Business/Economic News

[Bahraini Spirit]

A new branch of the Kuwait Finance House, Bahrain (KFH-Bahrain) was opened yesterday in Riffa, near the BDF Hospital.

It was opened under the patronage of Bahrain Monetary Agency (BMA) governor Rasheed Al Maraj by BMA financial institutions supervision executive director Anwar Al Sadah.

Present at the opening ceremony were officials from the BMA and BDF, as well as KFH management.

KFH-Bahrain assistant general manager Fuad Taqi said the opening of the branch, which cost over BD100,000, is part of expansion plans to be present in all of Bahrain's major towns.

"We chose to open at the BDF Complex to fill a need for a financial facility in the area and to give BDF employees, as well as the Riffa community, access to our services," he said.

Mr Taqi said a new branch would be opened next year in Sitra, which will also include a car dealership showroom.

"This is a new scheme in which we will also sell cars of all brands," he said.

"We are also looking for ideal locations to open our branches in Muharraq and Budaiya."

KFH established its first branch in Bahrain in December 2002. General manager of KFH-Bahrain, Abdulhakeem Alkhayyat, said Islamic banks seek economical development by investing in projects to serve the community.

"We see servicing the community is not only through making donations, but through investing in the country and conducting education programmes and helping in providing work opportunities for nationals," he said.

"We also aim at actively developing Islamic banking to cater to all customers including commercial bankers."

Customers who open an account at the new Riffa branch will be entered into a draw to win a new Lexus.

[Bahraini Spirit]

Bahrain will soon have its first privately-owned radio station.

Sawt Al Ghad, or the Voice of Tomorrow, has already obtained permits from the Information Ministry and gone on air on a trial basis in Bahrain and eastern Saudi Arabia, said Mohammed Shroogi of Delmon Media yesterday.

The station is expected to launch officially in one month and will focus on music, sports, culture and the stock market but avoid news and politics, he said. Delmon is owned by Bahraini, Kuwaiti and Saudi investors.

[Bahraini Spirit]

THE Ritz-Carlton and Spa reopens today after a six-month, multi-million-dollar refurbishment of its rooms and suites.

Work at the hotel got underway in May and has been finished right on schedule, says general manager Pascal Duchauffour.

The hotel closed all its rooms for the refurbishment, but restaurants and other outlets stayed open.

"We are very excited to finally reopen and demand is very strong as we already have more business booked for November and December than we did last year," he said.

"Bahrain is continuing to do well in terms of arrivals and conferences and is very strong on the corporate side."

The hotel has reduced its number of rooms from 264 to 245 by combining existing ones and introducing new suites.

It features 156 deluxe rooms, 22 studios, 36 premier club rooms, 21 senior club suites and 10 speciality suites.

Their interiors are by Parisian designer Pierre-Yves Rochon.

Feedback taken from hotel guests and employees played a great part in the key improvements of the refurbishment, said Mr Duchauffour.

"The club floor now has larger rooms and bathrooms and has been equipped with the latest in technology," he said.

"One of the main directions we took was adding more functionality in the rooms for business customers, who wanted certain amenities to make their stay easier, such as wireless Internet access and flat-screen televisions."

The club lounge has been tripled in size, featuring a live cooking station, a meeting space with full technology, a library and a panoramic view.

"The prices will be adjusted and increased which naturally happens when service and quality levels move forward," said Mr Duchauffour. A new 110-seat restaurant has also been created for hotel employees, along with their own recreation centre for them, which includes an Internet café and workout facilities. Meanwhile, Mr Duchauffour added that future projects that will be started next year include an improvement of the sports club with enlarged locker rooms, gym and overall enhanced space.

[Bahraini Spirit]

I can tell you that the banking sector's combined budget grew by 9.2% from $122.1 billion to $133.3 billion.

[B-Patriot]

Originally Posted by Bahraini Spirit

I can tell you that the banking sector's combined budget grew by 9.2% from $122.1 billion to $133.3 billion.

What does their combined budget mean exactly ??

[Bahraini Spirit]

The money of all the banks together.

[Bahraini Spirit]

A HISTORIC natural spring and park was reopened to the public last night after undergoing a BD530,000 renovation.

The Umm Al Sha'oom natural spring and park, in Mahooz, was reopened under the patronage of Municipalities and Agriculture Minister Ali Saleh Al Saleh.

Also present at the event was Manama Municipal Council chairman Murtadha Bader.

Speaking at the event, Mr Bader said the pool was of historical significance to the residents of Mahooz and neighbouring areas.

