Batelco to launch 3G on National Day

Batelco will launch 3G and 3.5G networks on Bahrain's National Day. The announcement was made yesterday at the Regency Inter-Continental Hotel by top Batelco officials.

Batelco's 3.5G portfolio includes mobile broadband, video calling and mobile portals including Batelco's own O portal.

"Batelco has delivered to its customers in Bahrain a greater variety of mobile, Internet and voice offerings this year than ever before," Batelco chief executive Peter Kaliaropoulos said.

"Now the launch of 3.5G rounds of the year in spectacular fashion."

Batelco has invested BD7 million in 3.5G technology and through its partnership with Ericsson hopes to provide the fastest mobile broadband technology in Bahrain.

The new technology will allow for local video calls, international video calls and international roaming video calls.

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BenQ sales up 100pc

BenQ has reported strong growth in LCD TV sales in the third quarter of this year.

Compared to the previous quarter, BenQ has recorded a 125 per cent growth in Qatar, 100 per cent in Bahrain and Oman and 25 per cent in Kuwait.

BenQ has also recently unveiled its first-ever full HD LCD TV campaign in the Middle East to achieve the revenue target of $100 million in the fourth quarter of this year.

We have consistently posted excellent results accredited to our regional initiatives to provide customers with the latest digital lifestyle solutions combined with innovative and cutting-edge technologies," BenQ Middle East and Africa general manager Manish Bakshi said.

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BDB for key Aga Khan fund tie-up

The Bahrain Development Bank (BDB) is planning to collaborate with the Geneva-based Aga Khan Agency for Microfinance in a bid to develop a poverty alleviation fund.

A meeting between Finance Ministry Under-Secretary and BDB chairman Shaikh Ebrahim bin Khalifa Al Khalifa and the Aga Khan Agency for Microfinance general manager Jacques Toureille took place yesterday at the Bahrain Business Incubator Centre (BBIC).

Poverty alleviation is a noble cause and through productive activities physical evidence of success will always be visible," Shaikh Ebrahim told the GDN.

The BBIC has been a success story and having outside officials visiting the centre will have a ripple effect that will help display its position as a main player in society.

"The development of microentrepreneurs at the BBIC has proven itself as being a success. Through microfinance a difference can be made to benefit nations struggling with poverty.

"Using microfinance to provide the investment needed to develop housing projects is something that the BDB is hoping to expand into, and with the help of the Aga Khan Agency we hope to benefit other countries not only in the region but wherever needed."

"The agency is well-known in over 35 countries in the world," Mr Toureille said.

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Bahrain FDI rises by $1.8bn

Bahrain's FDI rose by more than $1.8 billion last year, bringing it to almost triple its size in 2005.

Bahrain is the first country in the Middle East to calculate its own FDI.

The Economic Development Board, in collaboration with the MENA Investment Centre and world experts in foreign direct investment, held a workshop yesterday on FDI statistics for analysts, statisticians and policy makers to enable better reporting of FDI in the Gulf region.
The workshop was held at the Diplomat Radisson SAS Hotel and attended by more than 45 people.

Three experts from the Paris-based MENA-OECD Investment Programme outlined the latest standards and parameters for measuring FDI. The international body has recently revised the basic concepts and definitions of direct investment which were first established in 1995.

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Businessmen shortlisted for top award

Three prominent businessmen in Bahrain have been shortlisted as finalists in the Ernst & Young Middle East Entrepreneur of the Year Awards.

They are Arcapita Bank chief executive Atif Abdulmalik, Gulf Finance House chairman Esam Janahi and Amwaj Islands partner Saud Kanoo.

The Entrepreneur of the Year awards programme recognises outstanding entrepreneurs on a regional and global level who are building and leading dynamic, growing businesses.

The three finalists from Bahrain were selected from a large number of nominated leading entrepreneurs from ten countries across the Middle East region and now join a total of 20 finalists to participate in the Middle East Entrepreneur of the Year celebratory weekend scheduled to be held in Dubai from February 21 to 23.

