Business/Economic News

[Bahraini Spirit]

Good, I read about the Banadar Hotel company and UTI but not about the others. That's like 8 banks or so in a couple of months which is great.

[Pearl of the Gulf]

Manama: The first private radio in Bahrain will start its programmes tomorrow, marking an end to the state monopoly in the broadcasting media.
Sawt Al Ghad (The Voice of Tomorrow), will not feature news or political reports but will focus on cultural, artistic, sports programmes and quizzes, radio media spokesman Mohammad Al Sherooqi has said.

"We will target Bahraini families, adolescents and children in our programmes and will support Bahraini artists," he was quoted as saying by Al Ayam newspaper.

The radio to be located at Bahrain's tallest building, Al Moayyad Tower, will be staffed by Bahrainis and Arabs, he said.

Bahrain's radio, the Arabian Gulf's first broadcasting station, started transmissions in 1941, but was closed in 1945. It was re-opened officially in July 1955 and started broadcasting around the clock in 1991. The English language service was launched in 1977.

All television channels remain the monopoly of the state, although international channels are allowed to re-broadcast from Bahrain.

A Supreme Privatisation Council was formed in Bahrain in 2001, and His Majesty King Hamad Bin Eisa Al Khalifa issued a decree in 2002 laying out guidelines for the privatisation of the tourism, telecommunications, transport, electricity and water, ports and airport services, oil and gas and postal service sectors.

The liberalisation of Bahrain's telecom services was achieved in 2003 after the establishment of a regulatory authority.

The public transportation service was privatised in 2003 through a Bahrain-UAE joint venture, CARS.

The kingdom's first independent power plant project (IPP) was awarded in 2004 to Al Ezzel an independent power producer.

link

[Pearl of the Gulf]

This is a sign of the government’s privatization plan. Hopefully there is more to come including the ministry of electricity, transportation and the post office. It will free up some of the government time and money for the much needed improvements in the education, housing and health sector. I think that this time next year will be the big milestone for this change; a government reshuffle is expected in time with the elections for the new parliament.

[Bahraini Spirit]

Cool, private radio station. Am sure there will be more to come .

[B-Patriot]

Yeah, great news...I think this is one of the very important things ppl are not so aware of...One of the important things that distinguishes Bahrain than other GCC countries...They underestimate us...Does any other GCC country have as much privatization going on..!?

[Bahraini Spirit]

I don't think as much as us, maybe only a few small things, or I might be totally wrong. Most of the things are state-run at the moment.

Good, the more we decrease the power of the government on businesses, the better.

[Pearl of the Gulf]

SILVER SPRING, WorldSpace, Inc., one of the world leaders in satellite-based digital radio services, today announced that it has received licenses from the
Telecommunications Regulatory Authorities (TRA) of Bahrain and the United Arab Emirates (UAE) for terrestrial repeater networks. The licenses will enable
WorldSpace to deploy mobile satellite radio services in those countries.
WorldSpace plans to rollout the mobile services in the first half of 2006.

"The mobile rollout in these areas is part of WorldSpace's overall
strategy to opportunistically target additional markets within our coverage
area at a minimal incremental cost," said Noah Samara, chairman and CEO,
WorldSpace. "We believe this service will be particularly attractive as a
'voice from home' offering to expatriates living in the UAE and Bahrain, where
they make up approximately 75% of the population."

The UAE and Bahrain are attractive markets for WorldSpace services. The
UAE has a population of over four million people with a GDP per capita of
approximately $17,000 and one million vehicles in service. In particular,
Dubai (part of the UAE) is a major international trade and tourist center,
drawing over 16 million visitors annually. Bahrain has a population of
approximately 700,000 with a GDP per capita of approximately $20,000 and
630,000 vehicles in service.

