Mini Cabinet to aid Bahrain out of financial crisis

Manama

The Royal decision to form a mini Cabinet will help bring Bahrain out of the financial crisis, said the Chairman of Bahrain Asian Traders Committee at Bahrain Chamber of Commerce and Industry (BCCI) and the Executive Director at the BCCI Board Sajid Sheikh.

Speaking to DT News on the backdrop of the decision to form a mini cabinet in Bahrain, he said the move would help deal with the new situation that had evolved following the slump in oil prices.

The details of the decisions like the size of the Cabinet and ministries that would undergo merger are yet to be released

He said not just Bahrain, but the whole gulf region is suffering from the sharp drop in the petroleum prices. “But the encouraging part of the whole scenario is that Bahrain is more prudent and active in dealing with such challenging situations,” he added.

He praised the farsightedness of His Majesty King Hamad bin Isa Al Khalifa and Prime Minister HRH Prince Khalifa bin Salman Al Khalifa saying the decision is envisaged at catering the future needs of the Kingdom.

Sajid Sheikh said that the business community commended this decision and said it would definitely help decrease the budget deficit Bahrain government is facing.

He said, along with the public sector, it would be beneficial for the private sector also. 

He added that Bahrain was already looking forward to minimize its dependence on oil and was treading the path to diversifying its economy with more emphasis on industrial sector.

Sajid Sheikh suggested that businessmen who have found success in their defined areas should expand their ventures to an array of industries also. 

“They should also diversify their businesses so that they can survive in any difficult situation that arises,” he said.

The Royal directive has been hailed as a wise decision by all the quarters including Shura Council Chairman Ali bin Saleh Al Saleh, Chairperson of the Foreign Affairs, Defence and National Security Committee at Shura Council Sawsan Taqawi and Chairman of  BCCI Khalid Almoayed.