"The natural spring had an important role in the village as a meeting point for residents, particularly after they had finished labouring on their nearby farms," said Mr Bader.

"Sweet water from the spring supplied water to Manama, Gudaibiya, Umm Al Hassam and Zinj but the biggest beneficiaries were the residents of Mahooz since the streams from the spring spread across the village to irrigate palm trees and gardens."

He also said the renovated landmark would rejuvenate social life in the area, since it incorporates traditional designs with modern facilities.

An exhibition showcasing various phases of the project featured at the opening.

The main attraction of the park are pools that represent the location of the old natural springs, in addition to a number of water fountains.

The new park covers an area of 5,740 sq m and comprises statues of animals to reflect the history of the spring, in addition to a public park, a mosque, football and basketball facilities, a small canteen and a car park. Umm Al Sha'oom is considered to be the second most important natural spring in the country after Ain Adhari.

[Bahraini Spirit]

A RECORD 102 teams have signed up to join the 25th annual Bahrain Marathon Relay, on November 18.

The previous record for the charity event was 100 teams, in 1995.

The surge in entries, from 62 last week, came at the Captains' Meeting held on Sunday at the Ritz-Carlton Bahrain Hotel and Spa.

Organisers at the Bahrain Round Table are delighted with the record response.

"We are still accepting entries through to the week before the event, or when we reach 125 entries," said Bahrain Marathon Relay '05 chairman Stephen Williams, who was also race chairman in 1995.

"I doubt we will reach 125, but anything above 100 we're thrilled with."

With 102 teams, that's about 1,700 runners representing various nationalities, said Mr Williams.

"One year, we estimated that there were about 35 different nationalities taking part."

The entry fee for each team is BD150.

Entry forms can be downloaded from the BRT website, www.brt1.org, obtained from race registrar Chuck Chandonnet on e-mail bmr_registrar@hotmail.com.

They can also be obtained at the Ritz-Carlton's Health Club, the British Club and the American Express outlet in the Seef Mall.

The race is being held under the patronage of General Organisation for Youth and Sports (Goys) president Shaikh Fawaz bin Mohammed Al Khalifa. It will start at the Bahrain International Circuit (BIC) in Sakhir at 10am.

The finish line will be at the Ritz-Carlton.

Teams will be competing in a large number of individual categories.

In addition to the International Elite, Open and Ladies Divisions, categories include the fastest school, hotel, financial institution, airline, hash and construction company team as well as the most improved team.

A new category has been introduced this year for Bahrain clubs.

The organisers are working closely with Goys and the Bahrain Athletics Association to seek increased participation by clubs.

The organisers have arranged sponsors for the clubs to encourage their participation.

Four clubs have entered to date.

Trophies will be presented to the winning teams in each of the individual categories. Trophies and medals will also be presented to the winning teams in the International Elite, Open, Ladies, Bahrain Clubs and Schools Divisions. A Marshals' Meeting will be held on November 13 at the Ritz-Carlton's Al Khayma Tent, starting at 7pm.

[Dubai-King]

Our university will win fastest school this year.

[Bahraini Spirit]

^ Good luck man . We won it 4 years ago.



The Bahrain-US Free Trade Agreement (FTA) was unanimously approved by the House of Representatives' Ways and Means Committee.

The draft legislation to implement the FTA was approved by a 23 to 0 vote, with 15 members voting present.

"This free trade agreement will create additional economic opportunities for US businesses," said committee chairman Bill Thomas.

"It also establishes a strong foundation as we move towards the goal of a Middle East Free Trade Area.

"Also, beyond its obvious trade value, approval of this agreement will demonstrate the US support for Bahrain's regional leadership in economic and governance reforms and the strong US-Bahrain alliance in the global war on terror."

The committee conducted an informal mark up in order to provide guidance to the Administration on the draft implementing bill and Statement of Administrative Action.

Under Trade Promotion Authority procedures, once the Administration formally submits the final legislative language to the US Congress, it may not be amended.

Ways and Means is the oldest standing committee in Congress and because of its legislative authority involving economic policy, international trade, welfare, and health care policy, it occupies a pivotal place in the House committee system.

Its jurisdiction includes measures relating to revenue, trade agreements, social security, medicare and welfare.

In addition to legislating, the committee exercises broad oversight authority in all these areas.

Senate and House of Representatives hearings into the FTA were held last month, as politicians debated whether or not to ratify it.

His Majesty King Hamad issued a decree ratifying the FTA on July 21, after it was passed by parliament and the Shura Council earlier that month.