About WorldSpace, Inc.
WorldSpace (Nasdaq: WRSP) is the world's only global media and
entertainment company positioned to offer a satellite radio experience to
consumers in more than 130 countries with five billion people, driving 300
million cars. WorldSpace delivers the latest tunes, trends and information
from around the world and around the corner. WorldSpace subscribers benefit
from a unique combination of local programming, original WorldSpace content
and content from leading brands around the globe including the BBC, CNN,
Virgin Radio, NDTV and RFI. WorldSpace's satellites cover two-thirds of the
globe with six beams. Each beam is capable of delivering up to 80 channels of
high quality digital audio and multimedia programming directly to WorldSpace
Satellite Radios anytime and virtually anywhere in its coverage area.
WorldSpace is a pioneer of satellite-based digital audio radio services (DARS)
and was instrumental in the development of the technology infrastructure used today by XM Satellite Radio.

link

at last no more 96.5 FM

[Bahraini Spirit]

^ great, as you said, no more 96.5 FM and a couple other channels. I bet you now they're cryin cause they'll really face a decrease in number of listeners, especially at a low cost.

[i.put.the.ho.in.hot]

hey sexies. i'm new.
x
Lara.

[Bahraini Spirit]

Originally Posted by i.put.the.ho.in.hot

hey sexies. i'm new.
x
Lara.

Hey girl, welcome aboard . Hope you enjoy the hood as much as we do hehe.

[*UofT*]

Originally Posted by i.put.the.ho.in.hot

hey sexies. i'm new.
x
Lara.

You put the Ho in Hot??

[Bahraini Spirit]

Bahrain's leading Islamic investment bank Gulf Finance House's (GFH) net profits soared 93 per cent from last year to $92 million for the first nine months of the year.

The bank's assets during the quarter also increased by 81pc to $840m from $465m.

"I am pleased that the bank has been generating a consistent stream of earnings for its shareholders," said GFH chairman Dr Fuad Al Omar.

"This is in line with the board's vision and directives to have sustainable growth in earnings and balanced growth in assets.

"Though traditionally the third quarter of the year is a relatively quiet period due to the holiday season, our results show strength in many areas."

Dr Al Omar said the bank has had a particularly busy third quarter and the highlight of the period was the conclusion of a deal for the development of the $1.6 billion first phase of the Energy City Qatar, located in Doha.

"Clearly, market conditions continue to be very buoyant and we have a number of new infrastructure projects as well as private equity deals in the pipeline."

Dr Al Omar said that a major share of the bank's earnings this year came from investment banking fees and realised gains on the sale of the bank's projects and investments.

He said the bank's plans to diversify its activities through expanding treasury and asset management capabilities were well under way.

Dr Al Omar said the objective was to deliver sustained earnings growth for shareholders and higher yielding investment opportunities to clients.

"We are also currently examining a proposal to increase our share capital by the end of this year to support our plans for future growth through a rights issue restricted to the existing shareholders."

Commenting on the results, chief executive officer and board member Esam Janahi said the period included some very important milestones.

"We are very pleased with the signing of contract for our Legends residential and commercial property in Dubai, which resulted in a 20pc revenue gain for our shareholders, and the opening of the Legends Headquarters and Sales Centre at Dubailand."

During the third quarter, GFH also successfully exited from Costa Coffee business, rewarding its regional investors with a return of 65pc over a three-year holding period.

Other highlights during the period include the launch of the $400m Al Basha'er GCC Equity Fund and the bank's successful participation in Cityscape 2005, the regional property show in Dubai.

"A major achievement this quarter was the conclusion of the sale of three clusters in Al Areen development in Bahrain to a joint venture led by Bayan Investment Company of Kuwait," said Mr Janahi.

"This joint venture also purchased the residential south development parcel of the Bahrain Financial Harbour which is now a very prominent suite of towers and buildings that are noticeably changing the city skyline in Manama."

The third quarter performance also include the results of GFH Commercial Bank (GFHCB), the wholly-owned onshore commercial banking subsidiary of GFH, which reported a profit of $7m.

GFHCB has been very active during the period and has successfully established its franchise.

It has already sold 70pc of the 140,000 square metre private themed residential community development, Oryx Hills, in Al Areen.

In the fourth quarter it is also expected that GFHCB will move to new offices in Al Zamil Tower in Manama. GFHCB is a wholly owned bank that commenced operations in December 2004 and is licensed to provide real estate based investment projects and financing in Bahrain and elsewhere.

