Business in Bahrain

GOP unveils plans for major storage facility

2009-06-16T16:02:00.002+03:00

The General Organisation of Sea Ports (GOP) has unveiled plans to create a customs-free storage, warehousing and commercial service building in the vicinity of the Khalifa Bin Salman Port. GOP will shortly announce the beginning of the auction procedure for potential investors to bid for a build operate and transfer (BOT) concession agreement.

The duration of the concession agreement will be 25 years for the construction and operation of both a multi-storey car park and the planned service area.

The detailed design and drawings required for construction are now complete and will be provided to interested potential developers.

Located behind the customs gates, the service centre will house 6,500 sq/m of office space, general warehousing facilities, and a 4,000 capacity multi-storey car park for the storage of imported cars prior to their re-distribution within Bahrain or re-export within the region.

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BBK seeking go-ahead for Shamil push

2009-03-02T10:47:00.000+03:00

BBK is expecting a decision from the Central Bank of Bahrain (CBB) shortly about its possible acquisition of Shamil Bank. Speaking after BBK's annual general meeting (AGM) yesterday, chairman Murad Ali Murad said he expected to hear from the CBB in the near future and then the board could appoint consultants to decide whether to go ahead with the deal.

Shamil Bank is currently owned by Ithmaar Bank, which has a 25 per cent stake in BBK.
If the deal goes ahead, then BBK will issue its own shares to Ithmaar in exchange for Shamil, in a move that would see Ithmaar end up holding 40pc of BBK.

The past 12 months have been dominated by the greatest crisis to beset the global economy for many decades," he told shareholders.

"Some commentators have gone so far as to define it as the worst in history."

"The Middle East and the Gulf region have not been immune from the crisis," he said.

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NBB posts $99m net profit despite turmoil

2009-03-02T10:20:00.000+03:00

NBB has demonstrated steady all-round business growth despite difficult financial market conditions. "Although 2008 represented one of the most difficult periods in global economic history, NBB continued to demonstrate sound asset quality and a well-diversified portfolio," chairman Abdulla Kanoo told shareholders at the bank's annual general meeting yesterday.

The bank declared a net profit of BD35 million ($92.8m) for the year, achieving a 15 per cent return on average equity, he said.

He highlighted that the bank's capital adequacy ratio remained healthy at 19.3pc, well above the minimum level of 12pc set by the Central Bank of Bahrain.

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Bahrain-US trade booming

2009-02-18T15:07:00.002+03:00

In spite of the global downturn, international trade between the US and Bahrain continues to boom.

Last year bilateral trade between the two countries reached $2.19 billion, an increase of more than 12 per cent on the previous year, US Chamber of Commerce senior vice-president, international affairs, Daniel A Christman said yesterday.

He said the US chamber was planning a day of celebration with Bahrain delegates in the US in April to mark the importance of the trade ties between the two countries.

Mr Christman said that Bahrain was one of 14 countries that the US had free trade agreements with. "We look to markets like this to expands business," he said.

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Sukuk issue a success

2009-02-18T15:07:00.001+03:00

The Central Bank of Bahrain yesterday announced that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al Ijara, has been oversubscribed by 370 per cent.

Subscriptions worth BD18.5 million were received for the BD5m issue, which carries a maturity of 182 days.

The expected return on the issue, which begins tomorrow and matures on August 20, is 1.29pc. This is issue number 42 (BH000A0T90P6) of the short-term Sukuk Al Ijara series.

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Telecom firm wins Gabon mobile licence

2009-02-18T15:05:00.000+03:00

Bahrain-based Bintel yesterday announced that it has been awarded a 15-year mobile licence from Gabon's telecommunications regulatory authority Artel.

The firm becomes the fourth entrant into the African country's competitive mobile telephony market.

The company is expected to roll out its services in Gabon in the third quarter of this year.
With this award, Bintel estimates its initial investment this year in Gabon to be in excess of $50 million.

Bintel is licensed to provide the latest voice and data services to customers in Gabon.
Following the licence acquisition, Bintel has appointed industry veteran Gilles Villenaut as general manager for its Gabon operations.

To read more on GDN, click hereTelecom firm wins Gabon mobile licence
Bahrain-based Bintel yesterday announced that it has been awarded a 15-year mobile licence from Gabon's telecommunications regulatory authority Artel.
The firm becomes the fourth entrant into the African country's competitive mobile telephony market.
The company is expected to roll out its services in Gabon in the third quarter of this year.
With this award, Bintel estimates its initial investment this year in Gabon to be in excess of $50 million.
Bintel is licensed to provide the latest voice and data services to customers in Gabon.
Following the licence acquisition, Bintel has appointed industry veteran Gilles Villenaut as general manager for its Gabon operations.

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Batelco crosses major milestone

2008-10-26T10:49:00.000+03:00

Batelco has celebrated a major milestone with the launch of its 400th roaming agreement with an international telecom provider.

The company launched GPRS roaming on a bilateral basis with the second operator in Malaysia (DiGi).

The launch means that Batelco's mobile postpaid customers with GRPS/MMS enabled handsets can exchange pictures and video clips with their colleagues, family and friends and access the Internet directly from their mobiles while roaming in Malaysia.

Batelco also launched international roaming agreement with a new operator in Iran MTN.
Chief executive officer Peter Kaliaropoulos joined staff to mark the occasion at Batelco's Hamala headquarters.

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Zain launches new version of e-Go device

2008-10-06T10:59:00.001+03:00

Zain Bahrain has launched the latest version of its wireless USB modem e-Go.

"The plug-and-play device, which can be used on laptops or desktops to access the Internet, has compact, elegant and slim design and allows high-speed downloads," said company product innovations specialist Dalia Owaysi.

"It also has 8GB storage space which allows users to carry critical files, documents, images and songs wherever they go."

Product innovation manager Ali Rahimi said the company will keep investing and provide customers with the latest state-of-the-art technologies, products and services.

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Inflation eases in Saudi as money supply grows

2008-10-06T10:58:00.000+03:00

Annual growth in the Saudi money supply rose for the first time in three months in August but the Arab world's largest economy is beginning to feel strains of a liquidity squeeze, central bank data showed yesterday.Annual inflation eased off from a peak of at least 30 years to 10.9 per cent in August, compared to 11.1pc in July.

The annual growth of money supply, an indicator of future inflation, reached 21.8pc in August, up from 20.85pc in July, according to monthly data released by the Saudi Arabian Monetary Agency (SAMA).

