Business/Economic News

[nbrb-team]

Originally Posted by 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.

An Update on the Herman Group's Investments in Bahrain

(Off topic, we realized that Bahraini Spirit is Khalid at Mahmood's Den? we might be right, we might be wrong - but thanks for the checking up)

[Bahraini Spirit]

Originally Posted by nbrb-team

An Update on the Herman Group's Investments in Bahrain

(Off topic, we realized that Bahraini Spirit is Khalid at Mahmood's Den? we might be right, we might be wrong - but thanks for the checking up)

You're right man, it's the same person. I'm Khalid aka Bahraini Spirit . I was informed about what happened earlier today. I've put an effort to find out what has been goin on and it's great to figure out the whole story and I feel much better now. I have also replied on that thread in Mahmood's Den.

I'm startin to enjoy your blog, keep up the good effort .

[Elmahri]

so it has nothing to do with Bahraini govt, that's what i expected

[Pearl of the Gulf]

some good detective work going on. Well I’m relieved like the rest of you, cause that really would have been the last straw for our government. I hope the days of “let me have a piece of the pie or your out” are over; and we start thinking wisely in terms of our future.

[Pearl of the Gulf]

Posted: Monday, November 21, 2005



Manama


Dexia Private Bank (Switzerland), a member of the European banking group Dexia, has announced the opening of its new representative office in Bahrain.

Dexia’s private banking activities are addressed to a demanding global client base that requires wealth management solutions and financial engineering expertise to meet its specific requirements. The client base consists of wealthy individuals, corporate entrepreneurs, institutions and associations who are seeking a comprehensive, innovative range of financial services.

“The bank’s decision to set up offices in Bahrain stems from the kingdom’s worldwide reputation as the financial hub of the Middle East, hosting over 300 international banks, insurance companies and other financial institutions and offering a safe business environment,” said Marc Hoffman, Dexia BIL’s executive board chairman.

He was speaking at a press conference held at the Ritz-Carlton Hotel Bahrain.

“Our move to Bahrain also builds on our ongoing strategy of entering new, lucrative markets that are in search of tailor-made financial and wealth-management services,” he said.TradeArabia News Service

link

[Bahraini Spirit]

Mothercare Group will now be known as Al Rashid Group (ARG) after the late Shaikh Rashid bin Hassan Ali Al Khalifa, one of the company's founders. The change in name also reflects the company's new image and revised corporate identity.

The company, which was established in 1973 by the late Shaikh Rashid and Harish Jagtiani, grew from a single stand-alone store in Manama in 1973 to one of the largest non-food retailers in the region.

The group's current brand portfolio includes household names such as Mothercare, Shoe Mart, Sarah's Secret, Studio1, Home Centre, Lifestyle, Bossini, Lee Cooper & Ms in the non-food sector and Jungle Food Court, Fry Station, Cafe and Fun Town in the food division.

After the demise of Mr Jagtiani, his brother Micky took over the responsibility and ever since both families have been actively involved in the development of many of these brands and led the way in defining a whole new approach to shopping.

This approach has laid the foundations for today's contemporary retail environment across the Gulf.

The company, through its association with Dubai's Landmark Group, has retail interests stretching across the GCC and India.

Now, as the group prepares to take on the challenges of an evermore competitive marketplace both here and abroad, the vision and energy of Shaikh Rashid are much in evidence.

Shaikha Hind bint Salman Al Khalifa and their three children, Shaikha Marwah, Shaikh Hassan and Shaikh Salman are among the board of directors.

It was this board, including the Landmark Group's chief executive officer Micky Jagtiani, that decided to review the Mothercare Group's overall direction and public image.

"We felt it was time to move away from the roots of the current group name," said Shaikh Hassan.

"After all, our scope of business has moved on and continues to expand way beyond children's clothing.

"Today we are much more than Mothercare and we owe much of this success to my late father. Naming the Group after him seemed a fitting tribute."

[Bahraini Spirit]

A new factory being built adjacent to the Bapco refinery will recycle over 70 years' worth of waste oil and turn it into material used in the construction industry.

The Saudi-owned Awazel International plant will process 15,000 tonnes of sludge a year, including 1,500 from Bapco's skim pond, in which waste from factories all over Bahrain is dumped.