[Bahraini Spirit]

Read this a few weeks back and now since we have a thread here, it's time to post it:


Bank to launch state-of-the-art industrial oasis at Bahrain International Investment Park
Kuwait Finance House, Bahrain - a leading provider of Islamic commercial and investment banking services - announced plans for the establishment of a state-of-the-art industrial park in the Kingdom of Bahrain to be known as the KFH Industrial Oasis following a meeting between Mr. Abdulhakeem Alkhayyat, General Manager of KFH-Bahrain and Minister of Industry and Commerce, Dr. Hassan Abdullah Fakhro.


The meeting was attended by Mr. Osama Alkhaja, Head of Corporate Finance at KFH-Bahrain and Mr. Nader Al Moayyed, Undersecretary at the Ministry of Industry and Commerce.

The project, a first of its kind in the Kingdom, is aimed driving further economic diversification in the industrial sector, generating greater inward investment and stimulating job creation in Bahrain by capitalising on the ongoing expansion in the industrial sector and fast growing demand for industrial based real-estate projects in Bahrain.

KFH Industrial Oasis will comprise of 155,000 Sqm2 of land to be located within the Bahrain International Investment Park (BIIP), a newly established area located in the Hidd industrial zone, which focuses on the technology, manufacturing and service sectors and has been designed to attract investors with value added activities. BIIP covers over 250 hectares with 25.5km of readily equipped infrastructure such as roads, street lighting, sewage systems, landscaping and desalination systems.

Initial investments to be undertaken by KFH-Bahrain will be approximately US$25 million for the development of the necessary infrastructure, which upon completion will be sublet to potential local and international tenants. Target companies include a broad range of businesses from those in the region to Fortune 500 companies and other international firms engaged in manufacturing and service oriented industries. As per the guidelines of the BIIP, companies should be engaged in areas such as services and knowledge based activities, high technology manufacturing and assembling; light industry; SMEs and industrial processing.

At full capacity, it is expected that the KFH Industrial Oasis will bring in investments upwards of US$200 million into the Bahrain economy and will help to create more than 2,000 industrial and related jobs.

In addition to funding the development of the necessary infrastructure for the establishment of the Industrial Oasis, KFH-Bahrain will further provide access to financing and capital for potential tenants in order to facilitate the development of the industrial zone and provide needed support to start-up companies with compelling business plans and the ability to add value in the local economy.

According to Minister Fakhro, 'We welcome this project put forth by KFH-Bahrain in line with the Bank's ongoing efforts to work closely with the Ministry and the Kingdom of Bahrain to develop innovative new projects aimed at attracting investment, creating jobs and providing overall economic benefits. We encourage greater private sector activities and projects such as these and will continue to provide the necessary support to noteworthy projects in the Kingdom.'

Commenting on the announcement, Mr. Abdulhakeem Alkhayyat, General Manager of KFH-Bahrain, said 'We are pleased to join hands with Bahrain International Investment Park to help drive further economic development and growth in the Kingdom of Bahrain. With enormous competitive advantages, Bahrain - and the Hidd area in particular - offer an ideal location for both regional and international industrial companies engaged in highly productive and economically beneficial activities. As a Bank, we are committed to participating in projects that help stimulate economic growth locally and across the region, and we believe that the KFH Industrial Oasis will act as a significant contributor in this regard. We thank the Ministry of Industry and Commerce for its support in the launch of this project, which we fully expect will both support the establishment of local industrial start ups as well as the attraction of major industrial corporations from the world over.

Mr. Osama Alkhaja - Head of Corporate Finance at KFH - Bahrain concluded, 'Some of the benefits to be enjoyed by qualified regional and international industrial companies include streamlined registration processes, substantial reductions in capital expenditures for the development of infrastructure and construction as well as significant time savings in establishment and launch of operations.'

Furthermore, KFH Industrial Oasis will offer potential tenants a host of facilities including those aimed at meeting their security, logistics and administrative needs as well as providing for unparalleled access to sea, air and road transportation. The Oasis is ideally positioned with the best possible levels of connectivity and access. It is located only 5 minutes by road to the Bahrain International Airport; the existing seaport of Mina Salman and the new Hidd deepwater port. In addition, there is direct motorway access to Saudi Arabia, the region's largest market, via the 25km Saudi-Bahraini Causeway.