The agreement aims to achieve extensive liberalisation across a wide spectrum of trade issues, both in terms of goods and services.

With regards to labour rights, the FTA states that each government reaffirms its obligations as members of the International Labour Organisation and commits to strive to ensure that laws provide for the highest labour standards. It is expected that Congress will ratify the FTA before the end of this year.

[Moody]

Self explaining picture of the day!

[Bahraini Spirit]

The newly formed Abu Dhabi-based financial institution, Abu Dhabi Investment House (ADIH), has acquired a stake in Bahrain's First Leasing Bank (FLB), contributing to its capital.

FLB, incorporated last year, is the first bank in Bahrain dedicated exclusively to the introduction and expansion of equipment leasing throughout the GCC.

The company's primary leasing products are finance leases and operating leases, to the commercial and government sectors in the region.

With this development ADIH, incorporated in September, joins Bahrain- based institutions, Gulf Finance House and Ithmaar Bank, US-based Overland Capital Group and the Kuwait-based Gulf Investment House, as the principal institutional shareholders of FLB.

ADIH chief executive officer and founders committee member Rashad Yusuf Janahi said economic liberalisation in the region was reflected in an increased focus on privatisation initiatives, enhanced government spending on infrastructure and employment programmes and the growth of sophisticated financial investments.

These are all sure signs of economies ready to move beyond cash and term loans in order to build capital infrastructure, he said.

"ADIH has been set up with the aim of providing diligent investors a variety of high-yielding investment opportunities in the region," he said.

"We have identified equipment leasing as one such business sector that has potential for tremendous growth."

Mr Janahi said that FLB, as one of the pioneers in the area of equipment leasing in the region, had succeeded in making leasing an integral and sophisticated force in the capital formation structure of GCC companies and institutions.

"Our decision to partner with FLB was made after a thorough due diligence exercise, which included a careful study of both the market and the existing players within the equipment leasing sector," he said.

"We firmly believe that as a provider of high-quality asset based financing, FLB effectively combines sound local knowledge, with a strong management team that has substantial international experience in lease-financing."

FLB chief executive officer James Cracco said the bank's partnership with ADIH would provide it with added bandwidth, resources and reach to aggressively pursue core objectives of serving the business community in the region through leasing and other investment tools and thus enhance both productivity and profitability. "We are especially looking forward to working closely with ADIH and their contacts to increase our economic presence in the UAE and the GCC," he added.

[Bahraini Spirit]

Well, Saudi is the third country after Jordan and Uruguay or Paraguay to learn from us, enjoy:


A nine-day training session for Saudi businessmen is to start in Bahrain today.

The process of Transferring Bahrain's model of entrepreneurship development to Saudi Arabia will start by organising the first training programme on Developing Business Counsellors for Small and Medium Enterprises.

The programme is developed through a co-operation agreement between Arab Gulf Programme for United Nations Development Organisation (Agfund), Saudi Chambers of Commerce and Industry and United Nations Industrial Development Organisation's (Unido) Arab Regional Centre for Entrepreneurship and Investment Training (Arceit), in Bahrain.

The programme will be held under the patronage of Finance and National Economy Ministry Under-Secretary Shaikh Ebrahim bin Khalifa Al Khalifa, who is also vice-president of the Supreme Committee for Facilitating Loans for Small and Micro Enterprises in the Middle East.

The Bahrain Model of Enterprise Development and Enterprise Creation (EDECP) is a package approach, which includes capacity building of prospective entrepreneurs through training, counselling and technology tie-ups, developing financial linkages and providing business development services.

The Saudi participants will then be expected to train other businessmen in their own country.

The programme is being organised at the Unido premises, in the Diplomatic Area.

Twenty-seven professionals from small and medium enterprise units of 19 Saudi Chambers of Commerce and Industry will take part.

The training programme aims to:

Equip participants with skills in profiling small and medium enterprises in terms of their current performance and potential growth;

Enable participants to acquire problem solving skills;

Generate awareness on counselling style; Develop skills required to assist existing entrepreneurs in consolidation, performance improvement and business growth.

[Bahraini Spirit]

KUWAIT's Jazeera Airways is launching operations to Bahrain today. Jazeera, which is the first privately owned airline in the Gulf, was officially launched on October 30 with flights to Dubai and Beirut.

The flight will arrive in Bahrain daily at 4.50pm and leave for Kuwait at 5.30pm, reaching there an hour later, said newly appointed country manager Hussain Abu-Edrees.

