion and debate and providing relevant insights to further elevate Bahrain’s competitiveness on a global map.” FIRST BAHRAINI ON BUSINESS ELITE AWARDS ‘40 UNDER 40’ BAHRAIN EDB TO HOST QUARTERLY BUSINESS LAW FORUM BOOST TO BAHRAIN BANKS The Bahrain Association of Banks (BAB) has announced that the newly-implemented judicial orders related to bank accounts, known as the JBOS system, will ensure the swift transmission of judicial orders immediately after they are issued by the judge. This system will contribute to reducing the burden of the accumulation of judicial orders and marks a significant improvement in litigation procedures for financial cases. The new JBOS system is now fully managed by the Ministry of Justice and has replaced the previous account suspension and cancellation system, known as BUB, which was previously managed by the Central Bank of Bahrain. The system requires banks to respond daily to judicial requests related to funds and their collection in bank accounts. As a result, written electronic judicial letters to banks requesting amounts to be collected are no longer issued. It also provides information on the amounts that must remain in individuals’ accounts, and it automatically sends an order to cancel the seizure of the amount and debit the individual’s bank account immediately after the bank’s response to the court order. This system is expected to increase flexibility, transparency, and speed in the overall process of procedures. Dr. Waheed Al Qassim, CEO of the Bahrain Association of Banks, highlighted the Association’s role as an effective mediator between the Ministry and the banking sector during the testing period of the new system, ensuring that all parties’ requirements were met. He stated that the system is expected to gradually evolve in the interest of all, taking into account all suggestions to ensure the implementation of all provisions smoothly while safeguarding the rights of individuals and banks.
RkJQdWJsaXNoZXIy Mjk0MTkxMQ==