The project, on which the Bank anticipates breaking ground in early 2006, will be undertaken in two phases. Phase One, which is expected to take some 18 months, will see the development of 11 advanced factories and a four-story office tower. This will be followed by the establishment of an additional seven advanced factories and a six-story office tower in Phase Two of the project, which is to be completed some 18 to 24 months later. Factories will be developed with size and scale ranging from 7,500 Sqm2 to 10,100 Sqm2.

The overall strategy of KFH-Bahrain is to stimulate the market by developing and or participating in investment projects that develop the local region, with a particular emphasis on Bahrain, whilst simultaneously provide compelling opportunities and returns for its investors and stakeholders. This approach helps to strengthen the overall economy and assist the local community in line with the Bank's stated objectives and mission upon its establishment in Bahrain.

[Bahraini Spirit]

The government expects to reap BD100 million a year from fees under the new labour market reforms, it was revealed yesterday. The money will be pumped into education and training programmes geared to getting Bahrainis into jobs, MPs heard.

It will come from labour and resident permits and other fees for employing expatriate workers.

The money will go to the soon-to-be-established Labour Market Organisation Authority, it was announced at parliament's weekly session.

The figures were revealed by parliament financial and economic committee secretary Abdulnabi Salman.

He told MPs that one article in the labour reforms law, submitted by the Economic Development Board, would ensure full consultation before the authority takes any decisions.

Labour Minister Dr Majeed Al Alawi stressed that the new authority would be independent and that he would not be chairing it.

"I will monitor its work without any intervention, but will give feedback to it," he said.

But parliament public utilities and environment committee chairman Abdulaziz Al Moosa was not happy with this.

"Who will be accountable to parliament if anything goes wrong in the authority?" he asked.

"Someone in the Cabinet should be and I believe it should be the relevant minister."

The authority will include nine members, four from the Cabinet, one from the EDB, two from the General Federation of Bahrain Trade Unions and two from the Bahrain Chamber of Commerce and Industry.

[Bahraini Spirit]

Hi this is in Arabic (basically it's about this new electronic company by Kuwaiti Buisnessmen). I'll try and look for the English version:


4* ‬مليارات دولار قيمة استثماراتها عربيا مقابل* ‬136* ‬ملياراً* ‬عالميا* ‬
رجال أعمال كويتيون* ‬يؤسسون أول شركة تجارة إلكترونية في* ‬البحرين* ‬