Bahrain is one of the five destinations selected by Jazeera for its first-phase operations.

Damascus and Amman are the other destinations.

Jazeera has opened its Bahrain office at Bahrain International Airport.

The airline has acquired two new Airbus A320 aircraft, which will offer two configurations - Jazeera Plus and Jazeera.

Chairman and chief executive officer Marwan Boodai and other leading officials will travel to Bahrain on the inaugural flight this afternoon. Civil Aviation Affairs is organising a reception at the airport for the debut flight.

[Moody]

Good news from all over..!

[Moody]

ارتفاع أرباح شركة البحرين للسينما بنسبة 96%


أعلنت شركة البحرين للسينما أنها حققت زيادة كبيرة في الأرباح بنسبة 96 في المئة خلال الشهور التسعة الأولى من العام الجاري بلغت 3 ملايين و984 ألفا و350 دينارا بحرينيا مقارنة بأرباح الفترة نفسها من العام الماضي والتي بلغت مليونا و942 ألفا و276 دينارا بحرينيا، ما أدى إلى زيادة ربحية السهم الواحد من 74 فلسا العام 2004 إلى 145 فلسا هذا العام، وذلك على رغم ارتفاع قيمة رأس المال المدفوع بنسبة 30 في المئة، اثر منح 15 في المئة أسهما مجانية و 15 في المئة كأسهم حق الأفضلية.



وكشفت النتائج عن زيادة في أرباح العمليات والمشروعات المشتركة للشركة بنسبة 60 في المئة، إذ شهدت ارتفاعا من مليون و66 ألفا و914 دينارا في العام الماضي إلى مليون و713 ألفا و727 دينارا هذا العام.
وأسفرت النتائج عن زيادة في أرباح الاستثمارات بنسبة 110 في المئة، إذ شهدت هذه الأرباح نموا من مليون و479 ألفا و192 دينارا العام 2004 إلى 3 ملايين و107 آلاف و411 دينارا هذا العام.
وصرحت شركة البحرين للسينما بأن قيمة حقيبتها الاستثمارية بلغت 17 مليونا و678 ألفا و770 دينارا هذا العام مقارنة مع 13 مليونا و179 ألفا و626 دينارا في 31 ديسمبر/كانون الأول .2004
وقال العضو المنتدب لشركة البحرين للسينما عصام فخرو: "هذا الارتفاع الملحوظ في الأرباح نتج عن تقديم كل ما هو مبتكر وحديث من أفلام وبرامج منوعة ومميزة جذبت عددا كبيرا من المشاهدين".
وأضاف: "ان ارتفاع عدد السائحين كان له أثر إيجابي في نمو الإيرادات، والأهم من ذلك الاستثمارات الفعالة والخطط والمشروعات الناجحة التي تنفذها الإدارة التنفيذية بناء على التوجهات المدروسة من قبل أعضاء مجلس الإدارة".
من جهته، أشار المدير العام لشركة البحرين للسينما أحمد راشد إلى أن الشركة شهدت تطورا فعليا في أوضاعها خلال العام الجاري، إذ ارتفعت قيمة أصول المساهمين بنسبة 27 في المئة.
وقال راشد: "تتضمن أنشطة شركة البحرين للسينما إدارة عدد من صالات عروض السينما والمطاعم في مملكة البحرين ودول مجلس التعاون الخليجي، وسيرا على خطى توسيع خططها ومشروعاتها، فإن شركة البحرين للسينما افتتحت خلال العام الماضي مجمعا للسينما في دولة قطر يشمل 14 صالة عرض، وكان يعتبر المشروع الأضخم من نوعه في حينة. هذا، بالإضافة إلى المفاوضات التي مازالت جارية بينها وبين الكثير من الجهات المختلفة لتنفيذ توسعات في إنشاء مجمعات سينمائية على المستوى الإقليمي والعربي على حد سواء والتي سيتم الإعلان عنها قريبا".
وذكر "أن شركة البحرين للسينما تملك وتدير 24 صالة عرض سينمائية في مملكة البحرين، إذ تدير الشركة شبكة من صالات دور العرض السينمائي تشمل 4 صالات عرض في مجمع سينما سار، 16 صالة عرض في مجمع السيف، صالتين في سينما أوال، صالة في سينما الحمرا وصالتين في مجمع سينما الجزيرة".
وأضاف راشد "أن شركة البحرين للسينما وقعت اتفاقا لمشروع يتضمن 20 صالة عرض سينمائي في مجمع سيتي سنتر في البحرين، وهو يعتبر أكبر مجمع سينمائي في منطقة الشرق الأوسط، إذ ستشغل صالات العرض مساحة 8000 متر مربع تتسع لحوالي 4200 مقعد. وتشمل خطط التوسع المستقبلية لشركة البحرين للسينما افتتاح مطعم جديد متخصص بالمأكولات الهندية في سينما أوال، وبهذا فهي تقدم أبعادا جديدة لمشروعاتها المميزة".