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CBB go ahead for Investcorp firm

The Central Bank of Bahrain (CBB) has granted a licence to Bahrain-based Investcorp Bank to establish Investcorp Gulf Investments.

The new firm has been granted an Investment Firm - Category Two licence from the CBB. It is being established to manage Investcorp's Gulf-focused funds, such as Gulf Opportunity Fund I and its Sharia-compliant version.

Investcorp specialises in private equity, hedge funds, real estate investment and technology investment.

A more recent line of business is Gulf Growth Capital, which aims to invest in greenfield projects or buyout opportunities in medium-sized companies in the Gulf region.

Client assets under management by Investcorp exceed $13 billion, while the bank's total assets stand at over $4.3bn.

Besides its headquarters in Bahrain, Investcorp has well established operations in London and New York.

Gulf Opportunity Fund I is the private equity fund of Investcorp's Gulf Growth Capital line of business. The fund, which is incorporated in Bahrain, will invest in private equity opportunities.


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Zamil signs pipe facility accord

Zamil Group has signed a contract for the development of a new seamless pipes processing facility.

It signed the deal with Canadian-based Brandt Engineered Products for the facility to be located in Dammam second industrial city.

The detailed design of the project, based on an earlier agreement with Brandt, is in place and construction will start early next year. The plant will process seamless pipes for use in oil and gas wells.

"With this pioneering project, we aim to provide Saudi Aramco with products of the highest quality using world-class equipment and technologies," Zamil Group chairman Dr Abdulrahman Al Zamil said.

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Islamic finance to surge next year

The 14th Annual World Islamic Banking Conference concluded with experts predicting industry growth to continue to surge into next year at rates that exceed conventional figures.

A major challenge for leading institutions is to channel resources and focus on those markets and segments that have the greatest potential for exciting growth.

The concluding day opened with the 'Leaders & Winning Strategies' session where 'Innovation in Islamic finance' and the current challenges were discussed.

'The Corporate & Investment Banking Summit: Pinpointing the Next Wave of Big Deals', focused on exploring key trends in the corporate and investment banking markets, the latest developments in the Islamic capital markets with a specific emphasis on the way forward for sukuk.

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65pc Porta Reef sold

Sixty-five per cent of the Porta Reef freehold three-tower residential project has been sold as part of phase I.

The $1.25 billion freehold development project, located on Reef, will cover an area of 579,000 sqm. It is a joint venture between the Bahrain Government and Mouawad Group for Real Estate Development Company.

"We have received excellent regional demand and response from clients to purchase property within the freehold Port Reef project," Porta Reef chairman Fawaz Ali Al Jowder said.

"The prime location of Porta Reef is significant to the project and residents - as it has a sea view and close to the Bahrain Financial Harbour, the upcoming City Centre, Seef Mall and other commercial areas."


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Bahrain Bay for 'most connected community'

Bahrain Bay has announced plans to become the region's most connected urban community.As part of its vision to establish and maintain a new standard of urban centre, Bahrain Bay is implementing a detailed design for amenities in its public spaces, which will include high speed broadband connectivity, integration with cultural centres, a curated public arts programme, a community events calendar and a rigorous maintenance regime for the whole community.

Enabling Bahrain Bay's digital connectivity will be Alloptic's Gigabit Ethernet Passive Optical Networks (GEPON) next generation access network solution. Alloptic is a US-based specialist in the design and development of optical access networks.

Its solution will provide Bahrain Bay's complete communications, entertainment, security, and building management systems infrastructure.

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GPIC wins global award for safety

Bahrain's Gulf Petrochemical Industries Company (GPIC) has won a prestigious international award for excellence in health and safety for the third year in a row.The Sir George Earl Trophy, awarded by UK's Royal Society for the Prevention of Accidents (RoPSA), was handed over to Adviser to the Prime Minister for Industrial and Oil Affairs and company chairman Shaikh Isa bin Ali Al Khalifa, by the GPIC managing director Yousef Abdulla Al Zamel, yesterday.

