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#1 ·
Hi, well this is FDI for you, and this time it's in the form of a nuts factory, enjoy:


BD1m factory to be set up
By SOMAN BABY


AN American businesswoman and an Indian business tycoon are to join hands with a Bahraini group to set up a nut-processing factory in Bahrain.

Dr Peni Kangas, who hails from a Bulgarian royal family and is currently involved in oil drilling, software and trading businesses in Miami, US, and Beta Group chairman Rajmohan Pillai, also known as the "Cashew King" of Kerala, have finalised a joint venture agreement with a leading Bahraini business group.

Dr Kangas, wife of famous American TV presenter Paul Kangas, represents the Beta brands of processed nuts and dry fruits in the US.

"We are proud to enter into a business venture in Bahrain, which is the financial centre of the Middle East," she told the GDN.

"I have made several visits to Bahrain with my parents since my childhood.

"I have seen dramatic changes in Bahrain over the years. Though I have been visiting all Gulf countries, Bahrain has a special place in my heart.

"Bahrain, which is a peaceful place, is a lighthouse of culture and knowledge.

"Bahraini people, known for their friendliness, command respect abroad."

Dr Kangas, who is a specialist in alternative medicine including Ayurveda and acupuncture, is also an expert in Indian scriptures and mythology.

An active social worker, she was presented with the title of "Ambassador Against Aids" by the Ivory Coast government.

"While establishing business ventures around the world, I consider it my duty to contribute to the welfare of my fellow human beings," said Dr Kangas.

"I hope the new business venture to be set up in Bahrain will enable me to contribute towards the country's social life as well."

Mr Pillai said his business group, which has its headquarters in Kollam, Kerala, would provide the technical know-how for the joint venture project in Bahrain.

"We will announce the names of our Bahraini partners shortly," he said.

"The project, estimated to cost BD1 million, will be based in one of the industrial areas and is expected to start production in a year.

"The company will manufacture, market and distribute a range of premium quality nuts under the Nut King brand name."

Mr Pillai said the company would also develop a new range of products using dates and almonds.

Mr Pillai took over the reins of the Beta Group from his brother Rajan Pillai, who died in 1995 when he was also the chairman of the Britannia Group of Companies.

The multinational group's interests cover a wide range of businesses from edible nuts and food products to airlines, shipping and consultancy.

The group is now one of the largest food processing companies in South East Asia with an annual turnover of more than $645 million (BD243.81m).
 
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#153 ·
Gulf Air launches new services to Dublin and Johannesburg

A traditional Arabian reception ceremony marked the launch at Bahrain International Airport last night (fri), in the presence of dignitaries.

A 'mock up' of a typical Bahraini village, complete with henna-ladies, falcon-sporting men, bakhour, dates and kahwa and, traditional performances awaited passengers, VIPs and local media representatives.

Gulf Air President and Chief Executive James Hogan and media representatives from Dublin, arrived by the inaugural Dublin-Bahrain flight and joined the reception.

Earlier on Friday morning, Hogan, accompanied by Irish Ambassador to Bahrain, based in Saudi Arabia Tom Russell and a group of Bahrain media held a ribbon cutting ceremony before boarding the first flight out to Dublin.

The evening reception, which was attended by Civil Aviation Under Secretary and Gulf Air Board Member Captain Abdul Rahman Al Gaoud, corporates and other dignitaries, also flagged off the inaugural flight to Johannesburg.

A ribbon-cutting ceremony, in the presence of South African Ambassador to Bahrain, based in Saudi Arabia Dr Abdulhameed Kabier marked the inaugural flight to Johannesburg.

Gulf Air announced in August the expansion of its international network with the introduction of non-stop flights between Bahrain and Dublin and, between Bahrain and Johannesburg. The Dublin service will commence with three flights per week on Wednesdays, Fridays and Sundays with timings designed for excellent onward connections to the Far East and Australia.


"Gulf Air is the only Pan Arab airline to fly non-stop to Dublin. Passengers, particularly those travelling onward to US destinations, will find this very convenient as they can complete their US immigration formalities in Dublin itself, thus avoiding the queues in the US on arrival and get on with their businesses,"


says Hogan.

"Besides, business and leisure passengers travelling to the Middle East region can fly direct without stopping over at Heathrow or other European destinations for connecting flights."

Passengers will enjoy, on board Airbus A330, Gulf Air's state-of-the-art Skybed in First and business class and other signature services, Sky Chef and Sky Nanny, unique to Gulf Air.

Dublin becomes Gulf Air's seventh destination in Europe in addition to the daily services to London Heathrow, Frankfurt, Paris and Athens and four days-a-week services to Istanbul and Larnaca.

