Reforms, Infrastructure Development Discussed at Falak Power Lunch
Manama, March 7, 2017
Falak Consulting, a leading management consultancy firm that is dedicated to building a stronger economy and happier society by unlocking business and human potential, held its first quarterly power lunch this year at the Capital Club in Bahrain Financial Harbour on Monday.
Guest of honour at the event was His Excellency the Minister of Transportation and Telecommunications Engineer Kamal bin Ahmed Mohammed.
The lunch was attended by a number of leading business and economic figures of the Kingdom including Falak Consulting CEO Suhail Algosaibi, MASGO Ventures Chairwoman and Managing Partner Jenan Al Maskati, Houston Technology Centre Managing Director Bader Kanoo and a group of individuals from the private sector.
The discussion highlighted several facts, challenges, achievements and future strategies in relation to economic growth and infrastructural development.
H.E. the Minister, who is the former CEO of Bahrain Economic Development Board (EDB) and previously held leading positions in the public and private sectors, spoke about the main differences and challenges facing both sectors, mentioning their common points of strength and weakness.
Reforms in the Public Sector
While briefing the attendees on the continued reform process at governmental authorities and institutions, H.E. the Minister underscored the leading role of the His Royal Highness the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister Prince Salman bin Hamad Al Khalifa in the reformation of the sector.
“Reform is a challenging process. It is achieved through cooperation between various national factions. The pace of reform and development in the Kingdom is stable and we are steadily marching forward towards attaining more achievements. Several factors distinguish us from other regional economies, such as the diversity of our economy and labour market,” expressed His Excellency.
H.E. the Minister answered several enquiries of the attendees in regards to the Kingdom’s Economic Vision 2030 and clarified that the vision revolves around sharing the image sought for the economy of Bahrain in the future, mentioning the key elements required to achieve it, such as progressive partnership between the public and private sectors.
“The vision seeks attaining efficiency, a healthy and educated society and redirecting subsidies to those in need, while maintaining our identity and traditions,” he said.
Transportation and Telecommunications
In the meeting H.E. the Minister spoke about the fundamental responsibilities of the Ministry of Transportation and Telecommunications. He highlighted that the tasks of the Ministry include aviation, maritime and land transport, as well as postal affairs regulation and telecommunications development.
His Excellency clarified that the Ministry has implemented certain strategies to develop the transportation and telecommunications sectors. He named a number of the main projects that are implemented by the Ministry, including the Airport Modernization Program, construction of the King Hamad Causeway, GCC Railway, and the Bahrain Urban Transit Network.
As for public transportation, H.E. the Minister emphasised on the importance of developing the existing network and launching more advanced services. At the same time he noted the significant developments attained recently following the launch of the new public transport network, which is being operated by Bahrain Public Transport Company and covers more areas on the island.
His Excellency concluded his talk by highlighting the leading regional positions the Kingdom holds in the field of telecommunication technology.
He pointed out that Bahrain now holds the first position in the Middle East, first among Arab countries and ranked 29th internationally in the ICT Development Index.
“Efforts are continued to maintain this leading position and in launching more services and developmental projects in the near future,” he added.
On his part, Falak Consulting CEO Suhail Algosaibi commented, “At Falak Consulting, our mission is to build stronger economies and happier societies by unlocking business and human potential. In particular, we want to contribute to the betterment of the Bahraini economy and society. One of the ways we do this is through the Falak Power Lunch. The purpose of the Power Lunch is to have a constructive dialogue about Bahrain’s economy and business climate, to share ideas and thoughts, and to be brought up to speed by government officials on the latest reform efforts. We are delighted that H.E. the Minister Kamal bin Ahmed Mohammed has agreed to be our guest of honour. It was a pleasure to hear about his first-hand experience of the government’s reform processes. All of us in the business community truly respect the positive work being done by Bahrain’s leadership in making Bahrain a business-friendly nation.”
It’s noteworthy that the Falak Power Lunch is held on a quarterly basis and facilitates discussions on Bahrain’s economy and business climate. This initiative has been successful since its establishment in 2015 and it continues to engage private and public sector leaders in the Kingdom.