Business/Economic News

[Bahraini Spirit]

I have emailed the guy that wrote the article who is the VP and we'll see if he replies. Honestly, those people are just bastards, only word I can use to describe such people.

[Pearl of the Gulf]

I somehow think the government asked them to come and do the proposal, then turned their backs on them. Then similar ideas were later planned or constructed by local and regional contractors. For example just a few days ago plans were released of a business park next to the track containing two hotels; very notable similarities to the “race world”.

[Bahraini Spirit]

This is stupid, cause there is a major breach of confidentiality here. Retards is the only thing I can say. And to be honest, this is a major blow to Bahrain, the biggest yet and will result in more major blows, thanks to we all know who up there who screws it all for the rest.

[Bahraini Spirit]

I can now tell that I am sure that it's the business park project that is causing the controversy along with possibly the salam beach resort thing and the situation is serious. There have been major impeachments against some officials.

[Natural Bahraini]

hey just checked out the website...guyz sry to say if this goes...BYE BYE BAHRAIN!!! this is a pure example of how the officials in bahrain handle good investment...its frustrating to see if this is true....

[Bahraini Spirit]

I can officially tell you, WE ARE SCREWED, those projects are dead. I have talked to the vice president and there is a lot of shocking things that happened.

All I can say is that we have the worst officials in the world that only know how to talk bs.

Thank you very much, I don't know how to express my gratitude and love for you.

[Pearl of the Gulf]

The government, in my opinion, is trying to have a majority local ownership for the upcoming projects (mainly itself). It is also being very selective of what regional countries can invest in Bahrain. I think it feels that these projects well account for a big chunk of its future intake. They don’t want to open up the market like Dubai and have surge of foreign investment; they want the local to benefit from these developments. But to sacrifice integrity is shameful. Only time will tell if they have made the right decision or not, in other words will the money they get from these project be returned to the people in the form of jobs and opportunities or end up in someone’s pocket.

[Natural Bahraini]

Well guyz i can make a statement that i am 100% positive about "Bahrain is not reliable" whether it comes to government decisions or even sports!!

[Bahraini Spirit]

Originally Posted by Pearl of the Gulf

The government, in my opinion, is trying to have a majority local ownership for the upcoming projects (mainly itself). It is also being very selective of what regional countries can invest in Bahrain. I think it feels that these projects well account for a big chunk of its future intake. They don’t want to open up the market like Dubai and have surge of foreign investment; they want the local to benefit from these developments. But to sacrifice integrity is shameful. Only time will tell if they have made the right decision or not, in other words will the money they get from these project be returned to the people in the form of jobs and opportunities or end up in someone’s pocket.

To do what they did is a disgrace. I know what they did and it is somethin big. Dubai is smart, unlike us, honestly, we're stupid, simple as that.

I don't want to write a lot cause I'm not sure who reads those comments but there is a huge problem in the goverment, no need to say what. If it disappears, things will be much better. It is very late to fix some major problems as some wounds can't be healed.

I'm sooo pissed off right now. And just to add to the problem, the EDB is not helpin the cause, it didn't do a single thing to solve this problem. Too much for its initiatives if it will stay the way it is.

[Pearl of the Gulf]

All this has happened before on many occasions. One good example is sonesta the resort in juffair that later became the specialist hospital.

[Bahraini Spirit]

Tell me about it, I knew a relative of the owner of sonesta.

It happened before but not with a $7 billion tag on the projects at one time.

Damn man, damn, Bahrain's GDP should easily be $100 billion and above if the officials know what to do with it.


Havin said that, we heard one side of the arguement, am curious to hear the other one, if we will ever do.

[Bahraini Spirit]

Anyways, let's put that topic on one side:


JOURNALISTS, publishers and media executives are to benefit from a leading journalism institute that will start its academic programme next October .

City University of London signed an agreement at the Gulf Hotel yesterday to open Bahrain's first Institute of Journalism and Information Services.

It was signed between university vice-chancellor Professor David Rhind and Shura Council member and foreign affairs, defence and national security committee head Dr Shaikh Khalid bin Khalifa Al Khalifa.