Gulf Air, in association with Tourism Ireland, had organised a series of events ahead of the Dublin launch. A weeklong music, dance and culinary shows, followed by a Gulf Air Irish Charity Ball, marked the launch. Gulf Air also flew in four of its SkyChefs to Dublin recently, giving a flavour of its unique on-board dining experience to Irish people.

Gulf Air returns to South Africa after eight years, as part of its dynamic expansion programme. It is Gulf Air's 46th destination in 32 countries, flying three times a week to Johannesburg on Mondays, Wednesdays and Fridays, with return flights on Tuesdays, Thursdays and Saturdays.

"We understand the importance of Johannesburg as a new destination for both business and leisure travelers. The new route has been planned to provide excellent links between the commercial heart of Africa and Bahrain," says Gulf Air Vice President Sales and Marketing Danny Barranger.

"With growing business and leisure potential in South Africa and the Gulf region, the timing of our services is just right. The outbound travel from South Africa has been witnessing a dynamic growth and Gulf Air is well placed for the South African businesses to reach the Gulf markets."
 
#154 ·
Gulfbankers opens office in Bahrain, first office outside Dubai

More Bahrainis should aim for careers in the banking industry, says a Dubai-based recruitment consultancy.

The banking industry is an emerging sector in the Middle East and it's growing, said GulfBankers chief executive officer Adel Al Alawi.

"Investment banking and corporate banking will increase. This is the trend in the Middle East," he said.

"Retail banking was what it use to be, but now it's progressing. If you look at each stock market in the region, it is booming.
"We try to encourage locals to join the banking industry. Alongside this we add expatriate expertise and both compliment each other."

GulfBankers, part of the Forum International Group of Companies, focuses on the banking and finance sector in the Middle Eastern marketplace.

The recruitment consultancy, which was founded in 1997, opened a new office in the Diplomat Area, Bahrain last month and is planning to open another in Qatar at the beginning of next year.

Mr Al Alawi said experienced bankers were much sought after in the region and that Bahrainis should think about job opportunities outside of the country, which often offered better wages.

"There is a shortage of investment bankers within the local market, but Bahrain still has more than Dubai," said Mr Al Alawi, who was a banker in Bahrain for 10 years at Citibank and HSBC.

"We are exporting the Bahrain workforce to other regions. Bahrain has many bankers who are wiling to work elsewhere. We want to encourage people to look beyond the boarders of Bahrain."

Mr Al Alawi said salaries in Bahrain also needed to be raised in line with inflation and not just according to the usual six or seven per cent increment every year.

"In the banking industry salaries are high in Bahrain, but they are still 10 to 15 per cent lower than Dubai," Mr Al Alawi told the GDN.
"But we think wages will increase. The smaller the pool of candidates the more companies will reflect this in wages."

In the first quarter of next year GulfBankers will be providing a free consultancy service for graduates and employers looking to recruit them.
"We encourage students to focus on banking, especially investment banking," said Mr Al Alawi.
 
#155 ·
Bahrain is being considered for hosting an Environmental Technology Transfer Centre for the region, it was revealed yesterday.

A group of experts are currently assessing the possibility of setting up the proposed centre in co-operation with the public and private sectors, said a United Nations Industrial Development Organisation (Unido) expert.

Unido Investment and Technology Promotion Office (ITPO) network co-ordinator Dr Victor Zakharian was speaking on the sidelines of an expert group meeting on Persistent Organic Pollutants (POPs) organised by Unido in co-operation with the commission and Alba.

The meeting was held at the Bahrain International Exhibition Centre under the patronage of Southern Governor and President of Public Commission for the Protection of Marine Resources, Environment and Wildlife Shaikh Abdulla Bin Hamad Al Khalifa.

Present at the meeting were commission general director Dr Ismail Madani and Unido POPs unit chief Dr Mohamad Eisa.

POPs are chemical substances that persist in the environment, bio-accumulate through the food web and pose a risk of causing adverse effects to human health and the environment.

The chemicals include Aldrin, Chlordane, Dieldrin, Endrin, Heptachlor, Hexachlorobenzene (HCB), Mirex, Toxaphene, Polychlorinated Biphenyls (PCBs), dichlorodiphenyltrichloroethane (DDT), Dioxins and Furans.

These have demonstrated chronic adverse effects on human health and the environment, said Dr Eisa.

"Their semi-volatile character means that these effects are felt not only in areas close to their release but globally," he said.

"Chronic impairment to human health through environmental exposure to POPs has direct implications to national and international efforts to meet development targets in human health and indirectly impacts upon efforts to reduce poverty and improve educational opportunities and attainment."

In May 2001, the Convention on POPs was signed in Stockholm, Sweden and in May 2004 it has been put under active implementation.