M3, the broadest measure of money circulating in the economy, hit 885.77 billion riyals ($236.2bn) at the end of August, compared with 727.15bn riyals a year earlier, SAMA said.
Demand deposits, the largest component of M3, recorded a 1.95pc month-to-month fall in August, its strongest decline in at least a year and a second monthly drop in a row, to 342.31bn riyals, which was its lowest level since April of this year.

But time and savings deposits, the second largest single component of M3, climbed to 318.38bn riyals in August, up 4.6pc from July.

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Marina to showcase projects

2008-10-06T10:57:00.002+03:00

Marina West, Bahrain's first gated beachfront high-rise residential and lifestyle community, located on the kingdom's west coast, is taking part in Cityscape 2008 in Dubai.

The exhibition, the region's largest real estate investment and development event, opens today at Dubai International Exhibition Centre and runs until Thursday.

"Our success at Property Arabia - Bahrain has given us a strong momentum as we drive sales of Marina West in the region and we expect this momentum to continue with a successful showing at Cityscape," said Marina West managing director Mahmood Janahi.

"During Cityscape 2008, Marina West will offer more than 1,168 luxury apartments and penthouse suites through its 10 residential towers and more than 7,000 sq/m of the development will feature a full range of leisure, recreation, and entertainment facilities.

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Amwaj signs Otis deal

2008-06-30T11:55:00.000+03:00

Amwaj Gateway Development Company (AGDC) has signed a $1.5 million contract for the supply and installation of Otis elevators. This includes 23 elevators to be installed throughout the six 20 storey structures and is due for completion in March 2010.

AGDC, a subsidiary of RealCAPITA, awarded the contract to Jassim Al Zayani and Sons, agents for Otis elevators.

The superiority of Otis products provides an unbeatable 25-year lifecycle warranty at the most competitive value, a spokesman said.

AGDC is keen to continue working with Jassim Al Zayani and Sons towards the successful completion of the project.

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Six companies facing bourse clamp

2008-06-30T11:54:00.000+03:00

Six leading Bahrain-based companies have been warned that they will have their shares suspended on the Bahrain Stock Exchange (BSE) today if they do not provide it with details of their board of directors' meetings.

Under exchange rules companies are obliged to give details of meetings set to discuss quarterly financials five days before the end of each quarter.

The companies concerned are Gulf Monetary Group, Investcorp Bank, United Gulf Investment Corporation, Bahrain Duty Free Complex, Bahrain Maritime and Mercantile International and Banader Hotels Company.

This is in reference to non-compliance of Resolution No 49 2007-Article (2), issued by CBB governor, and mentioned in the Official Gazette on September 13, last year regarding listed companies' disclosure of board meetings.

The resolution requires the disclosure of the date of meeting set to discuss the financials of the company in respect to the concerned quarter, five days prior to the end of each quarter.

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Knight of BITE

2008-06-30T11:53:00.001+03:00

Magnum Holdings chairman Jamil Wafa, fourth from left, has been presented with "The Knight of BITE" award by the Bahrain International Travel Expo team. BITE has been the brainchild of Mr Wafa. He was presented with a Morano sculpture entitled "Jamil A Wafa, The knight of BITE", by Magnum Events and Exhibition Management chairman Hisham Al Baradie, left, in the presence of the BITE team.

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Ithmaar launches Naseej

2008-06-24T09:43:00.001+03:00

Bahrain-based Ithmaar Bank has successfully led a consortium of regional institutional investors to launch Naseej, a fully integrated infrastructure and real estate development company designed to meet the housing needs of the people of Bahrain. Naseej will service the entire value chain of the real estate and construction industry and usher in an era of change for the region's construction sector which is set to reap the benefits arising from the company's economies of scale.

It will cover the entire development, construction and real estate functions from importing building materials all the way to offering mortgages.

The bank has been planning the venture for more than a year and the development will include Naseej buying and manufacturing its own building materials and it plans to open a special deep water facility at Shaikh Khalifa port to allow large ships bring cement to Bahrain rather than have them arrive in lorries across the causeway.

The new company has an authorised capital of BD2 billion and paid-up capital of BD300 million, but Ithmaar Bank chairman Khalid Abdulla Janahi, said that it could raise a lot more money in the near future as the potential for the market was immense.

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BITE 2008 a sell out

2008-05-12T13:30:00.003+03:00

The Bahrain International Travel Expo (BITE 2008), opening on Wednesday evening, is a sell out, it was announced yesterday. About 120 exhibitors from 44 countries are taking part in the exhibition, which will be held under the patronage of Crown Prince, Deputy Supreme Commander and Economic Development Board chairman Shaikh Salman bin Hamad Al Khalifa, from Wednesday until Saturday.

The Crown Prince will inaugurate the expo at 5pm on Wednesday at Bahrain International Exhibition Centre.

Jamil Wafa, group chairman of Magnum Holdings, the parent company of Magnum Events and Exhibitions Management (Meem), the organisers of BITE, attributed the success of the event over the past four years to the patronage and support of the Crown Prince.

"When we first launched BITE four years ago, we started with 1,000 sq/m of space and 12,500 visitors," he told a Press conference at the InterContinental Regency Hotel yesterday.

"This year, it has grown to 8,000 sq/m and we are expecting approximately 20,000 visitors."
This year's exhibition has been scheduled from Thursday to Saturday to provide the convenience of the weekend and be more consumer-friendly, said Mr Wafa.

TO READ MY POST OF THE LAST YEAR, CLICK HERE

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$231m Sharia fund by Shamil Bank

2008-05-12T13:28:00.000+03:00

Bahrain-based Shamil Bank, Sharjah Islamic Bank and Swiss-based Faisal Private Bank yesterday launched 150 million euros ($231m) Sharia-compliant Central and Eastern European Real Estate Fund. It is open to more than 50 potential investors and was launched at a presentation at the Ritz-Carlton Bahrain, Hotel and Spa.
The fund, which takes diversified exposure on developmental and income generating real estate assets in Central and Eastern Europe, has a term of five years.
The presentation was the first leg of a GCC road show, which will then move to Oman, Abu Dhabi and Dubai.
Faisal Private Bank is the investment adviser of the fund, Sharjah Islamic Bank the lead sponsor, and Shamil Bank the sub-adviser and co-sponsor.
"We are very pleased with the response of the Bahrain market to this fund, which is aimed at an informed and sophisticated investor base with very particular demands and interests," said Faisal Private Bank head of investment banking Giovanni Perin.