أسس اكاديميون ورجال اعمال شركة المشاريع التجارية الالكترونية في* ‬البحرين الاولى من نوعها في* ‬المنطقة متخصصة في* ‬هذا النوع من المشاريع*.‬
وبحسب صحيفة الايام البحرينية فقد تم انشاء هذه الشركة برأسمال خليجي* ‬مشترك من البحرين والسعودية والكويت ويتكون مجلس ادارتها من رجال اعمال متخصصين في* ‬مجال تقنية المعلومات والاتصالات*.‬
وتعد هذه الشركة الاولى من نوعها في* ‬المنطقة تقدم خدمات الكترونية في* ‬مجالات عدة منها التعليم الالكتروني* ‬والتجارة الالكترونية والتدريب الالكتروني* ‬والتسويق الالكتروني* ‬وستتخذ من البحرين مركزا رئيسيا لها وفتح فروع لها في* ‬كل دول مجلس التعاون الخليجي* ‬وايران اضافة الى مكاتب تمثيلية في* ‬دول اخرى*.‬
ويعتبر تأسيس هذه الشركة المحاولة الخليجية الأولى للحاق بركب التجارة الإلكترونية خاصة في* ‬ظل تضاؤل الاهتمام العربي* ‬بهذا المجال
وتؤكد المؤشرات الأولية أن الاستثمارات العربية مجتمعة في* ‬مجال التجارة الالكترونية لا تقارن بنظيرتها الاسرائيلية*. ‬فيما قدرت معدل النمو فى التجارة الالكترونية العربية بنحو *٥١ ‬٪* ‬مقابل *٠٣‬٪* ‬عالميا مشيرة الى أن حجم التجارة الالكترونية في* ‬الدول العربية* ‬يتراوح حاليا ما بين *٣‬و*٤ ‬مليارات دولار مقارنة بنحو *٦٣١ ‬مليار دولار عالميا*. ‬وتوقعت الدراسة التي* ‬أعدها مجلس الوحدة الاقتصادية العربية مؤخرا أن* ‬يتجاوز حجم التجارة الالكترونية في* ‬الدول العربية في* ‬نهاية العام الجاري* ٦ ‬مليارات دولار مقابل *١٤ ‬تريليون دولار عالميا ومشيرة الى أن اسرائيل التي* ‬تمتلك *٠٣١ ‬شركة تعمل في* ‬مجال صناعة الالكترونيات وتكنولوجيا المعلومات تحقق أرباحا وتجذب استثمارات أجنبية تبلغ* ‬حوالي* ‬مليار دولار سنويا فيما* ‬يبلغ* ‬عدد العاملين في* ‬هذه الصناعة أكثر من *٥٤ ‬الف شخص منهم أكثر من *٥٢ ‬الف مهندس و*٤١ ‬الف جامعي*. ‬وبينت أن صناعة الالكترونيات في* ‬اسرائيل باتت تستحوذ على *٠٤ ‬٪* ‬من الصادرات الصناعية*.. ‬كما أن حصيلة مبيعات البرامج فقط تجاوزت *٤‬*,‬*١ ‬مليار دولار*. ‬وحذرت من تزايد معدلات اختراق المعلومات داخل شبكة الانترنت وتعرض معاملات التجارة الالكترونية التي* ‬تتجاوز استثماراتها *٧ ‬مليارات دولار للقرصنة والسرقة*.. ‬مؤكدة أن الاختراق* ‬يتم من خلال وسيلتين هما التنصت على الرسائل وسرقة المعلومات من الحاسبات الشخصية للمتعاملين*.‬
وأشارت الدراسة الى وجود عدد من المعوقات التي* ‬تحول دون التوسع في* ‬الاستثمارات المتدفقة عبر التجارة الالكترونية عربيا في* ‬المرحلة الراهنة أبرزها القصور في* ‬حماية الملكية الفكرية وافتقار التجارة الالكترونية الى التأمين الكافي* ‬وكذا عدم الاعتراف بقانون رسائل بيانات هذه التجارة مع آليات التجارة الالكترونية وتعرض بعض الانشطة التجارية التقليدية للضرر وزيادة نسبة البطالة في* ‬العالم العربي*.‬
وشددت على ضرورة سعي* ‬الدول العربية لصياغة تشريع* ‬ينظم هذه النوعية المتنامية من التجارة ويحول دون تعرض مصالح الدول العربية لعمليات قرصنة وسرقة للمعلومات لاسيما في* ‬وقت تتمتع فيه معظم الدول العربية بفرص هائلة في* ‬مجال صناعة البرمجيات ونظم المعلومات وابتكار البرامج وتطويرها*.‬
ومن المعروف ان مواقع التجارة الالكترونية حتى المواقع المعلوماتية البحتة،* ‬اضافت الى مواقعها مداخل لانشطة التسويق والخدمات على الخط ولا* ‬يكاد* ‬يخلو موقع من نشاط استثماري* ‬ومالي* ‬بشكل مباشر او* ‬غير مباشر كما ان معدلات الزيادة في* ‬مستخدمي* ‬الانترنت رافقها نماء وتطور محتوى المواقع العاملة على الانترنت وذلك باضافة خدمات الكترونية ومداخل للبريد الالكتروني* ‬والتواصل مع الموقع،* ‬وذلك في* ‬مختلف انماط وانواع المواقع العاملة،* ‬فوفقا لمؤسسة ميديا ماتريكس فان اكثر *٥١ ‬قطاعاً* ‬تعليمياً* ‬استخداما من حيث عدد الزائرين لم* ‬يكن* ‬يتضمن حتى عام *٦٩٩١ ‬اي* ‬خدمات تتصل بالتجارة الالكترونية اما في* ‬الوقت الحاضر فان جميع المواقع التعليمية المشار اليها تعرض خدمات تجارة الكترونية،* ‬اتصالات بريد الكتروني،* ‬اخباراً* ‬عامة،* ‬خدمات ذات علاقة بالهوايات،* ‬ومعلومات حول الاعمال وتسوقاً* ‬على الخط* ‬غير ان السؤال* ‬يبقى مشروعا وحاضرا بقوة*: ‬هل تمثل هذه الشركة المتخصصة في* ‬مشاريع التجارة الالكترونية في* ‬البحرين* »‬اول* ‬غيث*« ‬المشاريع التجارية الخليجية الالكترونية؟ ويبقى السؤال معلقا هكذا دون اجابة*.‬