This will mean Bapco will be able to close the skim pond, which is a large expanse of water were a skimmer separates it from the oil dumped to be stored permanently on dumping grounds elsewhere on the refinery's premises.

The project's first phase is being built at a cost of $2 million (BD756,000) and there are plans for doubling the size of its capacity in the future.

Awazel International projects development director Richard Monbiot said the closure of the skim pond is a good move from an environmental point of view because it may prevent a potential groundwater contamination in the future.

"Like all countries producing and refining oil, Bahrain has a problem of accumulated waste oil," he said.

"Bapco needs to dispose of the sludge in a way that has no adverse impact on the environment.

"We have a technology that will covert this sludge into high specification bitumen, which is used in the construction industry for roads and buildings."

Mr Monbiot was speaking at a presentation at the Public Commission for the Protection Marine Resources, Environment and Wildlife, in Salmabad yesterday.

The event was held in response to an outcry from nearby Ma'ameer residents who had heard about the establishment of the factory.

They complained that emissions from the factory would cause air pollution in the already industrialised area.

Mr Monbiot said the factory, which will begin operations in around a month's time, would use technology that results in very minimal pollution.

"The existence of the factory will not affect the lives of residents at all and in fact could prevent a potential leakage into the groundwater," he said.

Mr Monbiot said no hydrocarbons are detected at all using the technology and that even other pollutants are far below the internationally accepted standard which Bahrain follows.

Officials from the public commission also verified that the company's technologies are within acceptable limits.

They said the project would not have been given the go ahead if it posed a serious environmental threat.

[Bahraini Spirit]

The State Bank of India (SBI) is to open its full commercial branch in Bahrain next month, it was revealed yesterday. SBI deputy managing director and group executive - international banking - A G Kalmankar, who announced the bank's future plans, also thanked the Bahrain Monetary Agency (BMA) for its continued support and co-operation.

Mr Kalmankar, who was on a short visit to Bahrain, held talks with BMA Governor Rasheed Al Maraj.

He was accompanied by SBI's regional head and chief executive officer for Middle East, West Asia and North Africa U N Challu.

They thanked the BMA for granting a full commercial branch licence to SBI, which is currently operating as an offshore banking unit (OBU).

"This is a significant milestone for SBI's Bahrain operation after it was first established three decades ago," Mr Kalmankar told the GDN.

"We are grateful to the Bahrain government, especially the BMA, for enabling us to position ourselves as a local bank."

SBI started its operations in Bahrain in 1976 with a representative office, which was upgraded to an offshore banking unit in 1977. Mr Kalmankar described BMA as a very forward looking and proactive organisation.

Mr Challu said the bank, which has its OBU offices at the Bahrain Tower, is now looking for a suitable premises for its commercial branch.

"We hope to finalise a place in Manama with adequate parking facilities within a month," he noted.

"We hope to start with one branch and more branches will be opened eventually.

"We shall have one ATM at the main branch and another one in a remote area."

The new branch will offer services to both Bahrainis and expatriates.

Besides services to NRIs, SBI's new activities in Bahrain will include insurance, mutual funds and investment banking.

"Our prime focus will be to develop a saving culture among people by offering attractive products and by granting loans to small enterprises," said Mr Challu.

"The bank currently employs 27 people and 50 per cent of them are Bahrainis.

"We are now committed to employing more Bahrainis and bringing them to international standards."

Mr Kalmankar said the Bahrain commercial branch would also focus on e-banking, helping customers to make use of the online services offered by its 14,000 branches, which includes the branches of its subsidiaries.

SBI was granted a full commercial bank licence in Saudi Arabia last month.

The bank also has offices in Tehran, Cairo, Muscat and Turkey.

"All these offices report to Bahrain, which is now the hub of SBI operations in the region and the largest overseas office of the bank," Mr Kalmankar said.

Indian Ambassador Balkrishna Shetty and Kalmankar jointly presented cash awards and plaques to outstanding employees at the SBI premises yesterday.

The award winners are sub manager Sameera Al Khaja and settlement-in-charge Awatif Ali, both Bahrainis.

Officer-settlement C Shamsuddin was presented with a special award.

This is the third award ceremony to be organised by SBI to recognise and reward the work and efforts of its employees.