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New Gulf Air Chairman

2008-04-30T15:32:00.001+03:00

Talal Al Zain, head of the Bahrain government's investment arm, was yesterday named as new chairman of Gulf Air. The chief executive officer of Bahrain Mumtalakat Holding Company replaces Mahmood Al Kooheji, who was appointed as Alba chairman earlier this month. Mr Alzain is joined on the airline's board by Lloyd Cromwell Griffiths, who was airline operations director at British Airways for 34 years.

Other directors are Jawad Habib Jawad, Adel Kanoo, Mustafa Al Sayed, Khalid Omar Al Romaihi and Mohammed Farouk Almoayyed. Gulf Air chief executive officer Bjšrn NŠf welcomed the appointment of Mr Alzain. "We look forward to a professional and successful relationship with Talal, who brings a wealth of knowledge and experience to help Gulf Air attain its rightful position," he said.

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United Gulf Bank net-income rises

2008-04-30T15:31:00.000+03:00

Bahrain-based United Gulf Bank (UGB) earned net income of $30.7 million in the first quarter of this year, an increase of 14 per cent over the same period last year. Net income of $115.5m included exceptional net gains of $88.4m on the sale of UGB's telecom assets as well as the sale of the investment in United Fisheries of Kuwait.

Total revenues reached $79.5m from $69.9m normalised revenues in the same period last year with strong contributions from investment and trading income, growing fees and commissions from assets under management, as well as healthy organic growth in commercial banking particularly in Algeria, Iraq, Jordan and Tunisia.

Operating income in the first quarter was $38m, up 14pc on normalised operating income of $33.3m in the same period last year.

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Mivan Depa wins Arcapita Contract

2008-04-30T15:29:00.001+03:00

Dubai-based contractor Mivan Depa has been awarded a $20.6 million fit-out contract for the new Arcapita Bank headquarters. It will be the first building to be erected in the Bahrain Bay Development complex.

The contract was awarded by Atkins and Nass, Murray and Roberts, and work is due for completion by May next year.

"We are delighted to have been awarded such a unique project," said Mivan Depa's general manager Paul Austin.

"We believe that the Arcapita Bank headquarters will be one of our biggest achievements. Mivan Depa is the company of choice for fast track and highly-technical themed contracting. Thanks to our international experience and strong foundation in the local market, we have now extended our operations to include Bahrain."

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Work on Seef tower to start

2008-02-28T11:56:00.004+03:00

WORK on a BD30 million 35-storey commercial tower is to start in Seef within two months, it was revealed yesterday. BFB Tower is developed by Bin Faqeeh Investment Company, which has signed an agreement with Landmark Bahrain for sales and marketing of the project. The tower will be located in Al Seef near the upcoming City Centre. Bin Faqeeh Developers have incorporated the latest advanced concepts in international high-rise design with twisted shape and curves creating a unique identity for the project.

The base floor covers an area of 778sqm dedicated for showrooms, and 28 floors are for offices. Each floor is a signatured office, with sizes ranging from 472 to 564sqm.

BFB Tower chairman Faisal Abdul Waheed Mohammed Faqeeh said full-scale construction of the tower would start in April this year, and it is expected to be completed within 24 months.

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Population Explosion!

2008-02-28T11:55:00.000+03:00

Bahrain's expatriate population almost doubled last year thanks to a major influx of manpower, according to figures from the Central Bank of Bahrain (CBB). The Economic Indicators report released yesterday showed the country's population reached 1,046,814 last year, 41 per cent up on 2006.

The annual population growth among non-Bahrainis jumped to 82.5pc last year.
The population growth figure amongst Bahrainis also rose dramatically, from 2.3pc in 2006 to 15.3pc last year. Bahrain's population is now estimated at 529,446 Bahrainis and 517,368 expatriates.

This compares to 459,012 Bahrainis and 283,549 expatriates in 2006.

The CBB figures come only weeks after a call went out for Cabinet Affairs Minister Shaikh Ahmed bin Ateyetala, who is also responsible for the Central Informatics Organisation, to be sacked or resign in a row about Bahrain's rocketing population.

He had told parliament on February 6 that the population had crossed the one million mark.

Batelco to launch 3G on National Day

2007-12-13T11:58:00.000+03:00

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

2007-12-13T11:57:00.000+03:00

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

2007-12-13T11:55:00.000+03:00

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

2007-12-13T11:54:00.000+03:00

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

2007-12-13T11:48:00.000+03:00

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

2007-12-11T14:50:00.002+03:00

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

2007-12-11T14:50:00.001+03:00

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

2007-12-11T14:49:00.000+03:00

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

2007-12-11T14:48:00.000+03:00

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'

2007-12-11T14:47:00.002+03:00

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

2007-12-11T14:47:00.001+03:00

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

2007-12-11T14:46:00.001+03:00

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

2007-12-11T14:45:00.002+03:00

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

2007-12-11T14:45:00.001+03:00

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

2007-12-11T14:43:00.000+03:00

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

2007-12-11T14:42:00.000+03:00

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.

To read more on GDN, Click here

AUB wins award for performance

2007-12-11T14:41:00.000+03:00

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.

To read more on GDN, Click here

Sakana eyes growth as mortgages hit BD27m

2007-12-11T14:40:00.000+03:00

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.

To read more on GDN Click here

Investcorp a success story

2007-12-11T14:39:00.000+03:00

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.

To read more on GDN Click here

Ernst & Young wins Top award

2007-12-11T14:38:00.000+03:00

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

2007-12-11T14:30:00.000+03:00

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.

To read more on GDN Click here

Durrat unveils new island-style brand

2007-12-11T14:25:00.000+03:00

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

To read more on GDN click here

Zain to raise $4.4 bn for expansion

2007-12-11T14:24:00.001+03:00

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.

To read more on GDN click here

Oriental Press - $28m expansion plans

2007-12-11T14:23:00.001+03:00

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.

To read more on GDN click here

Firms post 45pc rise in profits

2007-12-11T14:22:00.001+03:00

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.

To read more on GDN, click here

Zain buys Orascom's Iraq unit for $1.2bn

2007-12-11T14:21:00.000+03:00

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."

To read more on GDN, click herehttp://www.gulf-daily-news.com/1yr_arc_Articles.asp?Article=201724&Sn=BUSI&IssueID=30257&date=12-2-2007

Minimum wage plan praised

2007-12-11T14:20:00.000+03:00

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.

To read more on GDN, click here

Banks Warned on Dollar-pegged dinar

2007-12-11T14:18:00.000+03:00

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.

To read more on GDN, click here

Ithmaar sets course for major expansion

2007-12-11T14:17:00.000+03:00

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.

To read more on GDN click here

BIPEX show attracts visitors

2007-12-11T14:15:00.000+03:00

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."