The GPIC won the award in competition with 5,500 companies from all over the world. The citation accompanying the award says the award committee was impressed by the positive effect brought about by the company in the development of the health and safety legislation in Bahrain and its contribution to the enrichment of the health and safety culture.

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$90m Shamil Bank modaraba launched

Bahrain-based Shamil Bank announced yesterday the launch of its $90 million Shamil Bosphorus modaraba (venture capital), that will invest in Sharia-compliant real estate developments in Turkey.

As is customary for all the modarabas the bank launches, Shamil Bank will be subscribing up to 10 per cent of the commitment as a vote of confidence, it said in a statement.

The modaraba will have an investment term of three years and will target residential and mixed-use real estate development in Istanbul, and secondary homes on the Turkish coast.

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Allianz to set up holding company

Central Bank of Bahrain (CBB) has granted an authorisation to Germany's Allianz Group to establish a holding company.

The firm will oversee the group's operations throughout the Middle East and North Africa (Mena) region as well as in the Indian subcontinent.

The Allianz MENA Holding Company will operate as an ancillary service provider in Bahrain.

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Shamil Bank and EAG for projects

Bahrain-based Shamil Bank and Ebrahim Abdulaal Group of Companies (EAG) have announced a multi-million dollar joint venture to pursue real estate opportunities in Bahrain and the Gulf.
They signed a memorandum of understanding for the joint venture.

Two projects will be initiated early next year through the joint venture - Marina Reef and City View, worth a combined value of more than $100 million.

City View is a 20-floor residential tower to be built next to Dana Mall as a high-rise development encompassing one-, two- and three-bedroom apartments with luxury fittings, complementing amenities and adequate parking space.

Marina Reef will be a mid-rise sea-themed development consisting of three six-storey buildings, offering one-, two- and three-bedroom luxury apartments on Reef Island.

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BAPCO's 75th Anniversary

More industrial facilities are on way in Bahrain to boost the infrastructure of the oil sector and contribute to the promotion of industries in this domain, said Prime Minister Shaikh Khalifa bin Salman Al Khalifa yesterday."

This is in line with the government's approach towards enhancing investment in this sector and keeping abreast with the latest technological advancements to obtain quality oil products," he said.

The Premier was speaking during the inauguration of Bapco's new state-of-the-art low sulphur diesel production unit at Sitra and celebration of the 75th anniversary of the discovery of oil in the kingdom.

Oil and Gas Affairs Minister Dr Abdulhussain Mirza said that the unit "will help Bapco capture new markets and earn an extra $300 million (BD112.53m) a year."

"The unit is an advanced technological breakthrough in the oil refining business," he said hailing the role of the Premier in the project.

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Labour Fund deal to train 200 Bahrainis

The Labour Fund yesterday signed a contract with The Expert Group to train 200 Bahrainis in human resources.

The new initiative is called the 'talent management programme' and is designed to train small and medium enterprise (SME) owners and managers in leadership skills.

It will also train human resources-related management personnel to attain professional human resources certification under the Royal Institute of Public Administration (Ripa) curriculum.

"The Labour Fund initiative comes as the result of a labour market situational analysis which showed that there was a serious lack of qualified human resource personnel to meet the new market conditions that the kingdom's labour reforms will create," Labour Fund acting chief executive Abdulellah Al Qassimi said.

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AUB wins award for performance

Bahrain-based Ahli United Bank (AUB) has been named 'Bank of the Year - Bahrain' for this year by The Banker magazine.

Part of the UK's Financial Times Group, The Banker's editorial team assesses banks on overall performance in the previous financial period incorporating performance criteria, qualitative achievements and strategic objectives.

This year, The Banker received a record number of applications, with more banks than ever before competing fiercely for the coveted award.

"AUB is extremely pleased to accept the 'Bank of the Year - Bahrain 2007' award," AUB chairman Fahad Al Rajaan said.