[Bahraini Spirit]

Well this was from July but still good news (check out the last two lines hehe, atleast we know someone that's goin to the BFH), enjoy:


The Bahrain Monetary Agency (BMA) has granted a licence to the Quorum Trust Group to establish a subsidiary in Bahrain.

The Bahrain venture, which will operate under the name Ohad Trusts Corporate and Financial Services, will offer trust, trustee and related services as well as financial ancillary services.

Quorum Trust Group is headquartered in Jersey, Channel Islands. It specializes in trust and corporate services for private and institutional clients. It also advises on wealth structuring solutions to families and private corporations. Quorum is owned by the partners of Carey Olsen, the largest law firm in the Channel Islands, which also owns Dominion Corporate Services, a fund administration company.

“The BMA welcomes Quorum Trust Group to Bahrain,” said Mr. Ahmed Al Bassam, Director, Licensing & Policy, at the BMA.

Ohad Trusts will be the first trust related services institution to be established in the Middle East region, he said.

The BMA has finalized Bahrain’s and the Middle East region’s first Trust Law, to govern the important and growing business of trust related and custodian services, said Mr. Al Bassam. The draft law, which has already secured Cabinet approval, is currently awaiting approval from Parliament.

He also pointed out that BMA and the Financial Services Commission (FSC) of Jersey have in place a Memorandum of Understanding (MoU), which provides a framework for cooperation between the two institutions in a number of areas of financial services, including trust services.


“The BMA is committed to maintaining its leadership in developing regulation and providing an appropriate environment for the evolving needs of the financial services industry,” he said.

Ohad Trusts will focus on trust services, including Shari’a-compliant trusts, as well as third party fund administration services, including management of custodian services.

Mr. Stefan Cnoops, Director of the Quorum Trust Group and Managing Director of Ohad Trusts, said Quorum and Dominion have been offering trust, corporate, fund administration and related services in the Middle East region from their offices in Jersey. However, going forward, the business potential in the region necessitates an on-ground presence.

“The Middle East is one of the most attractive geographical areas to do business in,” he said. The substantial wealth available, the rapidly growing financial services sector, including the growth in Islamic banking activity, and the growing requirement for sophisticated financial products are creating substantial opportunities for the group’s further growth in the region.

“Bahrain, as the foremost jurisdiction for financial services in the Middle East, is the place of choice for expanding our operations in the region,” said Mr. Cnoops.

“We wish to bring to Bahrain the expertise we have built up in Jersey and to establish a fully operational unit in the Kingdom.”

Ohad will be located in the Bahrain Financial Harbour, once the US$1.3 billion financial business park, currently under construction along the Manama seafront, becomes available.

[Bahraini Spirit]

News unveiled same time as the above, enjoy:

The Bahrain Monetary Agency (BMA) has granted two new licences for banks and another to a financing company.

A licence has also been granted to an existing financing company, which was previously licensed by the Ministry of Commerce.

The new licences were recently approved by HH Shaikh Khalifa Bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain and Chairman of the BMA Board.

Venture Capital Bank (VCBank) has been licensed to offer venture capital financing and carry of out investment activities in accordance with Islamic principles.

The bank, which will have a paid up capital of US$50 million, is being established by a group of investors from Bahrain and Saudi Arabia. Global Emerging Markets Group (GEM Group), a US-based venture capital firm, is a technical partner of VCBank.