To read more on GDN click here

DHL's regional HO to Bahrain

2007-12-11T14:13:00.000+03:00

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.

To read more on GDN click here

'Symbolic' strike by Bapco 15

2007-12-11T14:12:00.002+03:00

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.

To read more on GDN click here

Top award for Kanoo

2007-12-11T14:12:00.001+03:00

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.

To read more on GDN, click here

Investcorp may fund 80 Gulf companies

2007-12-11T14:11:00.001+03:00

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.

To read more on GDN, Click here

Hydraulics firm in Bahrain venture

2007-12-11T14:09:00.000+03:00

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.

To read more on GDN, Click here

BAHRAIN AIR LAUNCHED

2007-11-25T13:21:00.000+03:00

Bahrain's second national carrier Bahrain Air will start operations on January 17, it was revealed yesterday.The low-cost airline, which also offers business class, will use a modern Airbus A320 fleet - with 12 seats in business and 150 in economy.It will initially fly on Bahrain, Dubai, Mashad, Beirut and Alexandria routes.

"Bahrain Air is proud to announce itself as a competitive, premium low price carrier, which will provide its customers with the highest levels of service and reliability," said airline chairman Shaikh Mohammed bin Abdulla Al Khalifa announcing the launch.

"The new airline aims to play a major role in linking Bahrain, the financial centre of the Middle East, with the business community in the region by providing economical and fast point-to-point air service," said Shaikh Mohammed, who is BDF's former chief-of-staff.

To read more on Gulf Daily News, click here

Banyan Tree among top 100

2007-11-25T13:14:00.000+03:00

Banyan Tree Desert Spa and Resort, in Al Areen, has been named to the Top 100 Desert Resorts Worldwide annual list by the Italian high-profile Resorts Web Magazine, it was announced yesterday.

The property was selected based on evaluations of the top 100 resorts.

The factors and criteria used to compile the list include natural setting, design, service, cuisine, space, silence, view and villa furnishing.

Particular attention was placed on health hypo-caloric foods on the menu, spaces for sports activities and the spa.

The magazine ranked the resort 31st in the World's Top 100 Resorts 2007 list.

There are only seven resorts in the Middle East region included in the list and Banyan Tree Al Areen is the only listed resort in Bahrain.

TELECOM BOOM IN BAHRAIN

2007-11-25T13:13:00.000+03:00

Bahrain has one of the fastest growing telecom markets in the world, according to the country's telecom regulator. The sector saw revenues rocket by 74 per cent between 2003 and last year, creating 28pc more jobs over the three-year period, according to figures released by the Telecommunications Regulatory Authority (TRA).

From a base of just under £194 million in 2003, the industry generated over £342m in 2006, while employment figures rose from 1,808 in 2003 to 2,322 in the first quarter of 2007.

More than half of Bahraini households now have access to the Internet, with two thirds holding fixed telephone lines.

The TRA statistics also found that 99pc of households include at least one person with mobile phone access and individual mobile subscriptions exceeded 800,000 last year, more than double the 300,000 subscriptions four years previously.

To read more on Gulf Daily News, click here

Sakana launches property sale

2007-11-25T13:12:00.000+03:00

Sakana Holistic Housing Solutions has moved into property consultancy. At the launch of its Nasmah high-rise residential building in Juffair, a total of 85 per cent of the apartments, worth more than $16 million, were reserved. Sakana's customer advisers were on hand at the event to provide full details of the apartments and attractive mortgage finance packages available to the first group of buyers.

Starting from BD50,000, prices are set at a level which will allow many people to enter the property market while providing quality accommodation with all the facilities expected from a mid-range apartment.

To read more on Gulf Daily News, click here

Kanoo IT to offer Nortel solutions

2007-11-25T13:11:00.000+03:00

Kanoo Information Technology (Kanoo IT) has completed the required certifications to achieve the Nortel small and medium business (SMB) reseller status in Bahrain.

The information communication technology solution provider will now be able to offer Nortel SMB Voice and SMB Data solutions to its end customers in Bahrain.

Kanoo IT will source Nortel SMB product portfolio through Nortel distributors.

The product portfolio includes SMB voice and SMB data products. Voice products include Nortel Business Communication Manager Offering Nortel Digital and IP Telephony Solution with a variety of Business Series Phones, Intelligent Contact Centre and other products.

To read more on Gulf Daily News, click here

GFH to invest $2bn in India

2007-11-25T13:10:00.000+03:00

Gulf Finance House (GFH) is investing over $2 billion in a greenfield project in Bombay.
The site is close to New Bombay, near the Indian commercial capital's airport.

GFH has raised $630 million from investors across the GCC as equity to fund the infrastructure development of Energy City India, making it the most successful equity raising in the investment bank's history.

The issue was oversubscribed by almost 60 per cent and proceeds will go towards the initial development and infrastructure requirements of the project.

GFH exhibited the project amongst other infrastructure development initiatives at an international property investment and development exhibition and conference, Cityscape India, which ended yesterday at the Bombay Exhibition Centre in Bombay.

To read more on Gulf Daily News, click here

Tender Board operations online

2007-11-25T13:09:00.001+03:00

People from around the world will be able to watch live the Tender Board's operations by the end of the year. Opening of bids at the Tender Board office can be watched live on the board's website (www.bahraintenders.com) starting late next month, said Oil and Gas Affairs Minister and Tender Board chairman Dr Abdulhussain Mirza.

"This is part of our ongoing programme to make our operations most transparent," he told the GDN.

"There is a large increase in numbers and values of tenders awarded by the Tender Board year on year.

"This reflects an increase in the numbers of government projects and also the increase in the confidence and credibility of the Tender Board, because it has established itself as a very transparent, fair and trustworthy board."

The board has already increased the quality of its website, making it more interactive, said Dr Mirza.

"People can ask questions on the website and our team will clarify their doubts," he added.

"From next month, when we open bids every week, people from around the world can watch it.

"The new step will further enhance our reputation as a very transparent body."

Dr Mirza said the board received the ISO 9000 quality certificate this year.

To read more on Gulf Daily News, click here

Telecom sector - 74pc growth

2007-11-25T13:05:00.000+03:00

The telecoms sector in Bahrain has seen 30 per cent growth in employment and 74pc in the market since liberalisation. The announcement was made yesterday by the Telecommunications Regulatory Authority (TRA) general manager Alan Horne at the Bahrain British Business Forum (BBBF) attended by over 90 business people.

"The Bahraini telecommunications market is going down a road many other countries have gone before," Mr Horne said.

"By increasing the availability of alternative operators we can benefit business sectors by offering select services that are directed specifically to customers' needs.

