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.
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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.



Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
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Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)

Saudi stocks closed higher on Monday, recovering some of the losses sustained in the previous session as heavyweight shares strengthened and the banking sector advanced.

The benchmark Tadawul All Share Index (TASI) rose 0.90% to close at 10,106 points, gaining 90 points. Total trading value reached approximately SAR 3.5 billion ($933 million).

The index had fallen 0.8% on Sunday amid selling pressure on heavyweight stocks.

Anaam International Holding Group, Fitaihi Holding Group and Raoom were among the session's top gainers, rising between 7% and 9% to close at SAR 11.93, SAR 2.11 and SAR 72.30, respectively.

On the losing side, Almunajem Foods led the declines, shedding 9.20% to SAR 49.94, followed by Saudi Paper Manufacturing Co., which fell 6.18% to SAR 48.88, and Alamar Foods, which dropped 4.63% to SAR 44.06.

At the sector level, banks led the gains, advancing 1.60%, supported by a 2.06% rise in Bank AlJazira shares, which closed at SAR 10.89.


Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
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Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)

Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, CEO Elon Musk said, following last week's announcement that the electric vehicle maker is winding down the pickup truck's production at its Texas factory.

"We will try ‌to make ‌as many as ‌possible ⁠before shutting down the ⁠line in about 8 months, but will have to return deposits for a lot of people," the billionaire said in a post on X on Monday.

The comments ⁠come after Musk said ‌Tesla would ‌add an extra production shift to fulfill outstanding ‌Cybertruck orders before dismantling the production ‌line next year to expand output of its Cybercab robotaxi.

The production winddown is slated for mid-2027, Musk announced on ‌Friday, with the resources being redirected to the Cybercab, a vehicle ⁠central ⁠to the automaker's autonomous-driving ambitions.

Tesla began delivering the Cybertruck in late 2023, but demand has fallen far short of Musk's expectations. US sales fell 48% to 20,237 units last year, according to Kelley Blue Book, well below Musk's earlier projection that annual Cybertruck sales could reach 250,000 vehicles.


China Extends Suspension of New Rare Earth Controls Until January

A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
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China Extends Suspension of New Rare Earth Controls Until January

A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)

China on Monday announced a two-month extension of export-control waivers due to expire this month, preserving part of a wide-ranging deal struck after a summit between Presidents Xi Jinping and Donald Trump.

China introduced export controls on certain rare earths ‌in April 2025, ‌only to expand ‌them ⁠further in October ⁠of that year, dramatically widening their scope and also adding new controls on certain diamonds with industrial applications and lithium battery technology.

The measures were then ⁠paused for one year last ‌November after ‌a summit in South Korea ‌between Xi and Trump.

The Ministry of ‌Commerce said in a short statement on Monday that the pause would be extended for two months ‌until January 10. It gave no other details.

The extension ⁠is ⁠part of a broader suspension of trade countermeasures and tariffs announced by China on Monday as it negotiates with Washington over an enduring trade deal.

Trump is set to travel to Shenzhen in southern China later this month for an APEC leaders summit, where he is expected to meet with Xi.