At An International Scientific Conference Held at UoB Jurists And Economists Recommend Developing Legislative Texts in Support of Vision 2030

Sakhir – University of Bahrain (Yasmeen Khalaf)

27 March 2023

At the conclusion of the Second International Scientific Conference of the College of Law – which was held in cooperation with the College of Business Administration at the University of Bahrain (UoB) – the participants recommended the enactment of laws that oblige companies to disclose environmental data periodically, in addition to developing the capabilities of external auditors to review such data, in support of the requirements for measuring sustainable development indicators in the field of conservation of the environment and natural resources.

Participants in the Conference – which was held recently under the title: “The Economic Vision of the Kingdom of Bahrain 2030 and Its Effective Impact on the Legal and Economic fields” – provided a number of recommendations in support of the Kingdom of Bahrain’s Economic Vision 2030, through the development of some existing legislation, in line with the basic objectives of this vision. As they recommended activating the partnership between judicial institutions and arbitration centers, and to publish court rulings periodically in both Arabic and English, to highlight the leading role of the judiciary in investment protection in the field of investment and commercial disputes. In addition to the implementation of Article (16) of Decree-Law No. (22) of 2019 regarding mediation as an important means of settling disputes, through the commitment of licensees in the commercial sectors such as: banks, telecommunications companies, real estate regulation … etc., to adopt mediation in the settlement of disputes that may arise between licensees (service providers) and customers (service recipients).

In addition, in the field of labor disputes, the participants recommended expressly stipulating the adoption of electronic notices in the field of individual and collective labor disputes, and adding a text specifying a reasonable period, from the date of notice, to attempt an amicable settlement between the parties to an individual labor dispute, before resorting to the ” Authority to Settle Individual Disputes Amicably “.

While researchers, academics, legal and judicial bodies, and relevant specialists from UoB and abroad, and from Gulf and Arab countries, recommended codifying some provisions for the foreign investor’s ownership of limited liability companies, which are considered among the most widespread companies, by raising the minimum capital for the foreign investor with the aim of reconciling attracting foreign direct investment with the public interest of Bahraini society, in addition to providing the Central Bank of Bahrain with a database that includes financial audits of companies in terms of management, capital, and ownership, in support of transparency and governance requirements, without prejudice to the right to privacy of data of importance to the company, in relation to commercial companies and their governance.

As for real estate ownership and appropriation for the public benefit, they recommended adding a new paragraph to Article (78) of the Real Estate Sector Regulatory Law, which includes the obligations of land plots – a contract that allows using the land plots as a kind of lease of non-agricultural and unbuilt land and grants the right to use it – the most important of which is the commitment to paying the rent, unless otherwise agreed. As well as the amendment of paragraph (g) of Article (78) of the Real Estate Sector Regulatory Law, to replace it with a provision requiring the transfer of ownership of the building and other facilities built on the land to the owner of the land by the force of law, upon the expiry of the land plot right, unless otherwise agreed upon, and to draw together the provisions related to the usufruct right under the umbrella of civil law to be within one umbrella. Considering the value of the improvements made by expropriated real estate owners to their real estate, when estimating the value of compensation due for expropriation.

Additionally, the two-day Conference recommended expanding the possibility of reconciliation in crimes of an economic, commercial, and environmental nature, to create significant resources for the country, in support of the national economy, regarding criminal legislation. As for international law and human rights, it recommended preparing an international agreement under the supervision of the United Nations, which includes an integrated legal framework for the principle of sustainable development, if it includes the elements or pillars necessary to achieve it.