A rare feat for Bahrain

In a global first, Bahrain has enacted the Model Law on Electronic Transferable Records (MLETR), developed by the United Nations Commission on International Trade Law (UNCITRAL). The move is part of a series of sweeping reforms aimed at bolstering the digital readiness of the GGC region’s US$1.5 trillion economy.

In strategic cooperation with the UNCITRAL Secretariat, Bahrain also revised its existing Electronic Transactions Law with new provisions that align 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 report by KPMG titled ‘The Cost of Doing Business in the GCC’ in the ICT sector recognised Bahrain as having the most liberalised and competitive ICT sector in the region with the lowest costs for critical ICT metrics, such as cross-border internet connectivity. While building on this foundation, the new laws further enhance the country’s competitiveness on a global scale. The overall benefits of the legislations include Electronic Transferable Records Law and Electronic Communications and Transactions Law.

In a statement issued to media, Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB), said: “Bahrain continues to lead the way in digital reforms. The latest achievement of being the first country in the world to adopt the UNCITRAL Model Law on Electronic Transferable Records gives us an unrivalled advantage in the GCC region. The new laws are a key step forward in achieving the Bahrain Vision 2030 and The Economic Vision 2030 for Bahrain.”