Bahrain’s King Hamad bin Isa Al Khalifa has issued orders for new laws to enhance the country’s investment eco-system, it was announced on Wednesday.
The four laws are set to be implemented in the coming months and include a Personal Data Protection Law, Bankruptcy Law, Competition Law and Health Insurance Law.
The laws come as part of a wider development effort, designed to create new opportunities for investors looking to access the $1.5 trillion GCC economy.
The announcement comes as Bahrain Economic Development Board attracted a record $810 million of investment during the first nine months of the year compared to $733 million in 2017 as a whole.
Bahrain will introduce a nationwide data protection law, supporting the development of the kingdom’s digital economy. The law promotes the efficient and secure processing of big data for commercial use and provides guidelines for the effective transfer of data across borders.
The competition law aims to will make it easier for new businesses to enter existing markets and compete with significant players while the bankruptcy law introduces reorganisation, whereby a company’s management is allowed to remain in place and continue business operations during the administration of a case, as in the United States’ Chapter 11 law.
The health insurance law will be rolled out by the Supreme Council of Health and a Health Insurance Fund will be set up to assure improved pooling under a new national umbrella and coverage for beneficiaries related to benefits and service provision.
Source Credit: Arabian Business