Change ways: KPMG’s Fakhro tells businesses in Bahrain
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Companies in Bahrain should change the way they operate their businesses, says a top business leader.
Jamal Fakhro, the Managing Partner of KPMG Bahrain and First Vice Chairman of the Shura Council, said it was time for Bahrain’s businesses to think about talent management and recruit people who can work at a lower cost by using new technology.
He was speaking at a webinar organised by the Bahrain India Society (BIS) on “The Road to Recovery-- Transforming Risks to Opportunities”.
The meeting was chaired by Raj Damani, BIS chairman, who welcomed Fakhro, Indian Ambassador Piyush Srivastava, BIS Founder Chairman and former Labour and Social Affairs Minister Abdulnabi Al Shoala, and other guests.
“We have been financing and funding our deficit through borrowing.
Our total debt is expected to reach 12.5 to 13 billion dinars by the end of this year,” said Fakhro.
“Because of the current pandemic and broken oil prices, 2021 is not looking good. We are way behind our target.”
“Since March last year, more than 75 per cent of our staff have been working from home.
And we found them efficient.” Companies must start working with their banks on restructuring their loans,” Fakhro said.
“We should also think about new succession plans.
The new generation can do businesses better,” he added.
BIS general secretary Madhavan Kallath introduced the speaker. Damani thanked the speaker for making the session interactive.