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Sakana eyes growth as mortgages hit BD27m

Sakana Holistic Housing Solutions has approved mortgages worth BD26.7 million to 212 customers.

Celebrating its first anniversary yesterday, Sakana chairman Jamal Hijres predicted that the mortgage lender would achieve 60 per cent growth next year.

All its loans have been for new build properties with the lender working hand in hand with some of the kingdom's leading developers with 47pc of its loans going to Bahrainis.

"Our holistic approach, as well as simplicity and innovation in our mortgage solutions have allowed Sakana to close its first year of operations on an extremely positive note, having helped more than 200 customers in financing their dream home," he said.

"We intend to be a catalyst which will make the property sector flourish."

The pioneering mortgage provider has introduced a series of firsts in the market place including the longest term mortgage available at 30 years, financing for non-residents outside the GCC, equity release and the highest mortgage on offer in the kingdom at BD1.25m.

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Investcorp a success story

Investcorp shareholders have achieved annual returns of 20 per cent a year for the past 25 years.

They have also experienced a 15-fold increase in value since the company was set up, Investcorp president and chief executive Nemir A Kirdar told a shareholders' conference yesterday.

He also said Investcorp plans to focus further on their Gulf growth capital through Gulf Opportunity Fund One.

The conference also included an update on the current activities and outlook in each of Investcorp's asset classes. There was also an update on the firm's placement and fundraising activities from the Gulf and internationally.

"Our record over the past 25 years speaks for itself," Mr Kirdar said.

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Ernst & Young wins Top award

Ernst & Young has won an award for the second time in a row at the fourth Kuala Lumpur Islamic Finance Forum 2007.

It was once again awarded the title of "Most outstanding Business Advisory & Consulting Firm".
Bahrain-based Ernst & Young's Islamic Financial Services Group head Sameer Abdi was in Kuala Lumpur to receive the award.

Nissan launches four new cars

A ceremony marking the launch of four new 2008 model cars took place yesterday by Y K Almoayyed and Sons at the Nissan Showroom, Sitra.

Nissan's sedan Altima, Nissan Qashqai, Nissan Xterra SUV, and pick-up Navara were showcased at the showroom.

The Altima is already running ahead of the competition winning awards and accolades along the way, say officials

It recently received the highest ranking in the Midsize Car Segment of the J D Power and Associates 2007 APEAL Study and was awarded the AutoPacific 2007 Vehicle Satisfaction Award for Premium Mid-Size Cars in the US, they said.

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Durrat unveils new island-style brand

A new "urban living, island style" brand was launched last night by residential, commercial and tourist resort development Durrat Al Bahrain.

It will act as a focus and inspiration for everything that Durrat Al Bahrain says and does, say officials.

The idea of "urban living, island style" is derived from the contrasting nature of life at Durrat Al Bahrain both in terms of its geography, where the desert meets the sea, and what life will be like - a vibrant and contemporary urban environment, full of different and contrasting opportunities on an idyllic island resort.

The new brand was launched at a VIP event held at the Banyan Tree Desert Resort and Spa

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Zain to raise $4.4 bn for expansion

Kuwait's Mobile Telecommunications (Zain) said it plans to raise around $4.4 billion by selling stock to existing investors to finance expansion overseas as competition grows tougher in its home market.

Zain said yesterday it would raise its capital by 75 per cent by selling shares at 850 fils ($3.10) per shares for expansion in Africa and the Middle East.

Based on Zain's latest outstanding shares, it would be selling 1.42bn shares to raise 1.21bn dinars.

Zain spokesman Ibrahim Adel declined to confirm the figure.

Zain, which operates in about 20 countries in the Middle East and Africa, has been seeking investment opportunities abroad to counter tough competition at home, where Saudi Telecom (STC) last week won a bid to set up the country's third mobile telephone company.

