Al-Hawaj and Al-Saloum: Supporting small enterprises and the retail sector enhances market stability in light of regional changes

A number of traders confirmed that the sustainability of economic growth in the Kingdom of Bahrain is linked to the ability of small and medium enterprises to face operational challenges, especially in light of the geopolitical developments taking place in the region and the changes they may impose on the movement of markets and supply chains. They pointed out that these institutions represent the backbone of the retail sector and a major driver of the economic cycle, stressing the importance of integrating efforts between the private sector and concerned parties to develop flexible financing and legislative solutions that enhance market stability and maintain business continuity.

They stressed that the flexibility of the Bahraini economy and its ability to adapt to regional changes reflects the strength of the commercial environment in the Kingdom, pointing out the importance of continuing to support small and medium enterprises and enabling them to keep pace with digital transformation and enhance their competitiveness in local and regional markets.

Abdul Wahab Al-Hawaj: The retail sector is an essential element in market stability

Mr. Abdul Wahab Al-Hawaj stressed that the retail sector represents one of the most important pillars of the local economy, as it is the largest incubator for small and medium enterprises that constitute the basic fabric of the commercial movement in the Kingdom.

Al-Hawaj pointed out that the importance of this sector doubles in light of the economic changes that may be imposed by developments in the region, as the retail sector contributes to maintaining the stability of the local market and the continuity of commercial activity, in addition to its role in supporting supply chains and providing job opportunities.

He explained that the retail sector is not limited to the buying and selling movement only, but rather constitutes an integrated economic system that includes logistics services, supply chains and related activities, stressing that supporting young entrepreneurs in this sector represents an important investment in the sustainability of the national economy.

He added that investing in developing the customer experience and promoting digital transformation in the retail sector has become a necessity to keep pace with global economic changes, calling for the launch of financing initiatives and rental facilities that contribute to supporting the stability of shops and enabling them to continue to perform their vital economic role.

Ahmed Al-Saloum: Supporting small enterprises enhances the flexibility of the economy

For his part, Mr. Ahmed Al-Salloum stressed that small and medium enterprises play a pivotal role in enhancing the flexibility of the national economy, especially in periods when the region is witnessing rapid geopolitical developments that may affect the movement of trade and investment.

Al-Salloum explained that enhancing the ability of these institutions to continue requires working to align operating fees with the economic reality of merchants, in addition to developing flexible support tools that help them overcome temporary financial challenges.

He pointed out that enhancing the competitiveness of emerging enterprises requires a legislative and regulatory environment that keeps pace with accelerating digital transformations, stressing the importance of facilitating access to concessional financing in cooperation with the Labor Fund (Tamkeen) and the banking sector, in addition to supporting initiatives that contribute to the localization of industries and support services.

Al-Salloum added, “Work is continuing to enhance the benefit from allocating 10% of government tenders to small and medium enterprises, which provides greater opportunities for the growth of these enterprises and enhances their contribution to supporting the national economy, especially in light of the economic changes that require strengthening the private sector’s flexibility and ability to adapt.”