The meeting aims at providing detailed information about the convention and drawing a detailed strategy for mobilisation of local and foreign resources to transfer best available techniques and best environmental practices to the industrial sub-sectors, said Dr Zakharian.
 
#156 ·
Gulf Air does it again

Gulf Air won two major awards at the PAX International Readership Awards Ceremony, held as part of the Middle East Catering Conference (MECC) in Bahrain.

The awards, one for "best new product launch" in inflight service for catering, service, design and delivery and the other, for the "Middle East region's best airport restaurant" for its restaurant at Bahrain International Airport lounge, places Gulf Air once again at the top.

Gulf Air is the first airline to receive these awards, launched this year by the PAX International magazine, which is recognised as a key signpost for travel and catering industry on the latest developments and new trends of the industry. The awards are given based on a readership survey/poll done by the magazine.

The awards come after Gulf Air winning the prestigious Skytrax Best First Class Onboard Food Category and World Travel Awards 2005 for World's Leading Airport Lounge.

"Gulf Air has performed a hat trick by winning three awards in a row this year for its inflight services. The fact that these awards are customer-decided rather than industry-decided reiterates customers' confidence in Gulf Air," says Gulf Air Head of flight Services Michael Kent.

"Whether it is improving our services or innovating new products, customers are our prime focus. We constantly review what we offer to our passengers, and now provide a host of new services and products that set us apart from competition."

Accepting the awards, Head of Marketing Shane O' Hare said it was once again, a proof of Gulf Air's team work, where every individual at Gulf Air contribute their best to win such awards and reputation.

Earlier at the conference, Gulf Air put on an impressive, live multimedia demonstration - Kitchen Cam - whereby its chefs from a remote kitchen showed the audience at the venue, how food is prepared aboard one of the airline's aircrafts, in an interactive session.

Held annually over three days in December, MECC was first launched two years ago and regularly attracts more than 100 participants and delegates from across the globe.

It is the travel and catering industry's first and only conference dedicated to industry developments in the thriving and growing Middle East market.

Gulf Air has been the main sponsor of this prestigious event for two years.
 
#157 ·
Bexair to launch its own Islamic financing company

DATE:06/12/05

Bahrain Executive Air Services (Bexair) is launching its own Islamic financing company for private aircraft in the Middle East as it takes two more new Cessna Citations into its fleet, writes Aimee Turner.

The Bahrain-based company has set up its own aircraft leasing company, Arabian Aircraft & Equipment Leasing (AAELCO), to provide finance options for customers who observe Islamic banking rules, which prohibit profit from interest payments.

“These kinds of asset-based financing transactions are particularly well-suited to Sharia-compliant investing,” says Mansour Al-Tassan, chief executive of Bexair and AAELCO.

Speaking to Flight International at the Middle East & North African Air Finance conference in Dubai earlier 
this year, Al-Tassan said the Middle East boom in general aviation would put pressure on operators, manufacturers and service providers to create regional alliances and boost the need for aircraft financing services.

“The Middle East aviation market is developing quite rapidly, despite regional crises,” said Al Tassan. “Commercial airlines, high net-worth individuals and businessmen are all investing in new aircraft. This is a clear indication that the region is expecting tremendous growth in the next 10 years.”

The company revealed its expansion strategy at the recent Dubai air show, where it announced an order for an additional two Citation XLS business jets in a deal worth about $24 million.

The executive charter company, launched in April 2002, plans to move into new sites across the Middle East and launch specialised cargo and shuttle services.

link
 
#158 ·
Bilateral trade between Thailand and Bahrain stands at $151 million (BD57m) for the first 10 months of the year, exceeding last year's $146m (BD55.2m), said Thai Ambassador Widhya Bhoolsuwan.

He said relations between Thailand and Bahrain were the closest they have ever been and will continue to flourish with the completion of Free Trade Agreement (FTA) negotiations and other joint initiatives.

"Last year the trade balance between the two countries stood at $146m (BD55.2m), with Thai exports to Bahrain $54m (BD20.4m) and its imports $92m (BD34.8m).

"Thailand's main export commodities to Bahrain were vehicles, air conditioners, refrigerators, cotton, and plastics.

"Main export commodities from Bahrain to Thailand were petroleum, aluminium and urea.

"The trade balance from January to October this year has exceeded last year's mark and currently stands at $151m (BD57m)."

Mr Bhoolsuwan was speaking on the occasion of the 78th Birthday Anniversary of His Majesty King Bhumibol Adulyadej, which is observed as the Thai National Day on December 5.

The event was marked with a reception at the Blue Elephant Restaurant yesterday (Dec 5), which was attended by diplomats, businessmen, members of the Thai community and other guests.