"Although the market is competitive in the region our plan of introducing cutting-edge technology at internationally competitive prices is making Bahrain increasingly more attractive to foreign companies.

"We expect the standard of high quality broadband to lead to an exodus of regional and international companies coming to Bahrain due to the ease of business as we begin to provide wireless access and full connectivity across the nation."

To read more on Gulf Daily News, click here

Bapco signs oil spill accord

2007-11-25T13:03:00.000+03:00

Bapco has signed a five-year deal with the world's largest oil spill response organisation.

The alliance mobilisation agreement with OSRL/EARL (Oil Spill Response Limited and East Asia Response Limited) was signed by Bapco chief executive Dr Mustafa Al Sayed and OSRL/EARL chief executive Archie Smith.

OSRL has chosen Bahrain as its Middle East regional hub due to the high volume of crude oil shipping in the Gulf and Bahrain's central location and accommodating business environment.

To read more on Gulf Daily News, please click here

MacDonald on MONDAY.

2007-11-19T13:07:00.003+03:00

Arthur MacDonald edits the Business pages of Gulf Daily News and gives his opinion in his column, every monday. His clear analytical business perspectives and his sense of humour in some of them, are very interesting to read.

Here's are the links - to his OPINIONS - and I will be adding to these as he writes:

----------------------------------------------------
12-May-2008
Economics and Football
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28-Apr-2008
Forex Trading - A Conference in Bahrain
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21-Apr-2008
Gordon Brown's US visit & UK's Economy
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25-Feb-2008
On US Elections and World Economy
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11-Feb-2008
On Keynes, Marx and Economics
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10-Dec-2007
Bahrain and E-Commerce
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3-Dec-2007
GCC Currencies and Dollar-Pegged Dinar
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26-Nov-2007
Oil Prices and Oil Industry
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19-Nov-2007
Breaking the dollar peg
----------------------------------------------------

.......

Six new eye-clinics for Salmaniya

2007-11-15T15:25:00.000+03:00

...

Six new eye clinics will be set up at the Salmaniya Medical Complex (SMC) at a cost of BD170,000, it was announced yesterday.

'Two of the clinics will be exclusively for children,' said Health Ministry assistant under-secretary for hospitals Dr Abdul Hai Al Awadhi.

'In addition, a three-storey filing and archiving department is being set up at a cost of BD600,000, plans for which have been approved,' he said.

Dr Al Awadhi was speaking at a Press conference on a charity concert to be held by renowned Indian musician and 2006 Grammy nominee Zakir Hussain in Bahrain on December 6.

The show is being organised by Standard Chartered Bank (SCB) Bahrain, as part of fundraising efforts for its Seeing is Believing campaign, which aims to help restore the sight of individuals around the world.

To read more on Trade Arabia, click here

Jewellery Arabia 2007 in Manama

2007-11-15T15:16:00.001+03:00

LOCAL gold, pearl and jewellery merchants are being given extra help to showcase their craftsmanship at this year's Jewellery Arabia.The Industry and Commerce Ministry has allocated 300sqm of space to young Bahrain dealers at half price to encourage small businesses to participate.

More than 15 Bahrain gold, pearl and jewellery merchants and about the same number of local agents are participating in the exhibition.

Bahrain Chamber of Commerce and Industry (BCCI) board members and Gold, Pearl and Jewellery chairman Dr Ahmed Jassim Al Tahoo said it was vital Bahrain's small businesses were supported, especially with the soaring price of gold.

He said Bahrain's goldsmiths and pearl merchants were responsible for producing some of the finest pieces of jewellery in the world.

To read more on Gulf Daily News, Click here

Tennis legend Boris Becker at Riffa Views

2007-11-15T15:15:00.002+03:00

Tennis legend Boris Becker begins a three-day visit to Bahrain today.The three-times Wimbledon champion will start his engagements by meeting staff at Riffa Views and follow up by opening the Riffa Views Golf and Leisure Shop at the Country Mall, Budaiya.

He will later attend a reception at the German Ambassador's house and have dinner with Arcapita chief executive officer Atif Abdulmalik.

To read more on Gulf Daily News, Click here

Firm to promote $1bn Durrat project

2007-11-15T15:15:00.001+03:00

Marina Durrat Al Bahrain has appointed O2 Marketing Communications to promote the $1.3 billion real estate project.

Marina Durrat Al Bahrain is being developed jointly by the Alkhaleej Development Company (Tameer), which owns 60 per cent of the project and Durrat Al Bahrain which owns the remaining 40pc of the stakes.

The project, which has been planned to be the most beautiful and luxurious marina in the Gulf region, will have all kinds of state-of-the-art equipment and luxuriess.

To read more on Gulf Daily News, Click here

$375bn telcom expansion on way

2007-11-15T15:14:00.001+03:00

GCC countries are expected to spend up to a staggering $375 billion on the expansion of telecommunications over the next decade.

Current and active civil engineering and infrastructure projects of all kinds in the GCC countries have a combined value of $1.3 trillion alone, according to research company Proleads.

An estimated 25 per cent of the multi-billion dollar GCC infrastructure development budgets will be spent on expanding telecommunications, according to the organisers of the Second Middle East International Communications Exhibition and Conference (Mecom 2008) which takes place from May 26 to 28 at the Abu Dhabi National Exhibition Centre.

Mecom is the region's premier dedicated exhibition for the telecommunications industry showcasing the best in hardware, software and services related to this dynamic industry sector.

To read more on Gulf Daily News, Click here

Accord to run Labour Fund project

2007-11-15T15:13:00.001+03:00

The Labour Fund yesterday signed a four-year BD560,000 contract with a leading international consultancy to run the day-to-day operations of its Enterprise Development Support (EDS) project.

Talal Abu-Ghazaleh International, (TAGCO) a firm with 60 offices across the Middle East and North Africa, was selected from six respondents to take on the work.

"The decision to outsource the EDS programme stemmed from the tremendous positive response generated from the small to medium-seized enterprises (SMEs)," said Labour Fund acting chief executive Abdulellah Al Qassimi.

"Since we did not want to create any red tape barriers or delays, we felt the best way forward would be to select an outside agency to manage the project under the Labour Fund's supervision."

Under the deal TAGCO, as the EDS Agency (EDSA), will streamline the programme so that applicants from the private sector, especially SMEs will get a swift and effective response to their applications.

To read more on Gulf Daily News, Click here

GULF AIR Shares for public?

2007-11-15T15:12:00.000+03:00

Gulf Air is talking to planemakers to renew its entire fleet of 35 aircraft, and is considering selling a majority stake, the chairman said yesterday.

