King Hamad bin Isa Al Khalifa recently ratified and promulgated Law (4) of 2024, which endorses the agreement signed by Bahrain to the 1965 Convention for the Facilitation of International Maritime Navigation. This comes after approval from both the Shura Council and the Representatives Council. The agreement allows Bahrain to join the Convention, with a reservation stating that the country will not be bound by certain provisions of the United Nations Convention on the Status of Refugees.
Additionally, King Hamad issued Decree (50) of 2024, restructuring the Board of Directors of the Central Bank of Bahrain. The new Board includes individuals such as Hasan Khalifa Al Jalahma as chairperson, the Chief Executive of Bahrain Economic Development Board as a member, and the Governor of the Central Bank of Bahrain as a member. This restructuring was based on a proposal by the Prime Minister and was approved by the Cabinet.
Furthermore, Royal Decree (53) of 2024 was issued by King Hamad, appointing Hussain Ali Mansour Al Shehab as an Assistant Undersecretary at the Prime Minister’s Office. The term of membership on the Board is set at four years, with the possibility of renewal for another four-year period.
These recent decisions by King Hamad showcase the country’s commitment to enhancing its maritime navigation capabilities and ensuring a strong leadership structure within its financial institutions. Through these appointments and restructuring efforts, Bahrain is positioning itself for continued growth and success in the international maritime and financial sectors. These actions also highlight the importance of governmental approval and support in implementing key changes within the country’s regulatory bodies.
Overall, these developments signify Bahrain’s dedication to upholding international agreements and conventions, as well as fostering transparency and efficiency within its financial institutions. With a strong Board of Directors at the Central Bank and key personnel appointments at the Prime Minister’s Office, Bahrain is poised to navigate the challenges and opportunities of the global maritime and financial landscapes effectively. King Hamad’s leadership in ratifying and promulgating these laws underscores the country’s commitment to progress and prosperity in the region.