Mr Bhoolsuwan said there are exciting times ahead as the public and private sectors from the two countries continue to work towards realising many pending project.

"The embassy will continue to strive to be the bridge that connects the peoples of both countries and bring them closer to each other," he said,

"We will help to promote better understanding of each country's rich histories, cultures and heritages and peace and harmony."

Mr Bhoolsuwan said Thailand and Bahrain have always enjoyed close bilateral relations since the establishment of the diplomatic relations in 1977.

"Ties progressed forward, culminating in the official opening of the Royal Thai Embassy, in Manama, on February 14 last year," he said.

"The establishment of the Thai Bahrain High Joint Committee, which held its first meeting in Manama that same month, was a major milestone that opened a new chapter in bilateral relations.

"As a further testament of the close bilateral relations, Bahrain became the first country that Thailand had negotiated an FTA with."

The Thai Business Center (TBC), which is expected to open early next year, will be another milestone, said Mr Bhoolsuwan.

"It will greatly complement the FTA and further boost the economics, trade, and investment relations between the two countries," he continued.

"The TBC, situated on Government Avenue, will open a new chapter and bring the private sector of Thailand and Bahrain ever closer together."

Mr Bhoolsuwan said the exchange of visits between top officials from the two countries is another reflection of the closeness of any bilateral relations.

"This year has been a busy year, with the highlights including Thai Deputy Prime Minister Dr Surakiart Sathirathai's visit to Bahrain in May and to Bahrain and the GCC countries in November."

Thai Trade Representative Sompong Amornvivat also came here in May to attend the TBC handover Ceremony and Thai Foreign Affairs Minister Dr Kantathi Suphamongkhon visited Bahrain in July, he said.

Commerce and Industry Ministry Foreign Trade Assistant Undersecretary Shaikh Daij bin Salman Al Khalifa led a Business delegation to Thailand in June and was the guest speaker at a seminar entitled Introducing Bahrain: Gateway to the Gulf in Bangkok.

"It was highly successful, and received a positive response from the Thai private sector," said Mr Bhoolsuwan.
 
#159 ·
Deals worth $144 million (BD54.432m) to build 16 factories in Bahrain could be struck at a global gathering of investors which ends today.

Kuwait Finance House has already agreed to invest in 11 of the projects, though no details were available yesterday.

Investors from all over the world are studying 16 potential projects ranging from making cans to vehicle bodies, at the two-day Invest in Aluminium seminar.

It is being held on the sidelines of the Aluminium Middle East exhibition at the Bahrain International Exhibition Centre (BIEC).

The projects have been deemed feasible by United Nations Industrial Development Organisation (Unido) and the Industry and Commerce Ministry.

"Some of the projects have already been approved by investors, but we cannot release details yet because discussions are continuing," said Unido Investment Technology Promotion Office (ITPO) head Dr Hashim Hussain.

The meeting continues today.

The projects being discussed include a $579,000 factory for the manufacture of aluminium bodies for refrigerated and non-refrigerated trucks, a $2.6m plant for aluminium accessories, a $6.5m factory for aluminium-based master alloys, a $1.9m aluminium grill factory, a $1.9m aluminium spacers project and a $19.6m aluminium coils factory.

They also include a $2m cross-linked polyethylene insulated cables plant, a $13.9m die cast aluminium automobile wheels and automobile parts factory, a $1.7m foil powder plant, a $1.7m metallised films plant, a $3.5m paste plant, a $2m rigid polyurethane sandwich panels plant, an $8m secondary billet plant and a factory for printed aluminium foil laminates and multi-layer co-extruded film laminates.

Also under discussion is a $1.8 million aluminium aerosol cans plant and another for other types of cans, at a cost of $70.4m.

The aluminium sector is bursting with promise, said Industry and Commerce Minister Dr Hassan Fakhro.

"Seminars and exhibitions like these, which offer investors concrete opportunities for investment, can bring a lot of money into the country. This is one of the reasons we support the exhibitions sector so much," he said.

The seminar also discussed the advantages of investing in Bahrain, including overviews of the upcoming Free Trade Agreement with the US, the country's infrastructure, financial incentives and other facilities.

Meanwhile, certificates were presented to entrepreneurship trainers from around the world who completed a two-week-long training programme organised by ITPO at the BIEC yesterday.

The programme aimed to teach them about the Bahrain Model of Enterprise Creation, which Dr Hussain said had been successfully implemented in Bahrain over the last five years.

They were presented with their awards by Vienna-based Unido IPTO co-ordinator Victor Zakharian.

