www.bahrainthismonth.com business bites 32 September 2021 Chairman of the Bahrain Society of the Private Training Institutes (BSPTI), Nawaf Mohammed Al Jishi, believes that Bahraini training institutes are a key partner in implementing the national plan for the labour market for the years 2021 through to 2023. “Training institutes play a great role in achieving the goals of this plan in reviewing and evaluating Bahrainisation rates in all private-sector establishments and updating them according to the variables and indicators of the labour market to boost the preference for hiring Bahrainis without affecting the workflow of the establishments,” said Mr. Al Jishi. The Bahrain Society of the Private Training Institutes, which is the only official umbrella for training institutes in Bahrain, has expressed its openness to further discussions with the Ministry of Labour and Social Development to activate the role of training institutes as a cornerstone of the national plan in order to empower job seekers. WORKING IN TANDEM Bahrain’s financial wealth grew by a Compound Annual Growth Rate (CAGR) of 4.9% from 2015 to reach a high of USD 69 billion in 2020 – 75 percent of which is investable wealth – as Bahrain’s market showed resilience in the face of the protracted COVID-19 pandemic, according to a new report by Boston Consulting Group (BCG). The report, titled ‘Global Wealth 2021: When Clients Take the Lead’, reveals that despite the pandemic’s enduring financial impact, global prosperity and wealth grew significantly throughout the crisis and are likely to continue to expand significantly over the next five years, in line with the emerging economic recovery. “Bahrain’s wealth has remained resilient despite the turbulent climate following the COVID-19 outbreak. This viewpoint is substantiated through the data, which illustrates growth over the past five years, with Bahrain’s Economic Vision 2030 supporting global economic activity. As a result, growth in wealth has been recorded, positioning Bahrain to make progress through 2025 and beyond,” said Managing Director and Partner at BCG, Mustafa Bosca. Bahrain, which represented 3% of the Gulf Cooperation Council’s (GCC) financial wealth in 2020, is expected to witness strong growth of 3.6 percent CAGR to reach USD 82 billion by 2025, a USD13 billion increase from 2020. Meanwhile, the region’s financial wealth is forecast to reach USD 2.7 trillion in 2025 from USD 2.2 trillion in 2020. The Bahrain Association of Banks (BAB) announced its collaboration with NGN International, a full-fledged systems integrator and IT consultant, to promote the awareness of electronic fraud operations among institutions and individuals in Bahrain. The two parties will cooperate to implement several workshops within the activities of the NGN Majlis, and #Be_Careful campaign launched and implemented by the Bahrain Association of Banks. These workshops address several topics including SMS as a means of authenticating online accounts, email security, protecting company data, and cybersecurity. The collaboration will include conducting opinion surveys to monitor the awareness of bank customers’ regarding their electronic security, and the opinion of financial and banking leaders on the significance of the efforts to boost awareness of electronic fraud in Bahrain. FRAUD PREVENTION AWARENESS AT THE FOREFRONT BAHRAIN’S FINANCIAL WEALTH GROWS
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