The airline, which said it was making losses of more than $600,000 (BD225,892) a day, may sell shares to the public as early as next year, or sell a stake to other airlines or investors.

The company also said it was in talks with US planemaker Boeing and European rival Airbus to renew its fleet within the next few weeks.

"We don't want the government to be a dominant shareholder," chairman Mahmood Al Kooheji said at the Dubai airshow, clarifying more than 50 per cent of the firm would be on offer.

To read more on Gulf Daily News, Click here

Batelco eyes high-tech edge

2007-11-15T15:10:00.000+03:00

Batelco's implementation of next-generation-network (NGN) in Bahrain will make it pioneers in cutting-edge technology globally.

The company said that its close ties to the Bahraini government will aid it in creating a nationwide infrastructure that will deliver a converged network unlike any other in the region.

"Our goal is to stay ahead of demand in terms of technology," Batelco networks and technology general manager Ebrahim Abdulla Zainal told the GDN.

"Our systems are designed and engineered by local talent as we have an incredibly high level of Bahrainisation.

"We were the first to deploy customer-to-core end-to-end services in the region and are currently migrating our entire hardline voice network to an Internet Protocol (IP) network which will allow multi-services such as voice, video and high speed internet.

To read more on Gulf Daily News, Click here

Hospitality boom

2007-11-12T11:34:00.001+03:00

Bahrain is about to experience hotels boom, Tourism Affairs assistant under-secretary Fawzi Tolefat said yesterday.

He said that the kingdom could get another Movenpick hotel with other brands like Rezidor also looking to enter the country.

Speaking on the sidelines of a presentation on the potential for growth in Bahrain's convention and incentive travel business, he said new hotels would be developed near the Bahrain International Circuit and in Seef area.

He claimed that more than 18 new hotels would be under construction including four to five 5-Star properties.

"This would be good news for employment as a high proportion of these jobs would go to Bahranis," Mr Tolefat said.

Read More on Gulf Daily News by clicking here

CBB's deal with Luxembourg watchdog

2007-11-12T11:32:00.000+03:00

The Central Bank of Bahrain (CBB) has signed a memorandum of understanding (MoU) with Luxembourg's financial institutions regulatory authority.

The MoU between the CBB and the Commission de Surveillance du Secteur Financier (CSSF) establishes a general framework for mutual co-operation and assistance between the CBB and the CSSF.

It was signed in Luxembourg by CBB deputy governor Anwar Khalifa Al Sadah and CSSF director general Jean-Nicolas Schaus.

"In an era of globalisation and increasing complexity of financial services, co-operation among financial regulators and supervisors has become critical," said Al Sadah. "Co-operation between regulators is a foundation of effective supervision and I am delighted that our excellent relationship with the CSSF has been further reinforced by this agreement."

The CBB is an active participant in the global community of regulators and supervisors and the MoU with the CSSF further reinforces CBB's commitment to forging and maintaining its international links.

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Banking sector rises 4.6pc

2007-11-12T11:31:00.000+03:00

The consolidated balance sheet of the banking system in Bahrain, increased by 4.6 per cent or $9.7 billion to reach $222.4bn at the end of September compared with $212.7bn at the end of June.

The balance sheet has increased by 32.1pc in the past 12 months according to the Cental Bank of Bahrain's Quarterly Statistical Bulletin.

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BD95m Abraj Al Lulu work ahead

2007-11-12T11:29:00.000+03:00

Pearl Development and Real Estate Company announced yesterday that the construction work at the landmark BD95 million Abraj Al Lulu project is progressing ahead of schedule with the completion of more than 50 per cent of the finishing work.

With the structural work nearing completion, the project has completed eight million man-hours, said Dadabhai Construction director Pranay Thacker.

"It gives us great pleasure to announce this achievement which validates our commitment in providing all our stakeholders with world-class quality on time," he said.

"Having concluded over 50 per cent of the finishing work, eight million man-hours and the project nearing structural work completion of the three towers, we are now way ahead of schedule.

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Albaraka Banking Group profit up 94pc

2007-11-12T11:28:00.000+03:00

Albaraka Banking Group (ABG) yesterday announced strong growth in operating income and operations during the first nine months of this year.

Net profits increased by 94 per cent, total assets by 25pc, equity by 25pc and total operating income by 34pc as per an announcement made by the group.

"The results reflect the success of the key strategies being implemented by the group, which aim to maximise benefits from business dealings between the units of the group," ABG said.

"The results show that the group's total operating income increased by 34pc to reach $311 million for the first nine months of this year compared to $232m for the first nine months of last year.

"All the components of these profits registered noticeable increases especially Islamic financing and investment activities."

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Empowering youth for 'Economic growth

2007-11-12T11:27:00.000+03:00

Entrepreneurship, education and youth development along with a better dialogue with the West are the key to rapid economic growth.

That was the message yesterday on the opening day of the Young Arab Leaders (YAL) Forum, which is holding its third annual event at the Ritz-Carlton Bahrain, Hotel and Spa.

"The main challenges facing us are the creation of a platform for entrepreneurship, education and youth development, said YAL chairman Fahed Al Qahtani.

"We are looking at growth for the next decade," said Al Qahtani, who is also a senior executive with Dubai-based Tatweer. "There is a uniqueness in countries across the Arab world which we must build on we must use bringing together the skills of our neighbours. We must look at innovation and science that we can bring together across the region," he said.

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BankMuscat International - $9 m gain

2007-11-12T11:24:00.000+03:00

Bahrain-based BankMuscat International (BMI) yesterday announced a net profit of $8.7 million (BD3.3m) for the nine months ended 30 September.

Total assets stood at $1,079m, a growth of 12 per cent from the $960m reported at the end of last year.

Return on equity for the period stood at 13.2pc, while earnings per share was 0.51 cents (0.191 fils)

"The nine-month results for BMI continue to show strong performance," said BMI chief executive officer Andrew Bainbridge.

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Exhibition industry 'to boost GDP by 10pc'

2007-11-08T14:47:00.000+03:00

Bahrain's conventions and exhibitions sector is expected to contribute 10 per cent to the nation's gross domestic product, Industry and Commerce Minister Dr Hassan Fakhro said yesterday.
Figures issued by the Bahrain Exhibition and Convention Authority (Beca) have estimated inbound visitor spending directly from exhibitions and conventions will total $19 million this year, $34.8m next year and $36.7m in 2009.

"We are expecting to command a larger presence in the region concerning conventions and exhibitions," Dr Fakhro said.