Present at the event, which was followed by a founders meeting, was Information Minister and Minister of State for Foreign Affairs Dr Mohammed Abdul Ghaffar, British Ambassador Robin Lamb and publishers from Bahrain and the GCC.

Dr Abdul Ghaffar said City University is one of the most successful journalism and media schools in the world and has exceeded in the field."Being affiliated with the university through establishing this institute is a great accomplishment for Bahrain and the Information Ministry will fully cooperate in achieving its mission," he said.

"Thousands of great journalists and media specialists from around the world have graduated from this university and we're sure it will push forward the development and training of journalists in the region."

Dr Shaikh Khalid said temporary premises will be allocated for the university and training courses will start in the beginning of next year.

"We've had a positive response from publishers in Bahrain and the GCC and what's special about this project is that it's moving ahead even before a capital has been decided upon," he said.

"A feasibility study on the project is almost finished and will be sent across to publishers in the GCC region.

"The board of directors will be formed early next month."

Dr Shaikh Khalid added he hopes this project will be the basis of building more media institutes and establishments in the country.

Journalist and publisher Abdullah Jonathan Wallace, who worked in the Middle East for over 40 years, said Bahrain is leading the way in the region's process of reforms and is exactly the right place to establish the institute.

"The institute is to be a regional enterprise to service the whole of the GCC and other neighbouring countries," he explained. "We are asking the media throughout the region to come together and form a group of founding stakeholders to design, support an develop this institution."

[Elmahri]

Originally Posted by Pearl of the Gulf

The government, in my opinion, is trying to have a majority local ownership for the upcoming projects (mainly itself). It is also being very selective of what regional countries can invest in Bahrain. I think it feels that these projects well account for a big chunk of its future intake. They don’t want to open up the market like Dubai and have surge of foreign investment; they want the local to benefit from these developments. But to sacrifice integrity is shameful. Only time will tell if they have made the right decision or not, in other words will the money they get from these project be returned to the people in the form of jobs and opportunities or end up in someone’s pocket.

this is so bad... but if you think about it there must be another reason cuz i'm sure this act will effect the FTA approval which barain is trying to get it done.

[Bahraini Spirit]

Originally Posted by Elmahri

this is so bad... but if you think about it there must be another reason cuz i'm sure this act will effect the FTA approval which barain is trying to get it done.

The problem is there are crooks in the government who are only worried about filling their pockets and I know a few names of the people who screwed up this huge investment (nothin new, your usual suspects). THey're not doin this cause they care that much, if they did, you'd see billions of investments that would have benefited the country rather than wasted.

The FTA seems on its way to bein approved. Bahrain really needs to prove itself after that or else things will change.

[Natural Bahraini]

Bahrain really dissapoints me sometimes...but i cant wait to see it in even 5 years time! iam sure the government will change..or will be FORCED to!

[nbrb-team]

Originally Posted by Bahraini Spirit

I can officially tell you, WE ARE SCREWED, those projects are dead. I have talked to the vice president and there is a lot of shocking things that happened.

All I can say is that we have the worst officials in the world that only know how to talk bs.

Thank you very much, I don't know how to express my gratitude and love for you.

Sorry to have dampened everyone's moods including those in here and around Bahrain's blogosphere. Wasn't our intention when we reblogged the story. Sadly, Herman's theme parks and desert kingdomm and their other investment projects have now moved to Dubai.

Well it is great for those from the UAE and Dubai... it is just frustrating that those theme parks, especially the project that revolved round the BIC circuit and atmosphere has moved away.

Again, our sincere appologies for causing everyone a downturn in their moods the past few days due to the blog posting.


Cheers,
the News Blog re-Blog team .

[Pearl of the Gulf]

New-York based Global Finance magazine has recently named Gulf International Bank (GIB) as the "Best Project Finance Bank in 2005 in the Middle East and Africa."

Global Finance announced in its November issue the world's best project finance banks, covering institutions that stand out in global and regional markets. The awards include the top global bank and the top banks active in four global sectors and seven world regions, including the Middle East and Africa.

The magazine has based its selection of the winning banks on a wide range of subjective and objective criteria, including innovation in financing techniques, market position, project size and complexity, strength of project finance teams, geographic dispersion and opinions of analysts, lawyers and bankers involved in the industry.