[Bahraini Spirit]

New labour watchdog on the way
By MOHAMMED AL A'ALI

TWO-thirds of the articles of a law aimed at setting up the new Labour Market Regulatory Authority (LMRA) have already been discussed and most were passed by MPs.

They discussed 11 articles at their weekly session yesterday out of the 47-article law.

The MPs also reviewed and passed 11 articles on Saturday at an extra-ordinary session.

Discussions on the law were supposed to conclude at the extra-ordinary session, but it had to be cancelled after 14 MPs sneaked out.

Twenty-five MPs were at the meeting when it started, but only 11 returned from a half-hour prayer break.

The law to set the LMRA was submitted to parliament by the Economic Development Board (EDB) through the government.

Amendments were made to some articles and MPs decided to postpone voting on two articles at another extra-ordinary session next Wednesday.

Economic and financial committee vice-chairman Jassim Abdula'al said the last seven articles were the most complicated because they dealt with fees.

"MPs will be concerned on the means of collecting them and rates," he said.

Among discussions yesterday was punishments to runaway workers.

[Bahraini Spirit]

Good news for the finance industry, enjoy:



Arab Financial Services Company (AFS) and electronic payments provider Euronet Worldwide yesterday announced a joint venture company offering outsourcing capabilities to banks and financial institutions across the Middle East, North Africa and Pakistan. Euronet Middle East will be based in Bahrain and will provide bank clients with debit card management and operational services, ATM outsourcing services, chip card issuing services, and gateway services to Visa/MasterCard and national switches.

The company will also provide value added services including bill payment and GSM top-up transactions, among others.

Euronet Middle East will have the region's largest state-of-the-art card processing centre.

"The joint venture allows AFS to leverage its card outsourcing market leadership in the region with Euronet's proven software solutions and outsourcing services," said AFS chairman Ghazi Abdul Jawad

"Our strong business foundations and cultural affinity in the region, along with the technical and management support from Euronet, will ensure the success of this new venture."

AFS will provide Euronet Middle East with the market reach required to gain a strong foothold in the region and Euronet will provide the technical expertise to operate the debit switching, ATM outsourcing business model.

"Euronet Middle East will operate the largest card processing and Management center in the Middle East with a capacity of 30 million transactions per month," Euronet Middle East chairman Sael Al Waary said.

The announcement was made at a Press conference at the Sheraton Hotel yester-day.

[Moody]

*»‬الاتحاد*« ‬تتفاوض مع* ‬طيران الخليج* ‬لشراء حصتها بـ»جامكو*«‬

دبي*-‬رويترز*:‬
قالت شركة الاتحاد للطيران ومقرها ابوظبي* ‬امس إنها تجري* ‬محادثات لشراء حصة طيران الخليج في* ‬شركة الخليج لصيانة الطائرات* (‬جامكو*).‬
ونقلت صحيفة جلف نيوز عن الشيخ احمد بن سيف ال نهيان رئيس مجلس ادارة* ‬طيران الاتحاد قوله* »‬اننا نتفاوض مع طيران الخليج على شراء حصتها البالغة *٠٤ ‬بالمئة في* ‬جامكو*«. ‬ولم* ‬يكشف عن قيمة الصفقة المحتملة*.‬
وقال الشيخ أحمد* »‬لم* ‬يحسم شيء بعد*«. ‬وذكرت متحدثة انه كان* ‬يتحدث مع الصحف الخليجية في* ‬معرض دبي* ‬الجوي*.‬
وقال الشيخ أحمد إن الاتحاد للطيران* -‬التي* ‬تسعى الى نقل *٥.١ ‬مليون راكب* ‬في* ‬عام *٥٠٠٢ ‬و*٥.٣ ‬مليون راكب العام المقبل*- ‬ستحقق أرباحا خلال عامين*. ‬وجامكو مملوكة بنسبة *٠٦ ‬بالمئة لحكومة ابوظبي*.‬
واعلنت ابوظبي* ‬في* ‬سبتمبر أنها ستنسحب من طيران الخليج التي* ‬تشارك في* ‬ملكيتها ايضا حكومتا سلطنة عمان والبحرين*.‬
كما ذكر الشيخ أحمد أن مشروع توسعة مطار ابوظبي* ‬بتكلفة *٧.٥ ‬مليار* ‬دولار* ‬يمضي* ‬بشكل جيد*.‬
وقال* »‬تم الانتهاء من وضع تصميم ممر الهبوط والاقلاع الثاني* ‬وسيطرح* ‬قريبا في* ‬مناقصة*. ‬وستكون المرحلة الاولى من المطار جاهزة خلال ثلاثة اعوام*«. ‬واضاف ان خطة التطوير ستتضمن اقامة فندق جديد* ‬يضم *٠٠٣ ‬غرفة في* ‬المطار*.‬

