A BD4.5 million Bahrain Chamber reserve fund will be set aside for projects aimed at enticing more investment into the country, said its president Sameer Nass.

The senior Bahraini businessman and Nass Group chairman stated that the fund cannot be used to assist businesses that have suffered financial losses due to the pandemic.

Mr Nass was responding to a suggestion from the floor at Bahrain Chamber’s general assembly last night, which was held in the Kingdom Hall at the trade body’s Sanabis complex.

The proposal by businessman Nader Alawi came shortly after Mr Nass presented the audited accounts to the general assembly, which was attended by 245 registered Chamber members.

Mr Nass dismissed the call, citing that the fund raised from returns of investments, several programmes and projects, as well as membership fees, must be utilised for more projects so that returns could be sustained, in turn helping the trade body grow.

“The reserve of BD4.5m has been built up over more than 20 years,” Mr Nass explained to the GDN on the sidelines of the meeting.

“This money is being utilised for the construction of new buildings, renovation work and for the development and the improvement of the Chamber.

“The money reflects in the balance sheet as reserve funds, which will be utilised for projects that will help the Chamber grow by way of investments.

“There was a demand from someone on the floor that this money be utilised for supporting businesses that faced losses during the pandemic. But my reply to them was that it is not the role of the Chamber.”

He added that supporting stalled businesses was the role of enterprises like Tamkeen, pointing out that the Chamber was a non-profit organisation.

Growth

He explained that funds also covered the cost of operating the enterprise which includes covering the cost of 90 staff members.

“We also have events, travels, we have visitors from all over the world – delegations that come into the country and we have to host them.

“That is how we help the Chamber grow and such reserve funds are important for this growth, which we raise through investments, shares, rentals and membership fees.

“The more we have in such a fund, the more programmes can be conducted and more services can be executed, all of which will contribute to the growth of the Chamber and in turn the economy and further investment in the country.”

He also said it was an ‘unfair’ call as companies across the nation, both large and small, were facing challenges on the road to recovery after the pandemic.

“How could we make a judgement as to which companies to support – they all pay a membership fee.

“Business is a risk in both good and bad times. I have risk as the leader of a big company ,” he said noting that the Nass Group lost BD18m last year.

“Is the Chamber going to pay me for it? How is that possible?”

Earlier the meeting was called to order by the representative of the Industry, Commerce and Tourism Ministry who noted that there were 245 registered members present. As per law, the quorum for the meeting is 200 members or 10 per cent of the total number of registered members, whichever is lower. The members present formed 0.77pc of the total number of 31,864 members.

The meeting ratified the minutes of the virtual meeting of the general assembly held last year on April 20.

It also discussed and approved the annual report of the board of directors on the last year’s activities of the chamber.

The meeting also heard and approved the financial position and the report of the external auditor for the financial year 2021, as well as appointing KPMG as the external auditor for a three-year term, until 2024.

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