The Aluminium Middle East 2005 exhibition and its associated 2nd International Conference on Advances in Production and Processing of Aluminium (APPA) 2005, have been organised by the Bahrain Convention and Exhibition Bureau (BCEB) in association with Unido and Bahrain University's engineering college.

They are also being supported by the Economic Development Board (EDB), the Bahrain Chamber of Commerce and Industry (BCCI) and the Bahrain Society of Engineers (BSE).

Alba is the strategic partner.

Meanwhile, Metal Middle East, being held at the same venue, showcases the latest manufacturing equipment and machine tools from around the world.

It has been organised by the BCEB in association with the EDB and the BCCI. The strategic partners are Alba and Sabic-Hadeed with financial support from Balexco, Garmco, Kuwait Finance House and Midal Cables.

Both Metal Middle East and Aluminium Middle East are being held under the patronage of Dr Fakhro.

Meanwhile the Intelligent Building Middle East is being held under the patronage of Works and Housing Minister Fahmi Al Jowder.

It is being organised by the BCEB in association with Nuernberg Global Fairs, Germany and the BSE.

The trade show, the first of its kind in the Middle East, will showcase innovative building solutions and state-of-the-art technologies.

All events are at the BIEC and end today.
 
#160 ·
New rebar rolling mill of 180kt/ year

A new rebar rolling mill will start production in Bahrain in the second quarter of 2006. The mill, to be called Unirol, intends to produce 120 KT of steel rebars dia 8-32mm in the first year, and hopes to reach full capacity of 180KT/year in the second year. The company is owned by the local Al Mahroos family , along with Saudi investors. Equipment is of German design, built in India.

The Bahrain market at present has a consumption of steel rebars of about 200 KT/year, and the figure is expected to grow in the coming years.

link
 
#162 ·
Most likely:

Jordan Telecom plans to invest significantly in Bahrain by next year to take advantage of deregulation in the telecom sector.

"We are in the process of talking to potential partners, our view today is to go to the Bahrain market to take advantage of the deregulation," Luc Savage, the company's chief strategic officer said.

"As soon as the regulated environment is open enough to make a reasonable investment, we'll be there, and we hope to be there next year in Bahrain."

"We want to expand our reach in places where we see a fairly deregulated environment," Savage said.

He said intense investor interest in Jordan Telecom is holding up the Jordan government's plans to sell its 41.5 per cent stake in the fixed-line monopoly.

Jordan is consulting investment bank Goldman Sachs on how to deal with the rest of its holdings after netting $508 million in 2000 in its largest privatisation that saw France Telecom take a 40pc stake in the firm.

Individuals and private institutions own the rest of the firm which was listed on the Amman bourse in 2002 in the country's first initial public offering.

"The government is looking for an agreement for the final process of the initial public offering, but due to the number of potential international investors, the process has been delayed," he said.

He declined to name any of the potential bidders but said France Telecom was interested in increasing its stake.
 
#163 ·
Buoyant economy leaves Bahrain short of office space

Regus, the global leader in professional workplaces, has opened an office in Bahrain to provide companies seeking to benefit from the country's economic boom with an alternative to conventional office space.

Bahrain is home to an increasing number of multinational firms with business interests in the Gulf region. It is an attractive location, with an excellent telecommunications and transport infrastructure and a GDP growth rate of 5.6 percent. Over the past few years it has successfully transformed itself into an international banking and finance centre.

Due to the current limited availability of conventional office space, many of these firms, in additional to smaller, local companies, are opting for the managed office solution.

'We offer an immediate solution to companies' office needs - instant availability, pleasant surroundings and excellent communications options,' says Mike Hynes, Regional General Manager, Regus.

Growth of the outsourced office business is set to increase significantly across the region, according to recent research.

'Regus Middle East is growing rapidly, and not only because of office shortages. Companies want to move fast without sacrificing service level standards,' added Hynes.

'As a well-established business expanding our base into Bahrain, we welcome the flexibility and convenience Regus offers us,' says Hazel Jackson, Chief Executive Officer of biz-ability, a training and development company. 'We can increase our office space in direct response to business growth without any major upheaval to operations.'

Primary occupants of the Regus regional business centres include technology start-ups and pharmaceutical and energy companies, as well as consultants in a variety of fields such as human resources, engineering, finance and real estate.

Regus currently operates 15 centres across the UAE, Saudi Arabia, Qatar and Bahrain. The company plans to open another 33 centres by the end of 2007. As well as adding to those in its current markets, Regus will also expand into Kuwait, Oman, Jordan, Libya, Egypt, Algeria and Morocco.

link
 
#164 ·
A Baharaini enterprise programme for prospective entrepreneurs is to be implemented in China, it was revealed.

The Bahrain Model of Enterprise Development will be launched during the East China Fair opening in Shanghai on March 1, next year.

