Bahrain First Country to Enact MLETR

Bahrain has become the first country to legislate Model Law on Electronic Transferable Records.
Bahrain has become the first country to legislate Model Law on Electronic Transferable Records.
TT

Bahrain First Country to Enact MLETR

Bahrain has become the first country to legislate Model Law on Electronic Transferable Records.
Bahrain has become the first country to legislate Model Law on Electronic Transferable Records.

Bahrain enacted on Tuesday Model Law on Electronic Transferable Records (MLETR), developed by the United Nations Commission on International Trade Law (UNCITRAL), becoming the first country to enact special laws for this type of trading.

The move, according to Bahraini officials, aims to strengthen the country's legislative structure and increase the attractiveness of its economy to foreign investments.

It also comes in the framework of a series of comprehensive legislative reforms aimed at supporting the digital economy in the Gulf market that is worth $1.5 trillion.

In strategic cooperation with the UNCITRAL Secretariat, Bahrain also revised its existing Electronic Transactions Law with new provisions that are aligned with the United Nations Convention on the Use of Electronic Communications in International Contracts and renamed it the Electronic Communications and Transactions Law.

A 2018 economic report, titled “The Cost of Doing Business in the GCC,” affirmed that the Information and Communications Technology (ICT) sector in Bahrain is considered the most liberalized and competitive in the region with the lowest costs for critical metrics, such as cross-border Internet connectivity.

These new laws are most likely to enhance Manama’s competitiveness on the international level.

“Bahrain continues to lead the way in digital reforms,” said Khalid al-Rumaihi, chief executive of the Bahrain Economic Development Board (EDB).

“The latest achievement of being the first country in the world to adopt the UNCITRAL Model Law on Electronic Transferable Records gives us an unrivaled advantage in the GCC region.”

The new laws are a key step forward in achieving Bahrain’s Economic Vision 2030, he added.

“We are confident that the new legislation will revolutionize the way we do business, develop talent and create a sustainable trading environment,” Rumaihi stressed.

Secretary of Working Group IV (Electronic Commerce) of the UNCITRAL Luca Castellani, for his part, said that Bahrain is “the first country in the world to enact the MLETR, which establishes a modern legislative framework for a digital-first economy by legally enabling, for example, the use of blockchain in fintech and logistics.”

“The adoption of UNCITRAL texts, including the incorporation of additional provisions in the revised Electronic Transactions Law, helps to create confidence among overseas traders and investors.”

“Bahrain is committed to upholding modern commercial law standards and is at the forefront of innovation and business-friendliness,” Castellani said.

Notably, Bahrain EDB’s investments reached $830 million in 2018 and at a rate exceeding 13 percent compared to 2017, making it one of the region’s fastest-growing economies.



Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
TT

Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.
Brent crude futures fell 55 cents, or 0.8%, to $72.73 a barrel by 0758 GMT. US West Texas Intermediate crude futures were at $69.52, down 20 cents, or 0.3%, compared with Wednesday's closing price.
On a weekly basis, Brent futures were down 3.3% and the U.S. WTI benchmark was trading 3.8% lower.
Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.
Oil supplies from the Middle East, though, have been largely unaffected during Israel's parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.
OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.
BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."
"Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year," BMI analysts said in a note.
Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.
Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.
Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output.