[Bahraini Spirit]

Well this is not really a business but anyways:

A NEW public park will soon be built for Karbabad village residents, it was revealed. Work on the project, estimated to cost up to BD250,000, is scheduled to begin in January and completed by August next year.

The project was initiated by Manama Municipal Council as part of the development programme for the Capital Governorate.

Council member Mohammed Abdulla Mansoor Abdulla said the park, near Le Chocolat in Seef, would feature a variety of facilities for Karbabad residents.

"The park will have rides for children, a walkway and an artificial waterfall," he said.

"It will give the residents of Karbabad a place to escape to from the pressures of modern life.

"The children of the area will also have a safe place to play."

Work on the project, which will be built on an area of 5,762 square metres, is estimated to cost between BD230,000 and BD250,000.

"We will plant a lot of trees, set up shades and instal floodlights around the park to make the place brighter and more appealing and presentable."

Plans for a small zoo to be included in the park at the request of Karbabad residents were scrapped by the council, said Mr Abdulla.

He said the decision was made in view of the many diseases that may be caused by animals.

"The idea of the small zoo was good, but we refused it because we don't want to endanger the health of residents," he said.

"The park will also include other necessary facilities, such as toilets for disabled people since the council takes them into consideration in every project it implements."

[Bahraini Spirit]

New satellite service for Internet users

MANAMA: Bahrain Internet users can now connect to the Internet via satellite service based on the DOCSIS protocol, it was revealed.

Orbit SatNet has recently obtained an operating licence in Bahrain and is set to provide two-way satellite connectivity to the Internet with high bandwidth access.

The SatNet service uses a one-metre satellite dish equipped with a transmitter and a receiver to offer one hundred per cent geographical coverage at a lower cost, said Orbit in a statement.

"As the Middle East telecommunications sector deregulates and pushes for greater broadband access, a DOCSIS based Internet via satellite service becomes a viable option for channel delivery because of its significantly smaller capital cost," said Orbit broadband communications director Jad Dib.

DOCSIS is an international standard, which allows high-speed data transfer to be added to a cable TV system.

It is used by many cable television operators to provide Internet access over their own infrastructure.

For more information contact Rana Habib on 17533532.

[Bahraini Spirit]

WORK on a new BD14.85 million housing project is expected to begin next month in Bander Al Seef, Busaiteen.

A total of 614 government houses will be built as a part of the project, said Works and Housing Ministry acting housing projects director Salah Sater yesterday.

The project was launched following directives from His Majesty King Hamad.

This is an addition to the Areef housing project in Muharraq Governorate, Mr Satar said.

He said that the project would be built on an area of 27 hectares and work is expected to end in January 2007.

There are 40,000 applications pending for homes at the moment, with the ministry complaining that they don't have enough land for housing projects.

Mr Sater said that citizens' concerns and recommendations are being taken into consideration for designing the houses.

"These two-storey houses are state-of-the-art and have all basic amenities," he said.

"Mosques, shops, parks and gardens would be also built in the area, which will be one of the most beautiful residential areas in the country."

The area is strategically located, said Mr Sater.

"It is near the Shaikh Isa bin Salman Bridge and the King Hamad General Hospital in Muharraq," he said. "Residents are lucky to get houses in this area, which we believe is in one of the best locations in the Muharraq Governorate."

[Natural Bahraini]

i like this idea...bahrain should b looking to beautify places such as these now...