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Oriental Press - $28m expansion plans

In a major expansion plan, printing group Oriental Press is investing $24 million in new plant and machinery at its new printing complex at Bahrain International Investment Park.

The company also plans to spend $4m at its Dubai plant at Jebel Ali.

The move is expected to create 150 jobs and the company claims it is among the forefront of creating jobs for Bahrainis in the regional industry.

Oriental Group president, Majeed Al Zeera, outlined the company's development strategy to a meeting of 75 senior managers at a company conference at the Crown Plaza Hotel in Bahrain yesterday.

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Firms post 45pc rise in profits

Bahraini public shareholding companies listed on the Bahrain Stock Exchange achieved a net profit of BD736.5 million during the first nine months of 2007, compared with BD509.2m in the corresponding period last year, marking a growth of 44.7 per cent, according to the data released by the BSE.

The Investment Sector led the sectors in terms of the profits gained, with BD417.6m. Then came the Commercial Banks Sector recording profits of BD182.8m followed by the Services Sector with BD110m, Insurance Sector with BD13.2m, the Hotels & Tourism Sector with BD11.1m, and the Industrial Sector with BD1.7m.

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Zain buys Orascom's Iraq unit for $1.2bn

Mobile Telecommunications Company (Zain) has concluded a binding agreement for the purchase of 100 per cent of the share capital of Iraqna Company for Mobile Phone Services (Iraqna), a subsidiary of Orascom Telecom Holding, for $1.2 billion through its subsidiary MTC-Atheer.

This acquisition will consolidate MTC-Atheer's market-leading position in Iraq giving rise to a combined customer base of more than 7 million. In August, MTC-Atheer made a successful bid of $1.25bn to secure one of three 15-year nationwide licences awarded by the Iraqi Communication and Media Commission.

Zain Group Managing Director-Deputy Chairman Dr Saad Al Barrak said: "We are delighted that MTC-Atheer's acquisition of Iraqna will create one of the most dynamic and resourceful mobile telecoms companies in Iraq and in the region at large. This investment reinforces and demonstrates our commitment to the future prosperity of Iraq while complementing Zain's aspirations of becoming one of top 10 global mobile operators by 2011."

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Minimum wage plan praised

OFFICIALS from Asian embassies in Bahrain have rallied in support of the existing and proposed minimum wages for their citizens from their respective governments.

At present, the Philippine and Indian governments are the only ones to have set minimum wage caps for their household workers' at BD150 and BD100 a month respectively.

The Pakistan Embassy's Community Welfare Counsellor Habib-ur-Rehman Gilani said the implementation of a minimum wage for their nationals might be underway.

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Banks Warned on Dollar-pegged dinar

Bahrain yesterday accused foreign banks of unethically piling pressure on Gulf currency pegs. The Central Bank of Bahrain would "take action" against anyone targeting its dollar-pegged dinar, Governor Rasheed Al Maraj warned.

"There are foreign institutions packaging investment products based on currency revaluation, while their analysts are propagating the revaluation story and spreading rumours," he told Middle East Economic Digest in an interview.

"It is a clear conflict of interests and we look at this very suspiciously."

Mr Al Maraj said Bahrain would stand by its peg to the dollar.

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Ithmaar sets course for major expansion

Ithmaar Bank looks set to pave the way for major expansion with the acquisition of a 100 per cent holding in Shamil Bank.

Chairman Khalid Abdulla-Janahi said yesterday the deal would give the organisation more room to leverage and that as possibly the lowest borrowed bank in the region it was in a position to borrow up to $4 billion for future expansion.

"This region has a bright future for the next five to seven years where even the most conservative projections are for a continuing high oil price," he said.

"This is a whole new opportunity for investment bankers and Ithmaar and Shamil is the cream of local banking. We have strong skill sets and hire only the best and we work globally."

He said a lot of local capital was looking away from traditional equity investment to more sophisticated like private equity funds.alternatives.

Ithmaar chief executive Michael Lee said that that bank was a manufacturer of funds. "We want to put forward our own private equity funds and look at doing joint ventures," he said.