[Moody]

Big Money!! 96% increase in income!

[Bahraini Spirit]

Plans to establish a Turkish-Bahraini Business Council are nearing completion with signing of a Memorandum of Understanding (MoU) by the two countries yesterday.

A protocol to kick off bilateral relations is expected to be signed early next year, it was revealed.

The MoU was co-signed by Bahrain Chamber of Commerce and Industry (BCCI) chairman Khalid Kanoo, Turkey's Union of Chambers and Commodity Exchanges (TOBB) president Rifat Hisarcikiloglu and Foreign Economic Relations (DEIK) executive board chairwoman Rona Yircali.

It was held on the sidelines of Bahrain-Turkey Business Forum held at the Regency InterContinental Hotel.

It was attended by the Turkish Prime Minister Recep Tayyib and Commerce and Industry Minister Dr Hassan Fakhro.

Mr Tayyib said Turkey looks forward to bolster ties with Bahrain, particularly facilitated procedures for investments, trade tourism and building materials sectors.

Dr Fakhro affirmed Bahrain's keenness to further promote co-operation with Turkey in various sectors.

He said Bahrain offered many incentives to Bahraini and foreign investors in addition to the relevant legislation.

The MoU calls on the BCCI, TOBB and DEIK to "evaluate interest and support" for a Turkish-Bahraini Business Council. If created, the council would be mandated "to foster and promote business relations between the two countries."

It would be made up of two self-financed chapters, which would work bilaterally to organise events to bring Turkish and Bahraini companies together and exchange information.

The MoU aims also to develop trade, investment, contracting and technology transfer between Bahrain and Turkey.

[Bahraini Spirit]

A group of Bahraini businessmen are planning to establish a $26.5 million Bahraini-Turkish shareholding company, it was revealed yesterday.

This was announced at the Bahraini-Turkish Forum held at the Regency Inter-Continental Hotel.

It was organised by the Bahrain Chamber of Commerce and Industry, Turkey's Unions of Chambers and Commodity Exchanges (TOBB) and Foreign Economic Relations (DEIK).

"If joint ventures between the private sectors in the two countries represent the cornerstone of the advanced stage of co-operation we are looking for, such projects must be based on strategic vision of a proactive and effective development partnership," BCCI first vice-president Yousef Saleh Al Saleh told the forum.

He was reading a speech on behalf of BCCI chairman Khalid Kanoo.

The forum aimed to "introduce Bahrain to Turkish businessman", BCCI deputy chief executive Abdul Rahim Naqi told the GDN.

"Attitudes and laws in Bahrain now are very good and we want to encourage Turkish businessmen to take Bahrain as a centre for finance and investment," he said.

"The government will act as a facilitator for the business communities to highlight the opportunities available now."

Turkish Association of Real Estate Investment Companies chairman Haluk Sur said there was large room for investment in Turkish real estate development, and "mortgage housing is a hot issue these days."

Turkish laws regarding the property rights of foreign investors are undergoing a crucial review, he said.

"Office property needs will increase and rental rates will increase, and Turkish companies are looking for bidders."

A second Memorandum of Understanding was also signed between the two countries for a new bilateral taxation agreement, it was announced during the forum.

The session featured presentations by the Economic Development Board and BIIC for Turkish businessmen.

It was followed by presentations by the Turkish delegation on the economy, contracting, construction and engineering, privatisation and investment, real estate and tourism for Bahraini businessmen.

[Bahraini Spirit]

BankMuscat International (BMI) opened their third Bahrain branch in Muharraq yesterday. The branch was opened by Bahrain Monetary Agency (BMA) Financial Institutions Supervision Department executive director Anwar Khalifa Al Sadah. Present were BMI chairman Sheikh AbdulMalik bin Abdullah Al Khalili, BMI chief executive officer Musallam Al Shukairi, bank officials and guests.

BMI has invested more than $270,000 (BD102,000) to establish the branch as part of a larger strategic expansion for an additional three branches supported by a network of 15 ATMs across the Bahrain during 2006.