[Elmahri]

An articale from Al Wasat newspaper today:

هرمان غروب" تتهم الحكومة بعدم الشفافية والحكومة سترد من خلال القانون

الوسط - المحرر الاقتصادي
قال مصدر مقرب من الجهات الرسمية ان الحكومة بدأت مشاورات قانونية في الولايات المتحدة الأميركية للرد على بيان صحافي أصدرته مجموعة "هرمان غروب" الأميركية في الأسبوع الماضي، ادعت فيه انها "أجبرت على التخلي عن ثلاثة مشروعات عقارية كبرى تقدر قيمتها بسبعة مليارات دولار أميركي".



وقال المصدر إلى "الوسط" ان مجموعة هرمان قد وقعت في 19 يناير/ كانون الثاني الماضي مذكرة تفاهم مع مجلس التنمية الاقتصادية للبدء بتطوير الافكار بشأن مشروعات عقارية تجمع بين الخدمات التجارية والسكنية والترويجية والسياحية، بما في ذلك حديقة للألعاب ودور للسينما ومركز للمعارض والألعاب الرياضية تحت مسمى "ديزرت كينغدوم"، وان هذه المذكرة قد شملت اتفاقا بان توفر الحكومة الاراضي في مقابل ان توفر المجموعة الأميركية التمويل للمشروع.
وأضاف المصدر "غير ان المجموعة الأميركية "هرمان غروب" لم تقدم شيئا في هذا المجال"، مشيرا إلى ان قرارا اتخذ في ابريل/ نيسان الماضي لإعداد الهيكلية الاستراتيجية لجميع أراضي البحرين، ولذلك فإن مثل هذا المشروع عليه ان يتوافق مع مشروع المخطط الاستراتيجي الوطني، وهو إحدى الركائز الرئيسية في مشروع الإصلاح الاقتصادي الشامل لتوفير الأراضي لتطوير كل القطاعات الاقتصادية والعمرانية المحلية.
وكانت "هرمان غروب" قد نشرت بيانا في 18 نوفمبر/تشرين الثاني الجاري قالت فيه انها "دعيت إلى المشروع من قبل مسئولين رفيعي المستوى مستفيدين من التوقيع على اتفاق التجارة الحرة بين أميركا والبحرين، الا ان المفاوضات قطعت بصورة فجائية". وقالت الرئيسة التنفيذية للمجموعة الأميركية شيري هرمان: "اننا مستاؤون جدا "..." لأن شركتنا صرفت ملايين الدولارات من أجل البدء في المشروع الذي كان من المفترض ان ينطلق في 2005 كما طلب منا المسئولون البحرينيون". ووجهت اتهامات للحكومة البحرينية فيما اسمته بـ "انعدام الشفافية، وعدم احترام حكم القانون والاتفاقات الموقعة".
المصدر المقرب للجهات الرسمية أكد إلى "الوسط" ان الحكومة ستتخذ الإجراءات القانونية اللازمة للرد على مثل هذه التصريحات التي لا أساس لها من الصحة".

[B-Patriot]

What's the story of this Herman group...??! I saw u guys mentioning it in some other thread, but i didn't understand...!?

[Bahraini Spirit]

Well to sum it up quickly, they released a statement sayin that they'll pull out their proposed projects in Bahrain valued at $7 billion and blamed the government. I did research along with coordinatin with a few people and apparently it turned out they dealt with a corrupt official in the first place, knowingly that is and as a consequence, it's a non-issue.

About it man.

[B-Patriot]

But i never heard about the investment plans...Just the withdrawl and pullout plans..!

And who are they really, this Herman Group..!? What investments or big projects are they known for!?

[Bahraini Spirit]

The in-flight magazine of Gulf Air was selected 'Best Designed In-flight Magazine' at the American Creativity awards.

It won the international award for its March edition pf Gulf Air Magazine, which was the inaugural issue after it went monthly from being bi-monthly for years.

The American Creativity awards honours outstanding examples of work in advertising and design every year.

This year, organisers received entries from publishers and agencies based in 40 American states and 31 countries.

"We decided to completely reformat the magazine when we took it over," said Gulf Air business marketing manager Mohammed Al Tajer, who is part of the new team handling the in-flight magazine.

The new look of the Gulf Air Magazine has won several accolades from the industry, he said.

Gulf Air's in-flight magazine was also named the Best In-flight Entertainment Guide at the 17th Annual Avion Awards run by the World Airline Entertainment Association.

More recently, it was named Consumer Travel Magazine of the Year at the Folio awards in the US.