In line with its plan to boost government revenue, Bahrain will sell stakes in three logistics-related companies on its stock exchange over the next two years, according to the country’s transportation and telecommunications minister Kamal din Ahmed.
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“As the main shareholder in these companies, we hope the other shareholders agree and we float a small percentage of about 20% of the companies on the Bahrain Bourse,” he said, adding that the IPOs will also encourage competition and transparency.
revealed a series of reforms after it received $10 billion in aid from Kuwait, Saudi Arabia and the UAE in October to help steady its finances and prevent it from experiencing a credit crunch.
It also introduced a 33-page financial programme dedicated to eliminating its budget deficit by 2022.
It includes reducing public spending, improving efficiency in state expenditure, introducing a voluntary retirement scheme for government employees and implementing 5% VAT next year.
The country’s gross domestic product (GDP) rose 2.4% in the second quarter of 2018 compared to last year due to an increase in crude prices and growth of its non-oil private sector, according to the Bahrain Economic Quarterly Report produced by the Bahrain Economic Development Board.
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