The BMA has also granted a licence to Reef, the first real estate financing company in Bahrain. The firm is being established with a paid up capital of BD20 million (US$53m). The firm’s shareholders are Al Khaleej Development Company (Tameer), Global Investment House and Ossis Properties, each with a 10% shareholding, and other individual investors.

A licence has also been issued to the Bahrain Commercial Facilities Company (BCFC). The firm, which has been operating in Bahrain since 1983, was previously licensed by the Ministry of Commerce, while reporting to the BMA. With the introduction by the BMA of a licence for financing companies, the BCFC has now become a BMA licensee.


The firm, which is listed on the Bahrain Stock Exchange (BSE), specializes in extending short, medium and long term loans to consumers in Bahrain.

“These are the first two financing companies to be licensed by the BMA since this licence category was introduced in 2004,” said Mr. Ahmed Al Bassam, Director, Licensing & Policy, at the BMA.

The BMA has also granted a licence to leading Turkish commercial bank Vakifbank Turkiye Vakiflar Bankasi (Vakif) to establish a branch office in Bahrain.

The Bahrain branch, which will be an offshore banking unit, is Vakif’s first venture in the Middle East. Established in 1954, Vakif has a paid up capital of US$312 million, while total assets stood at US$12 billion. The bank enjoys a country ranking of 7 and a world ranking of 650.

Through its Bahrain branch, the bank will explore and develop banking opportunities between Turkey and the Middle East. Vakif will be the 14th Turkish bank to establish a presence in Bahrain.

The BMA has also approved a licence for Switzerland-based Man Investment AG, to establish a Representative Office in Bahrain. The new licence will substitute an existing licence for Man Investment Limited, which is headquartered in London. The change is being effected as a result of corporate restructuring within the Man Group. There will be no effect on the firm’s existing funds management activities in and from Bahrain.

Earlier, the BMA granted a licence to Dexia Private Bank (Switzerland), to establish a Representative Office in Bahrain. The Dexia Group is a major player in retail financial services, investment management services and treasury and financial markets in Europe.

“Bahrain continues to attract foreign, regional and local institutions and investors,” said Mr. Al Bassam.

A new, flexible licensing framework, being developed by the BMA, will further facilitate the conduct of financial services from Bahrain, he pointed out. The new framework, which is currently being finalised, is planned for implementation later this year.

[Bahraini Spirit]

This is months old but significant. Now I know you have a lot to read so last post for now hehe, enjoy:


The Bahrain Monetary Agency (BMA) has granted a licence to the New Hampshire Insurance Company (NHIC), to offer non-life reinsurance services.



NHIC, which will establish a branch office in Bahrain, is a subsidiary of US-based American International Group (AIG), a global leader in insurance and financial services.



NHIC will be the second AIG affiliate to establish operations in Bahrain. The American Life Insurance Company (Alico), also a member of the AIG Group, has been operating in Bahrain since 1961.



The Bahrain branch of NHIC will serve insurance companies in the domestic and regional market. Its main lines of business will include casualty, property and marine insurance. In addition, it will write reinsurance business related to crisis management, and the financial and energy sectors.



The Bahrain branch will serve as the firm’s regional base. Its establishment comes as part of NHIC’s efforts of restructuring its operations in the GCC region.



“We are delighted to welcome NHIC to Bahrain’s well-diversified financial sector,” said Mr. Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the BMA.



NHIC’s entry into Bahrain signifies the Kingdom’s growing leadership as a premier insurance center in the Middle East region, he said.




New York-headquartered NHIC has a capital of more than US$500 million. It enjoys a AAA rating from international rating agency, Standard & Poor’s (S&P).



AIG boasts operations in more than 130 countries with over 86,000 employees. AIG member companies, including NHIC, serve commercial, institutional and individual customers through an extensive network of general and life insurance.



AIG’s net income for 2003 amounted to US$11.05 billion, while shareholders equity stood at US$83 billion and assets at US$800 billion.

