The GOP board ratified the financials for the year 2010 meeting on Sunday 24th of April, under the chairmanship of Shaikh Daij bin Salman Al Khalifa to review the financial results for the year ended 31st December 2010 and the recent developments in the GOP operations.
During the meeting, the Board reviewed and approved the audited financial statements for the year ended 31st December 2010 which indicated that the actual revenue achieved was BD 10.13 million. The Board requested the transfer the net surplus, of BD 6.21 million to the Ministry of Finance as stipulated in the Legislative Decree No. (61) of 2006 with respect to promulgating the Law of GOP.
The Board was briefed by management on the implementation of GOP’s business plans and other developments since its last meeting in January 2011. Management was advised to actively continue promoting the Bahrain Logistics Zone to attract potential tenants as the Zone is expected to be fully operational by the end of 2011. The Board noted that Almoayed Wilhelmsen Limited is the first tenant to have already begun construction of their warehouse facility at the Zone.
The Board also reviewed the progress of GOP’s proposal to streamline and restructure the GOP Tariff. Management reported that discussions with the various stakeholders – including the Bahrain Chamber of Commerce and Industry – were in progress, focusing on the exact timing of the tariff’s introduction in order to take into account all stakeholder concerns and provide adequate advance notice to those affected. The Board requested the Management to present an update of the progress at the next meeting so a well-considered and balanced decision can be made.
The Board further advised the management to expedite the completion of the construction of proposed new seafarer building at the Khalifa Bin Salman Port (KBSP) and approved the final budget for the project which, among other things, will provide a wide range of services to the international seafarers calling at the Port.