"We are seeing a widening in the range of events held and an increase in the number of requests from organisers wanting to hold events which implies an increased level of tourism in Bahrain.

"Although the Bahrain International Exhibition Centre (BIEC) is the smallest venue in the Gulf we are competing heavily within the region and the main factors of this include the friendliness Bahrain is known for, as well as the easy access to the Saudi Arabian market,' Dr Fakhro said.

"We have seen a growth of 111 per cent in the number of requests for conference space this year, as well as a growth of 42pc next year and 16pc in 2009.

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ABC Bank's profit up by 235pc

2007-11-08T14:44:00.000+03:00

Bahrain-based ABC Islamic Bank posted a net profit of $14.4 million for the year to the end of September. This was an increase of 235 per cent over the net profit of $4.3m for the comparable period last year.

Total operating income reached $17.9m against $7.9m for the same period last year.
Net margin income at $11.2m was 115pc higher than the $5.2m for the same period last year as a result of an increase in all asset categories. Other fees and commission income totalled $6.7m, up from $2.6m.

The bank's total assets amounted to $1,389m up from $823m, with an increase in non-trading investments which stood at $380m against $267m, mainly in sukuks.

Murabaha and Ijara assets increased to $990m from $546m as the lending portfolio continued to grow to meet customer demand.

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GOSI - PFC Merger?

2007-11-06T13:49:00.000+03:00

MERGING Bahrain's two pension funds will protect them from bankruptcy for 50 years, Labour Minister Dr Majeed Al Alawi revealed yesterday.

He said the lifespan could be even further extended if the new Pension Funds Authority invests properly.

An earlier study predicted that the General Organisation for Social Insurance (Gosi), which covers private sector workers and the Pension Fund Commission (PFC), which covers government employees, would go bankrupt by 2032.

"The merger is healthy and will ensure better benefits to employees, whether in the private or government sectors," said Dr Al Alawi told the Shura Council yesterday.

"Everyone knows that the existence of two funds in the first place was wrong, but things are set to change with the formation of the new authority.

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Gulf Air - the flagship airline now

2007-11-06T13:45:00.000+03:00

Gulf Air officially became Bahrain's national carrier at midnight yesterday.

Six months after Bahrain agreed to buy Oman's stake in the region's longest-serving airline, it now has 100 per cent control of the company which has been flying from the kingdom for 57 years.

"From today Gulf Air is now the national carrier of Bahrain," a spokesman said.

"This is in accordance with the articles of association agreed on by the owners and we would like to thank Oman for its support.

"There is no doubt this is an historic moment for Gulf Air."

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IIB's $130m share-offer doubles capital

2007-11-06T13:43:00.000+03:00

Bahrain-based International Investment Bank (IIB) plans to double its capital through a share offering to raise $130 million.

The company will raise $57m through a two-to-one rights issue of 27m shares and $73m through 30m shares offered to individuals and companies in the GCC.

The IIB extraordinary general meeting (EGM) at the Ritz-Carlton Bahran, Hotel and Spa yesterday announced the acquisition of an equity stake of 49pc in Azerbaijan-based 'Amrah Bank'. It also announced the development of two office towers in Abu Dhabi at a cost of $200m, the acquisition of three commercial properties in Germany valued at $105m and an investment of $15m for the construction of a steel factory in Bahrain.

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Alba is fair, say officials

2007-11-06T13:42:00.000+03:00

Alba effectively threw open its books yesterday, declaring it has nothing to hide.

It has invited MPs to discuss allegations of irregularities made following the release of the National Audit Court report for last year.

Alba is a clean company with nothing to hide and is rectifying any mistakes highlighted in the report, it declared in a statement released yesterday.

It says the report, produced after six months of intensive auditing, included "valuable observations to help amend any loopholes in the existing practised systems".

These are being acted on and the company has invited parliament chairman Khalifa Al Dhahrani and MPs to the plant to discuss the report and its implications, the statement said.

The company says it is tightening up on payment collections from customers, marketing procedures, overtime limits and payment systems, housing loans and allowances for staff and scholarships for their children, following the report.

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BIsB to open five branches

2007-11-06T13:39:00.000+03:00

Bahrain Islamic Bank (BIsB) yesterday unveiled plans to open five new branches in Bahrain.
The announcement was made by BIsB chairman Khalid Abdulla Al Bassam at the Ritz-Carlton Bahrain, Hotel and Spa.

The event also marked the launching of a new brand identity designed to reflect expansion in the company.

Also present at the inauguration of the new branding was, BIsB chief executive Mohammed Ebrahim Mohammed and BIsB managing director Nabil Ahmed Mohammed Ameen.

"Bahrain Islamic Bank now inhabits an increasingly competitive environment where customer expectations are even higher," Mr Al Bassam said.

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Asry official 'in the dock'

2007-10-04T11:31:00.001+03:00

ASRY directors meet today to decide whether to prosecute a senior Bahraini executive suspended over alleged financial irregularities.

A senior Arab official at the shipyard has also been remanded in custody for a further month, as the Public Prosecution probe allegations that he cheated the company out of around BD40,000.
He was arrested 10 days ago, while the Bahraini official has been questioned by the Asry board since returning from leave abroad on September 26.

Sources said directors would meet today to decide whether to refer him to the Public Prosecution.

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Businessmen rap expat residency cap

2007-10-04T11:30:00.001+03:00

BAHRAIN'S business community has strongly rejected the proposed six-year residence cap on expatriate workers in the Gulf.

The proposal, backed by Labour Minister Dr Majeed Al Alawi, is to be discussed at the 28th GCC summit scheduled to be held in Doha, Qatar, in December.

Under the proposal, expat workers could only be allowed to live in the GCC for a maximum of six years.

Dr Al Alawi said earlier that the cap was necessary to preserve the identity of the Gulf, which he says is being diluted by foreign workers.

But the move would have a negative impact on the Gulf's economy, said Bahrain Chamber of Commerce and Industry (BCCI) chairman Dr Esam Fakhro.

"We had expressed our concern last year when the Labour Minister made a similar proposal," he told the GDN.

"We have taken up the issue with the Federation of Chambers of Commerce and Industry in the GCC.

"We strongly believe that putting a limitation across-the-board on the expatriates' stay in the Gulf will only prove an impediment to the GCC's growth."

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Bahrain banks arrange $480m Egypt loan

2007-10-04T11:29:00.000+03:00

Bahraini lenders Ahli United Bank (AUB) and Arab Banking Corporation (ABC) have arranged a $480 million debt facility for a port project in Egypt, the two banks said yesterday.