The Bahrain model has been developed by the United Nations Industrial Development Organisation (Unido), through its Arab Regional Centre for Entrepreneurship and Investment Training (Arceit), with the support of the Bahrain government.

The Bahrain Model, started in 2002, has since gone international, said Unido's Vienna-based Investment Technology Promotion Office (ITPO) Network Co-ordinator Dr Victor Zakharian.

"Many Arab countries have shown interest in copying the Bahrain model and it has been introduced in some Arab, African and Latin American countries," he told the GDN.

"For the first time it is going to China and Unido ITPO head in Bahrain Dr Hashim Hussein will attend the launching ceremony."

The Bahrain model consists of capacity building, counselling, financial linkages and incubation.

"For implementing the model in any country, Arceit organises a training of trainers programme to a group of resources persons who will later take the lead in managing and monitoring the programme implementation in the specified country," said Dr Zakharian.

"Since the inception of the Bahrain model, a total of 270 entrepreneurs have graduated from the programme, and 136 businesses were established in Bahrain."

A working arrangement signed between the Arab Gulf Programme for United Nations Development Organisations (Agfund), headed by Prince Talal Bin Abdul Aziz and Arceit has supported the implementation of the Bahrain model in a number of Arab countries, said Dr Zakharian.

A training of trainers programme for the Republic of Uruguay was held in Bahrain last month. The programme was fully financed by the Italian government.

"Such co-operation with other countries will eventually lead to many joint ventures," said Dr Zakharian.

"The programme also has a political dimension as it leads to better understanding between peoples of different continents."
 
#165 ·
TWO more job centres were opened in Bahrain yesterday and more are expected by the end of the year. It takes the number of permanent job centres in the country to four, but another one is expected to open by the start of next month - taking the total to five. In addition, 15 temporary job centres will also be opened as part of a BD30 million national employment campaign.

However, only people who were unemployed before October 1 - when the campaign was announced - will be included in the first phase to avoid a flood of unhappy workers leaving their current jobs in the hope of finding something better.

The job centre announcement was made by Labour Minister Dr Majeed Al Alawi yesterday as he opened the country's fourth job centre on Budaiya Highway, which will serve the Northern Governorate.

He opened one for the Capital Governorate in Mahooz, close to the Ibn Al Nafees Hospital, earlier the same day.

Dr Al Alawi said the job centres were being prepared in time for the national jobs campaign's official launch on January 2.

"They will be spread across the governorates to make access easy for the unemployed," he said.

"Following an assessment of the job-seekers' qualifications, abilities and preferences, we will try to match them with various employers - mainly from the private sector."

Labour Ministry Under-Secretary Shaikh Abdulrahman bin Abdulla Al Khalifa said the temporary centres would be open for about two months to accommodate the huge numbers of people expected to register early into the campaign.

He said job centres had already been opened for the Southern and Central Governorates in Hamad Town and Sitra two years ago.

"We are currently working closely with the Muharraq Governorate to open one there," added Shaikh Abdulrahman.

He said the delay was being caused by several difficulties, but was mainly because the ministry was unable to find a suitable location.

Meanwhile, the committee in charge of the national project said job-seekers who resigned from their jobs recently would not be eligible to benefit from the first phase of the national employment project.

It released a statement saying that since the primary aim of the campaign was to reduce the number of unemployed, it could not accept those who quit their jobs in the months before its official launch.

It said only those unemployed before October 1, when the national employment project was officially announced, would be able to benefit.

However, it added those who resigned after that date may be eligible after the completion of the first phase, which aims to employ 10,000 people by the end of next year.

The programme will train both high school graduates and high school dropouts as craftsmen.

High school graduates with qualifications below a bachelor's degree will be trained as technicians, while those with bachelor's degrees will be trained for specialist jobs.

The training, mainly at the Bahrain Training Institute, will last between three and 12 months and include on-the-job training.
 
#166 ·
BAHRAIN could soon have an independent national committee to investigate alleged human rights violations and compensate victims, it was revealed yesterday. A draft law proposing the setting up of the committee was presented during a Round Table discussion on torture and human rights in Arab countries.

The event was organised by the Bahrain Human Rights Society (BHRS), the Denmark-based International Rehabilitation Council for Torture Victims (IRCT) and the AMAN Network for the rehabilitation of victims of Violence and Torture in the Middle East and North Africa (MENA).

The ratification of the law is being spearheaded by the National Democratic Action Society (NDAS), which is hoping to rally the support of local human rights groups and political societies.

If backed and approved by the relevant Non-Governmental Organisations (NGOs), it will be presented to His Majesty King Hamad for ratification, said NDAS board member Radhi Al Mousawi.