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BIPEX show attracts visitors

Bahrain International Property Exhibition (Bipex 2007) has put last year's event in the shade.
When the first day's session came to an end the organisers had to turn out the lights in the hall to get prospective buyers to go home, according to Riffa Views chief executive Richard Browning.

"Its far bigger, far better and its not just people picking up leaflets this hear," he said.
"Visitors to the show are sitting down and asking questions. They are serious people who are looking to do business.

"Last year I was very negative about the support for the show from developers but this year they have risen to the challenge and invested in stands and the public have responded."

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DHL's regional HO to Bahrain

The world's leading logistics provider, DHL, yesterday formally announced the move of its regional head office to Bahrain. A new office, to host the Eastern Europe, Middle East and Africa (EEMEA) Aviation Regional Head Office, was also inaugurated on the 20th floor of the NBB Tower in Manama.

"This move, in line with the growth of Bahrain and the company in the last few years, will allow us to focus more on the customers' needs and take a giant leap into the future," said EEMEA Aviation regional director Mick McEwen.

The ceremony was held under the patronage of the Civil Aviation Affairs (CAA) Under-Secretary Capt Abdulrahman Al Gaoud. It was attended by senior CAA officials and senior members of the DHL management.

"Two of DHL's main aviation service centres have now moved from Africa and Europe to Bahrain," said Mr McEwen.

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'Symbolic' strike by Bapco 15

FIFTEEN board members of the Bahrain Petroleum Company (Bapco) Trade Union will go on a one-hour strike on Sunday to demand immediate acceptance of workers' demands.

The decision was taken at an extraordinary meeting of the union's board yesterday.
"The move follows the repeated ignoring of the union representation to the management on several of our demands," said union chairman Hameed Al Rashid told the GDN.

He said that the board members would strike work at 3.30pm in a "symbolic" move to prove a point to the management and to press it to immediately look at their demands favourably.

"This is the first step that may lead to more measures in the very near future," said Mr Rashid. "We will collectively decide on what to do if our demands are ignored."

The workers are demanding "at least" 15 per cent increase in their wages with immediate effect. The Bahraini employees, numbering about 2,000, also demanded they be immediately given better health insurance and other benefits.

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Top award for Kanoo

Kanoo Shipping Agencies chairman Fawzi Kanoo has been awarded the Middle East Logistics Award (Mela) 2007.

He was honoured at an international festival in Dubai.

The 24 competitors for the award were all giants of major logistics industry, who maintained the standards of qualifications and quality in their business.

Mr Kanoo heads the shipping agencies division of the Yusuf Bin Ahmed Kanoo group.

The division was started in the beginning of the last century and has been growing steadily since in the Middle East, and has agents across the globe covering the Far East, Europe and the US.

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Investcorp may fund 80 Gulf companies

Bahrain-based investment bank Investcorp said it has studied 80 Gulf firms in which it may invest up to $150 million as part of a plan to tap the region's booming economies.

Investcorp usually invests Gulf wealth in the West, but would begin deploying funds next year from its $1 billion Gulf Opportunity Fund into as many as 20 Gulf companies or projects, the fund's co-head Christophe De Mahieu said.

The investments would typically range between $20m and $150m in size, De Mahieu said.
Gulf economies are booming on a near five-fold increase in the price of oil since 2002, and regional governments are taking advantage of the windfall to improve infrastructure and diversify their economy away from oil and gas revenues.

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Hydraulics firm in Bahrain venture

The world's largest hydraulics supplier KYB Industries is to open a venture in Bahrain, it has been announced.

The company, which is based in Japan, has operations in 12 countries, including Dubai, Oman, Kuwait, India, South Africa the UK and USA, providing spare parts to vehicle manufacturers.

A delegation of senior officials, including KYB managing director for the Middle East Momoru Kato and members of its partner organisation the Kapico group attended a seminar to introduce the firm.

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