The banks will each contribute 50 per cent of the new facility, signed with Damietta International Port Company (Dipco), which will be used to finance the development of a new container terminal within the Port of Damietta 70km west of the Suez Canal.

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McAfee appoints Bahrain partner

2007-10-04T11:28:00.002+03:00

Security technology company McAfee has appointed Zayani Computer Systems as the new premium enterprise partner for Bahrain.

Zayani Computer Systems will be responsible for promoting and selling the complete range of McAfee's digital security solutions for corporate markets across Bahrain.

The Bahrain firm will offer McAfee's extensive security solutions range from Anti-Virus, Anti-Spyware to Mobile Security, as well as Vulnerability Management and Network Intrusion Prevention solutions for both the small and medium sized businesses and enterprise sectors.

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$2bn ICICI bond note a big draw

2007-10-04T11:28:00.001+03:00

India's ICICI Bank yesterday announced it has successfully priced a benchmark five-year fixed rate international bond note of $2 billion through its Bahrain branch.

The offering had a $6.05bn order book with strong interest from more than 250 investors.
The bank said interest came from a wide geographical spread of investors with 43 per cent of the notes sold into the US, 37pc into Asia and Europe contributed for about 16pc.

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Microsoft distributor named

2007-10-04T11:27:00.001+03:00

Bahrain-based Kanoo Information Technology has been appointed as an official Microsoft Original Equipment Manufacturer (OEM) local distributor in Bahrain.

Kanoo Information Technology will be responsible for steering the reseller business, increasing OEM product revenue, and helping with the development of the local Bahrain market.

The appointment comes as part of Microsoft's efforts to expand the OEM business.

It is one of the core initiatives that Microsoft Gulf's OEM division has been focusing on this year in an effort to develop the local markets in Bahrain, the UAE, Oman, Qatar, and Kuwait.

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Bapco first in Business Excellence

2007-10-04T11:22:00.000+03:00

Bapco has achieved a world first by winning a top award from the US National Safety Council (NSC). It will be the first recipient outside North America of NSC's Robert W Campbell Award for its business excellence through safety, health and environment management. Company officials will accept the award on October 15, during the NSC's 95th Annual Congress and Expo, in Chicago.

The award is "an honour to be proud of", Oil and Gas Affairs Minister and Bapco chairman Dr Abdulhussein Mirza said yesterday.

"It reflects the impressive hard work, well-organised and committed management. The award has been granted to Bapco as a result of patient, efficient and sustainable efforts of the entire Bapco family," said Dr Mirza, who is also chairman of the National Oil and Gas Authority.

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Al Hidaya wins $25m Real Capita project

2007-10-04T11:21:00.000+03:00

Bahrain-based RealCapita has awarded the main contract for the construction of a $25 million high-end villa project in Al Jasra. The deal for the RealGardens project was awarded to Bahrain-based Al Hidaya Constructions.

"We are pleased to announce the second joint venture with Al Hidaya, reflecting the common vision and the full commitment of both sides to develop at the highest quality and standard," RealCapita vice-chairman and president Mohammed Al Tawash said.

"RealGardens is one of RealCapita signature projects, which will change the face of urban north-west region of Bahrain, as it is considered one of the finest residential areas in the kingdom.

"We will work to create an integrated society that combines upmarket housing units and facilities and vast green spaces, covering most of the project area and within an exclusive gated society to ensure security and privacy," he said.

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Workforce issues : Labour Fund & Nass

2007-10-04T11:20:00.000+03:00

The difficulties faced by the construction sector were discussed yesterday at a meeting between the Labour Fund and Nass Corporation. Board members and executive management of the Labour Fund and the management of Nass Corporation also discussed the construction sector's efforts to recruit members of the national workforce.

The meeting was part of a series of meetings between the Fund officials and the representatives of the construction sector.

Minister of State for Foreign Affairs and Fund Chairman Dr Nezar Al Baharna and Nass Corporation managing director Sameer Nass led their respective delegations.

During the meeting, Dr Al Baharna underlined the Fund's long-term objectives on achieving a prosperous future and economy for the Bahraini workforce and enhancing productivity of the private sector.

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Bahrain launches e-tendering project

2007-10-02T13:27:00.001+03:00

Bahrain's Tender Board yesterday launched an e-tendering project to integrate the kingdom's ministries and business community. Al Nader Information Technology along with US-based firm VARStreet and Mastek will create the online system to manage all tenders and government purchases, as well as improve communication with contractors and suppliers.

"The Tender Board has implement the VARStreet solution to provide a centralised online system," Tender Board chairman Dr Abdulhussein Mirza said .

"The system will streamline the tendering process, provide greater transparency, better procurement practices and higher levels of service to various ministries in their tendering process," he said.

The project is expected to be completed in six months, the board said.

The board's move towards a central e-tendering system is to strengthen the transparency and fair competition that it advocates.

The adoption is an important element of the planned introduction of an e-government in the kingdom.

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First Bahrain and $22m logistics facility

2007-10-02T13:26:00.001+03:00

First Bahrain Real Estate Development Company has announced plans to build a $22 million warehousing and logistics facility at the Bahrain Investment Wharf (BIW). The agreement to lease the land for the facility at BIW was signed between First Bahrain general manager Amin A Al Arrayed and Bahrain Investment Wharf chairman Ahmed Al Qattan.

The signing ceremony was attended by BIW chief executive officer Muhannad Al Durrah and First Bahrain's head of investments Mounther H Al Sabbagh. The development will meet the increasing demand from small and medium enterprises (SMEs) for comprehensive modern warehousing and logistics facilities for the operation and growth of their businesses.

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EDB to help ZAIN relocate

2007-10-02T13:24:00.000+03:00

EDB to help ZAIN relocate The Economic Development Board (EDB) yesterday welcomed telecom operator Zain International following the firm's decision to make Bahrain as its global headquarters.
The EDB will also create a specialist unit to assist Zain in its relocation and to ensure the move takes place smoothly, it said.

"The EDB is pleased that Zain International has chosen Bahrain as the home of its global headquarters. The move is a natural fit for both Bahrain and Zain," said EDB chief executive Shaikh Mohammed bin Isa Al Khalifa.

"The kingdom is perfectly placed to host such a high-profile and successful company.
"We are currently working closely with both the public and private sectors to improve economic opportunities to the advantage of all," he said.

Zain International chief executive Dr Saad Al Barrak said the firm's move to Bahrain - expected to be completed in January next year - is a vote of confidence for the kingdom's economy.

"This is an important decision for Zain. Our evolving needs to set up and centralise our international operations required a location that can support our demanding and growing logistic needs.

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