[Dubai-King]

BD9m park work set to begin



By MOHAMMED AL A'ALI

MANAMA

WORK on the BD9.1 million Adhari amusement park is expected to begin in January, it was revealed. The park is the second phase of a project to revive the Adhari area, which hosts one of Bahrain's most renowned landmarks - Ain Adhari.

The natural freshwater spring was renovated and re-opened to the public two years ago, while the new park is expected to be ready in 18 months.

"Work on the park should have already begun in May, but due to electrical problems it has been delayed," said Northern Municipal Council chairman Sayed Majeed Al Sayed.

"The previous amusement park, which has been closed down years ago, didn't require that much electrical work, but this new park requires a lot more electricity," he said.

"The Electricity and Water Ministry will instal cables for the project and once that is completed then the building permit will be approved."

Mr Al Sayed said the Northern Municipality was moving trees and replanting them elsewhere in line with the park's new design.

"No trees have been thrown out and all we are doing is relocating them," he said.

"We want the place to stay green, but at the same time we want it to look neat."

The new park will be built on an area of 165,319 square metres and will feature a roller-coaster, a water park, children's play areas, a mini-golf course, a bowling alley, arcade games, family recreation facilities, a shopping mall and a children's museum.

The project will be carried out by Al Khaleej Development Company (Tameer) and Kuwaiti Markets and Commercial Complexes Company, who has been contracted to run the park for 30 years.

Mr Al Sayed said a lot of effort has been exerted to revive the area, which is considered to be an important landmark in the country.

"The pool has been renovated recently and hopefully the new family recreational facility will be an addition to it," he said.

"The new facility will also provide job opportunities to 140 Bahrainis."

In September 2003, the historic park was reopened to the public.

The pool and the surrounding area were renovated and a mosque built at a cost of BD60,000.

Until a decade ago, the pool was one of the most popular recreation sites in Bahrain.

The entire project was initiated by His Majesty King Hamad and is being overseen by the council and the Northern Municipality.







Nice.

[Pearl of the Gulf]

Bahrain’s tourism sector will get a boost with the addition of the five-star cruise ship Orient Queen.
The luxury ship will be launched in Bahrain tomorrow in the presence of the Undersecretary of the Ministry of Information, Mahmood Yousif Al Mahmood, and the Chief Executive Officer of Abou Merhi Cruises, Merhi Abou Merhi.
It is the first time that any cruise ship will come in and move out of Bahrain. This will stop in Bahrain on every Sunday for 12 to 13 hours, said the Managing Director, Galaxy Travel and Tourism, Hakim Al Aradi.
“The cruise consisting of 12- decks with an access to eight decks to the passengers will carry tourists between the GCC countries. The Orient Queen, which has a capacity to accommodate 910 passengers, will sail in the Dubai-Bahrain-Doha and Dubai-Oman-Dubai route,” he said.
“During its stay here the passengers can tour Bahrain and have the opportunity to visit some of the popular historical and cultural sites of the Kingdom. We are targeting foreigners, besides GCC nationals.”
He said: “Dubai is a popular destination among the GCC countries and we are aiming to bring all those tourists here and promote tourism in Bahrain. We are hoping that this ship, that has 414 cabins and facilities like a restaurant, duty free shop, swimming pool, spa, sauna, bank, hospital, fitness centre, beauty saloon jogging track, mini golf and other facilities, will be successful in attracting tourists from various GCC states.”
He said the people will be able to experience something different on a three to four days cruise where they will be able to have a round tour to all the GCC countries.
“We have launched a marketing campaign four days ago and the Orient Planet Public Relations company is also running a campaign. Meanwhile all the travel agencies in Bahrain are free to market it,” he said.
Al Aradi said: “A lot of people are showing interest in this cruise ship and many people are calling us and enquiring about it. During Ramadhan people in Bahrain do not travel a lot, but after the holy month, hopefully there will be travellers.”
“We have a very good cooperation between the Ministry of Interior, General Directorate of National, Passports and Residence and officials at the Mina Salman Port in terms of entry of people and passengers going off board. The Ministry of Information and its Tourism Affairs is also providing us support for the tourists,” he added.

Bahrain Tribune October 29, 2005