He said the committee would also look into current and past cases, including assault allegations by Unemployment Committee member Mousa Abda'ali, who claims he was snatched, bound and beaten by a group of men.

The committee, which would be financed by the government, would set compensation for victims of violence and their families, as well as formerly exiled Bahrainis.

It would consist of 13 members representing the Royal Court, the judiciary, the Bahrain Chamber of Commerce and Industry (BCCI), Health Ministry, Bahrain Bar Society as well as eight activists representing victims of violence.

Mr Al Mousawi said the committee would be founded on the values and principles of the Constitution and National Action Charter, as well as international conventions and treaties related to human rights.

The proposed law stipulates that the committee would also have 'semi-judicial powers' to grant impunity to people who have committed human rights violations in the past.

It would also review and make recommendations on relevant laws and legislation to further protect the rights of the victims of violence.

The Round Table discussion was attended by representatives the MENA region, including Morocco, Egypt, Lebanon, Palestine, Jordan, Yemen, Sudan, Bahrain and Iraq.
 
#167 ·
Ahli United Bank acquires 49pc stake in Iraq bank

..................................................................................................................
Ahli United Bank BSC (AUB) said it had completed the acquisition of 49 per cent stake in the Commercial Bank of Iraq. The capital base of the Iraqi bank has increased to $43.7 million from $9.6 million as a result of this acquisition.

The Commercial Bank of Iraq, one of the largest private banks in Iraq. was established in 1992.

Since its inception, the Bank has performed consistently well and its total assets were ID131 billion ($89 million) and net profit were ID1,927 million ($1.28 million) as of June 30.

“The acquisition represents a significant step for Ahli United Bank and another important milestone in our strategy to become a major regional banking group.” said Ahli United Bank chairman Fahad Al Rajaan.

“The economic potential for Iraq is tremendous,” said the chairman.

“After years of economic isolation, the rebuilding of the country’s industry, infrastructure and oil sector will need considerable banking support.

“With an educated population, vast oil wealth and the opening up of the economy, Iraq is at the threshold of progress and development; as soon as the security atmosphere improves,” he said.

“Given the current security situation in Iraq, AUB will adapt a gradualist approach towards developing its presence and operations” Fahad Al Rajaan said.

The Commercial Bank of Iraq, established in 1992, has nine branches – eight in Baghdad and one in Basra.

The bank provides commercial banking services and employs 364 people.

Its main branch and headquarters are located in the Al Andalus area of Baghdad.

A new head office building is also under construction in Al Sadoun Street, a major commercial avenue in Baghdad.

“We are positive that the current security and operating environment will improve substantially, allowing the bank to roll out a range of products and services to meet the requirements of both local customers and those of regional and international companies seeking to establish their operations in Iraq.

“We are committed to contributing in the development of Iraq and to investing in the country in the long term” said Al Rajaan.

He added “We are also fully aware of the limitations imposed by the present security situation and will tailor our plans accordingly.”

AUB has had a very successful year in 2005.

The bank announced a net profit of $130.4 million for the period ending September 30, 2005, an increase of 53.4 per cent over the same period in 2004 ($85.0 million).

The Commercial Bank of Iraq acquisition follows the increase in AUB’s stake in the Bank of Kuwait and the Middle East (BKME) to 75 per cent in August 2005 and its inaugural $100 million subordinated lower Tier 2 floating rate note issue completed in November 2005.

Ahli United Bank is a fully-fledged commercial and investment banking institution based in Bahrain providing wealth management, retail, corporate, treasury, offshore and private banking services.

It is geared towards growth through the development of a larger client base in the Gulf states and through its close partnerships with customers, staff and product providers.

The evolution of future mergers and acquisitions in the Gulf region remains central to the Bank’s expansion strategy.
 
#168 ·
Bahrain's Ithmaar Bank Set For IPO In 1Q 2006

MANAMA, Bahrain -(Dow Jones)- Ithmaar Bank B.S.C., an Islamic investment bank, Sunday said it will launch an initial public offering of 150 million shares in the first quarter of 2006.

Ithmaar is a wholly-owned subsidiary of the Geneva-based Dar Al-Maal Al-Islami Trust.

The issue will be offered to regional and international investors alike, bank Chairman Khalid Janahi told reporters at a press conference.

The bank's shares will have a face value of $1 each, but the subscription price hasn't been set yet, they said.

Bahrain-based Shamil Bank, another subsidiary of Dar Al-Maal, has been appointed as the lead manager and financial advisor and audit firm KPMG Fakhro will be co-financial advisor.

Ithmaar Bank has recently increased its paid-in capitalthrough a private offer of $50 million to reach $200 million.

