70 December 2016 www.bahrainthismonth.com annualreview Bahrain’s private sector is one of the most important contributors to the nation’s economy and the BCCI is its public face. Having been on the board for 16 years (1977-1993) and chairman for the past three years, Mr Almoayed’s efforts have been crucial in growing the private sector by taking steps towards fulfilling the Economic Vision 2030, as drawn up by His Majesty King Hamad bin Isa Al Khalifa in October 2008. “It is an all-encompassing vision for the Kingdom and is indeed outlining the road map for the national economy as of where to focus in our journey to support the economy,” he says. “The BCCI is working on expanding the different divisions within the broad private sector through the various sectoral committees representing each important branch and working on alleviating growth hindrances.” The chamber has taken essential steps towards implementing the vision, including increasing the role of the private sector in the economy by participating in decision-making and providing necessary recommendations for the authorities to enable support towards the private sector’s wellbeing. There has been much pressure on the economic sectors this year. “In my opinion, there are two main challenges faced by the overall GCC states: the geopolitical changes in the region and the world, and the ability to adapt to the different ramification and effects on the worldwide economy,” Mr Almoayed explains. “Also, the steep drop in the oil prices is driving Bahrain and the other countries to undertake a set of strategic decisions in restructuring financial policies.” Talking about how this has affected Bahrain’s private sector, he adds: “The drop in the oil prices has pushed the government to resort to some new policies to drive through this dilemma. Removal and restructuring of subsidies on some consumer products, such as meat, chicken, electricity and fuel prices, has affected businesses, their operating costs and ability to compete and attract the final consumer. “Imposing new rules and regulations and increasing fees and taxes in different forms have negatively affected businesses — these are restructuring of industrial areas and the charged fees, labour market and health costs, new policies affecting travel agencies, restaurants, hotel businesses, and new expenses issued by Ministry of Industry, Commerce and Tourism (MOICT) for business activities and the issuance of Commercial Registrations.” Despite challenges, Mr Almoayed feels there are many economic sectors which have improved sustainability, and the ability to grow, due to their strong base and support from government, including financial services, especially Islamic finance. “Logistics services, the manufacturing sector, ICT, Leading the Private Sector APPLE SHARMA The Bahrain Chamber of Commerce and Industry (BCCI) is the voice of the Kingdom’s private sector. Chairman Khalid Almoayed believes the country is going through a critical period and sheds light on the subject. Khalid Almoayed
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