Bahrain's private companies will be able to resume the process of hiring foreign workers this month as the kingdom reopens its economy.
The Labour Market Regulatory Authority said it will begin accepting applications for new work permits from August 9, it said in a statement.
The development comes after a directive was issued by the Government Executive Committee that is chaired by Crown Prince Salman bin Hamad.
There's a mindset shift towards working remotely, so you can get talent from outside or you can have people working remotely from other parts of the world
The authority said it had altered the private sector's hiring process to give priority to the recruitment of Bahrainis and expatriates living in the country.
Job vacancies will be advertised in local newspapers to give citizens and residents a two-week head start to apply.
The issuance of work permits was suspended in March due to the coronavirus outbreak.
Bahrain was among the first Gulf countries to unveil strict measures to curb the spread of virus. The kingdom had 41,536 infections, 147 deaths and 38,666 recoveries as of Monday, according to Worldometer.
Some companies in the country believe the decision signals a return to normality as the economy reopens.
"It's absolutely a huge help," said Amjad Puliyali, founder and chief executive of groceries delivery app Get Baqala.
"A lot of the hiring and bringing workers from abroad was put on hold because we didn't have that option, so we're looking into it in the third quarter."
The start-up, which employs delivery staff and technology experts, said the decision was good news for companies interested in hiring foreign workers.
However, the pandemic has normalised the practise of working remotely and that has changed hiring patterns, Mr Puliyali said.
"There's a mindset shift towards working remotely, so you can get talent from outside or you can have people working remotely from other parts of the world," he said.
About 70 per cent of Get Baqala's employees work from home.
Foreign workers make up about half of Bahrain's population.
Arqaam Capital's head of research Jaap Meijer said the move would allow private companies to hire employees from abroad.
The LMRA's step to alter the private sector’s hiring process "should help prioritise local hiring by assisting Bahrainis and expatriates currently residing in the kingdom", he said.
The kingdom has taken various measures to cushion Covid-19's blow on its private sector. In July, the government said it will pay 50 per cent of the salaries of Bahrainis working in the most adversely affected sector, according to state-run Bahrain News Agency.
Citizens insured under the National Employment Programme will receive up to half their pay from the Unemployment Insurance Fund for three months. The payments began last month.
The sectors most affected by the pandemic include the services industry and travel and aviation, according to Jameel Ali Humaidan, Bahrain's Minister of Labour and Social Development.
Transportation, non-food retail, administrative services, real estate and contracting, engineering and technical offices, and local newspapers and magazines, have also been impacted.
To ease the burden on the private sector, Bahrain is reducing the fees imposed by the LMRA to issue and renew all types of work permits for one year. This entails a 50 per cent reduction for a period of three months starting from July.
Segments such as transport, non-food retail, administrative services, property and contracting, engineering and the media were also affected.
To ease the burden on the private sector, Bahrain reduced the fees charged by the authority for the issuance and renewal of all one-year work permits. This entails a 50 per cent reduction for three months, beginning July.
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Gallery: Coronavirus around the Middle East
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Fortuna Dusseldorf v Paderborn (4.30pm)
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Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
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Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
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Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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PREMIER LEAGUE FIXTURES
Tuesday (UAE kick-off times)
Leicester City v Brighton (9pm)
Tottenham Hotspur v West Ham United (11.15pm)
Wednesday
Manchester United v Sheffield United (9pm)
Newcastle United v Aston Villa (9pm)
Norwich City v Everton (9pm)
Wolves v Bournemouth (9pm)
Liverpool v Crystal Palace (11.15pm)
Thursday
Burnley v Watford (9pm)
Southampton v Arsenal (9pm)
Chelsea v Manchester City (11.15pm)
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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Key features of new policy
Pupils to learn coding and other vocational skills from Grade 6
Exams to test critical thinking and application of knowledge
A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools
Schools to implement online system to encouraging transparency and accountability
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
