In the
heart of the MENA region, Bahrain has long established itself as a financial
hub, with the Bahrain Chamber of Commerce & Industry (BCCI) celebrating its
85th anniversary. Atef Al-Khaja’s strategic vision is grounded in experience,
innovation, and a commitment to sustainability that aims to foster an
environment conducive to business growth and economic diversification.
With
over 18 years of experience as a C-suite executive, how has your background
influenced your vision for the Bahrain Chamber of Commerce and Industry (BCCI)?
My
experience across various sectors, including investment banking and industry,
has helped shape a broad understanding of Bahrain’s economic landscape. This
allows me to identify synergies across sectors, enabling BCCI to be a proactive
platform for fostering innovation, growth, and sustainability. It also enhances
my ability to build strong relationships with key stakeholders, drive
meaningful collaborations, and advocate for policies that benefit the private
sector.
BCCI
recently held meetings to enhance trade and investment ties with Canada, Japan,
the EU, China, Rwanda, and others. What areas of the economy are you focusing
on through these initiatives?
We
prioritize several sectors, particularly manufacturing and industrial exports,
while attracting foreign investments. Beyond that, we focus on cooperation in
technology, renewable energy, financial services—including fintech and Islamic
banking—and infrastructure development. There’s also significant potential in
enhancing tourism and food security partnerships, aligning with our sustainable
growth and economic diversification goals.
Bahrain
recently announced the Domestic Minimum Top-up Tax (DMTT) for multinational
enterprises, effective January 2025. What is the significance of this move?
The DMTT
aligns Bahrain with global tax reforms promoted by the OECD, which aim to
foster fairness and transparency. This tax ensures multinational corporations
contribute their fair share to the economies where they operate, helping level
the playing field between high- and low-tax jurisdictions. For Bahrain,
adopting the DMTT strengthens our compliance with international standards and
boosts our appeal to responsible investors who value transparency.
BCCI is
celebrating its 85th anniversary. What are the key challenges facing the
business community in Bahrain today, and how is the Chamber addressing them?
One of the
most pressing challenges is access to affordable financing, particularly for
small and medium-sized enterprises (SMEs). This issue hampers their ability to
innovate and expand globally. Additionally, Bahrain’s relatively small market
size and competition saturation in some sectors are other challenges. At BCCI,
we’re working to overcome these barriers by organizing trade delegations,
forging strategic partnerships, and hosting networking events to help
businesses expand internationally. We also advocate for business-friendly
policies and provide mentorship to ensure long-term growth.
McKinsey
research highlights that AI could bring $150 billion to the GCC by 2030. How is
BCCI helping Bahraini businesses tap into this potential?
AI has
tremendous potential for enhancing efficiency and driving growth across
sectors. At BCCI, we promote AI literacy and education through workshops,
seminars, and training programs. These initiatives are mainly aimed at SMEs,
helping them understand how AI can reduce costs and improve operational
efficiency, positioning Bahrain as a hub for technological innovation.
Sustainability
is a crucial focus of Bahrain’s economic vision for 2030. What initiatives is
the Chamber promoting to encourage sustainable business practices?
Sustainability
is central to our mission. We promote responsible business practices and
support projects that address climate change, aiming for net-zero carbon
emissions by 2060. Our efforts focus on transitioning to a circular economy,
fostering environmentally conscious policies, and ensuring sustainability
remains integral to BaBahrain’s Economic development.
What
areas should be prioritized as Bahrain approaches its new Economic Vision 2050?
The key
focus areas should be innovation, technological integration, and international
expansion. Strengthening local capacities and advocating for policies that
support these goals will be essential in keeping Bahrain competitive on the
global stage. Additionally, we must continue to foster a resilient economy that
can adapt to global challenges while promoting sustainable and inclusive
growth. BCCI will be pivotal in aligning the private sector with these national
priorities.