The proceeds of the offering will be used to pursue expansion in Bahrain and the regional markets.

The bank will list on the Bahrain Stock Exchange and will be looking to list on other regional markets as well, the officials said.

link
 
#172 ·
Bahrain's new Arabic newspaper, 'Al Watan' or The Nation, was published for the first time yesterday, promising to give a 'deep responsible and independent analysis of all developments in the country' and 'not to invest its pens in orientations that are contrary to the interests of the nation'.
 
#173 ·
US$153 million mill in Bahrain

United Stainless Steel Company (USCO) signed a facility agreement with Arab Banking Corporation as sole underwriter and mandated lead arranger on December 11, 2005 in Bahrain.

The Facility will be used to part finance the construction of a 90,000 tonnes per year cold rolled stainless steel mill in Hidd, Bahrain. The total facilities amount is US$153 million.

USCO was established in February 2005 and construction commenced in April 2005. Production is scheduled to start in April 2007. It will be the first company of its kind in Bahrain and the region, with the closest similar facilities being in Europe (Italy) and East Asia (India).

Mr. Hisham Al-Razzuqi, CEO of Gulf Investment Corporation stated that the project will create employment opportunities of around 220 jobs, of which over 50% will be Bahraini citizens, and will benefit the economy of the country and the region.

The USCO project is well structured, including long-term raw material supply and off-take agreements. This has been reflected in the strong investor interest as represented in USCO shareholders list. The risk profile allows the project to be financed on favorable terms.

link
 
#174 ·
Didn't know where to put it, but here you go:

Expo centre set for expansion

TENDERS are set to open on Wednesday for a 3,000-square-metre expansion of the Bahrain International Exhibition Centre (BIEC), Sanabis.

No date for closing has yet been announced, but this type of tenders is usually open for about two weeks, said a Bahrain Convention and Exhibition Bureau (BCEB) spokesman.

"Following the awarding of the contract, the construction should take about six to eight months," he said. "We expect it to be ready by around August or September."

The BIEC currently covers 14,000-sq m between its two halls. The expansion is needed in view of increasing demand for space by exhibitors.

Last month's Jewellery Arabia had to use a 1,650-sq m temporary expansion to accommodate all exhibitors.

"The Middle East Oil Show is also demanding more space and the recent Aluminium Middle East, Metal Middle East and Intelligent Building Middle East exhibitions were held concurrently and filled the whole exhibition centre," the spokesman said.

Parking has sometimes been an issue with popular exhibitions at the BIEC, with visitors having to park far away.

Although the BIEC will lose some car parking space due to the expansion, the benefits outweigh the costs.

"We will only be losing around five per cent of our car park, which is a very reasonable trade off for more exhibition space."

The spokesman also said there is discussion for building a larger exhibition centre, although no official decision has yet been made. "Many exhibitions we host have really outgrown the BIEC," he said.

"Bahrain will need another exhibition centre in another location to accommodate more and larger shows." The expansion will be built in front of the BIEC's hall 2.
 
#176 ·
Yacht Hotel for Bahrain



BAHRAIN will become the first country in the Gulf to have a multi-million dinar luxury super-yacht hotel.

London-based Aquiva Developments Ltd has signed a memorandum of understanding (MoU) with a group of Bahrain-based investors to anchor the 170-metre floating hotel on the Manama city shoreline.

Closely following in London's wake, Bahrain will become the second location in the world to boast a permanently moored, state-of-the-art, five-star deluxe yacht, sources told the GDN.

"Aquiva super-yachts are planned for only 20 cities internationally, so this project reinforces Bahrain's reputation as one of the world's leading countries," they said.

"The hotel will be offering a range of business and leisure facilities, including its own private island with world-class spa, beach and restaurants.

"The project is scheduled to start by mid-2006 and will take approximately two years to complete."

The yacht hotel, which will have more than 100 rooms, will be anchored near the business bay in Manama.

Sources said it is designed specifically to stay in one place and cannot move on its own steam.

It is understood that the yacht is being constructed in China, from where it will be towed to Bahrain using a tug.

The Aquiva ship combines the world of a luxury hotel with the experience of an elite super-yacht.

It is purpose-built to allow design and space planning to be optimised, while ensuring efficient operational management and maintenance. The external styling is of a modern yacht unlike normal cruise liners.

It is complemented by teak decks and stainless steel external fittings, with substantial use of hardwoods, leather and stone inside.

"Our focus is to permanently locate Aquiva super-yachts in top international locations worldwide," said a company spokesman.

"Each yacht will be specifically designed to suit the location although the design ethos will be consistent.

"Already, we are securing site options in prominent international cities around the world to allow rapid international rollout."

link
 
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