Dr. Khaled M. Al-Fayez, GIB's Chief Executive Officer, commented: "For a number of years, GIB has been the Middle East's primary provider of project and structured finance services. GIB's expertise encompasses underwriting and arranging limited-recourse term financing, in addition to a complete range of debt finance products such as syndicated debt finance, Islamic finance and export credit agencies."



He added: "GIB is proud to be a significant contributor to the economic development of the region. It has been playing a pivotal role in arranging, underwriting and lead-managing major transactions in the oil and gas, electric power generation, petrochemical and manufacturing sectors across the GCC."

GIB has been at the top of the Middle East's regional project finance league tables for four consecutive years, as rated by trade publications such as Project Finance International, Euromoney and MEED, and by Dealogic ProjectWare, a UK-based global database covering project finance deals.

Earlier, the Bank was named by The Banker magazine last September as the "Bank of the Year 2005 in Bahrain" after conducting its annual survey of the best banks around the world. It was also named the "Best Bank in Bahrain" by Global Finance magazine in April.

Gulf International Bank is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. It is the largest regional bank in the GCC, with more than $21 billion of its own assets and in excess of $16 billion of clients' assets under management. With a proven track record spanning more than 28 years, GIB provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, asset management, project and structured finance and Islamic banking.


link

[Bahraini Spirit]

Originally Posted by nbrb-team

Sorry to have dampened everyone's moods including those in here and around Bahrain's blogosphere. Wasn't our intention when we reblogged the story. Sadly, Herman's theme parks and desert kingdomm and their other investment projects have now moved to Dubai.

Well it is great for those from the UAE and Dubai... it is just frustrating that those theme parks, especially the project that revolved round the BIC circuit and atmosphere has moved away.

Again, our sincere appologies for causing everyone a downturn in their moods the past few days due to the blog posting.


Cheers,
the News Blog re-Blog team .

Nothin new, every project we screw goes to Dubai. Thanks to a few lovely individuals who are known to be crooks, big robbers.

Even if the government changes, Bahrain is goin backwards and it's too late to fix a few things.

[Bahraini Spirit]

A NEW board is due to be formed early next year that will be responsible for plotting a course for Bahrain's tourism industry.

The aim is to draw up a clear strategy geared more towards "family tourism", according to Information Ministry Under-Secretary Mahmood Al Mahmood.

MPs must first approve the new tourism panel, but Mr Al Mahmood expects that to happen at the start of 2006.

"Until now there has been no clear direction for tourism in Bahrain, which has resulted in many hotels and operators attracting questionable types of tourists," he said.

"We hope that by early 2006, parliament will sanction the formation of an independent, seven-member board that will consist of two government officials and five private sector representatives to run all tourism affairs.

"Certain restrictions are vital to ensure that visitors do not abuse our hospitality as has happened in the past.

"Therefore, family tourism - rather than individuals behaving inappropriately in our country - is what the government is seeking to attract."

He said that companies in the tourism sector had been demanding a clear policy from the government "for years".

"For years, executives in the tourism sector have clamoured for directives to be put in place, so with the guidance of international experts the hotels were recently classified," said Mr Al Mahmood.

"We are trying to implement these new directives and get the message across to hoteliers that they should concentrate on attracting families and look for alternative sources of income, rather than enticing cheap tourism."

Mr Al Mahmood predicted that in five years, Bahrain could become the "Singapore of the Gulf" with proper planning.

But he said permission to build hotels and apartments would no longer be granted in residential areas.

That is because zoning is being brought in for hotels and rented holiday apartments, which will be built in designated areas separate from residential property.

He said confusion existed in the past because apartments rented on a daily basis were certified by the Information Ministry, while those rented on a monthly basis were certified by the Commerce and Industry Ministry.

"We are now refusing permission for hotels or apartments to be built in areas designated for residential occupancy," said Mr Al Mahmood, who is handling Tourism Affairs until the new panel is set up.

[Bahraini Spirit]

Well regarding the Herman case, they have been dealing with a corrupt official so they are accused of business misconduct, which is a major violation. In this case, they can just forget it. Yup $7 billion is great as long as it's done the legal way.