Bahrain News

Middle Eastern Business News and Data

Double digit growth for BMW used car sales in the Middle East'

UAE. Sales across the Middle East for BMW Premium Selection, the company's pre-owned car programme, increased by 89% for January to June 2010, over the same period in 2009.

BFX announces licensing agreement with FTSE for key index products'

BAHRAIN. Region's first multi-asset exchange licensed by FTSE Group to list and trade a range of derivatives based on its indices.

Bahrain to privatise Gulf Air as soon as possible'

BAHRAIN. The loss-making carrier could return to profit within a year, paving the way for privatisation.

Gulf Air in exclusive branded-content deal with CNBC'

INTERNATIONAL. Bahrain's national carrier sponsors new series - Who's Who in the Middle East.

The International Banking Corp. 'D/D' ratings affirmed then withdrawn'

INTERNATIONAL. Standard & Poor's withdrew its ratings on TIBC on lack of sufficient information.

BMI Bank repays US$ 120 million term loan on time '

BAHRAIN. The US$ 120million three-year syndicated term-loan facility, was signed in July 2007 by a total of 16 regional and international financial institutions .

New report reveals changing shape of Bahrain financial services'

BAHRAIN. The financial services sector accounts for about a quarter of Bahrain's GDP and has contributed nearly 23% of the total increase in GDP over the last six years.

Bahrain plans Islamic exchange to lure global sukuk market'

BAHRAIN. Bahrain aims to grab a greater share of sukuk trading from the U.K., Dubai and Malaysia with a bourse dedicated to securities that adhere to Shariah law.

Bahrain economy set for 4% growth'

BAHRAIN. The Economic Development Board sees the country's financial sector recovering only slowly.

Central Bank of Bahrain wins 'Best Financial Centre' award at International Takaful Summit'

BAHRAIN. Bahrain has nine Takaful and Retakaful operators, a critical mass for this growing sector of the insurance market.

Banks must raise the bar on customer service'

BAHRAIN. Global experts set to identify strategies for the right-shaping of the GCC cards industry.

Bahrain Financing Company expands retail network '

BAHRAIN. State-of-the-art branch in Muharraq to offer reliable and comprehensive range of foreign exchange and remittance services.

Bahrains records over 6% year-on-year real GDP growth over last decade'

BAHRAIN. In the same period, exports increased 116%, Bahraini employment rose by 39% and wages by 54%.

Bahrain's Arcapita to sell Northern Ireland utility for US$1.57 billion'

BAHRAIN. Arcapita has agreed to sell Northern Ireland Electricity, currently owned by the Arcapita-owned Viridian Group, to a wholly owned subsidiary ESB, Ireland's premier electricity utility.

Dr. Essam Fakhro keynote speaker at Bahrain British Business Forum '

BAHRAIN. Dr. Fakhro shares his views on the economic outlook in Bahrain and the GCC, and how the BCCI is contributing to business success and sustainability.

Gulf Finance House long-term rating lowered To 'CC'; Ratings withdrawn at GFH's request'

INTERNATIONAL. Gulf Finance House's liquidity is under immediate and severe stress, and the institution has not been able to strengthen it, in our view, said Standard & Poors.

Hilti to set up Bahrain JV'

BAHRAIN. Liechtenstein-based Hilti Corporation is entering into a deal with its local partner Sager & Ali Shaheen (Hilti Bahrain).

Gulf states committed to single currency, says Bahrain Central Bank'

BAHRAIN. Bahrain Central Bank Governor Rasheed al-Maraj said the four Gulf states planning a single currency are committed to their goal and are monitoring developments in the euro region.

Middle East HNWI population grows 7.1% and combined wealth rises by 5.1%'

INTERNATIONAl. In 2009, the number of HNWIs grew in Saudi Arabia by 14.3% and 7.2% in Bahrain but declined by 18.8% in the UAE due to unprecedented market conditions, according to the 14th annual World Wealth Report by Merrill Lynch Global Wealth Management and Capgemini.

Capital Management House awarded best GCC private equity firm for 2010'

BAHRAIN. World Finance devised the award to create recognition for the investors, developers and personalities who are driving the ambition and success of the GCC and wider Middle East region.

Bahrain's real estate market: still adjusting to the realities of the global downturn'

BAHRAIN. The freehold residential market in Bahrain has moved from the speculative investor to an end user market which has resulted in falling sales prices, reveals the DTZ Bahrain real estate market report for Q1 2010.

GCC business optimism is high: 4.4% growth predicted in 2010 '

BAHRAIN. Organisational health check is a must as GCC growth is expected at 4.9% in 2011, outperforming global predictions, say experts.

Bahrain's Mumtalakat inaugural US Dollar bond to be rated 'A' on strong government support'

INTRRNATIONAL. The upcoming bond will be Mumtalakat's first foray into the international capital markets and the proceeds will assist in consolidating its debt and financing strategy.

Bahrain's wealth fund to meet investors'

BAHRAIN. Bahrain's state-owned Mumtalakat Holding will start a series of meetings with fixed income investors starting from June 17.

Mimecast signs deal with Bahrain's Mumtalakat'

BAHRAIN. Mimecast announced it has signed a deal to provide its cloud-based technology to Bahrain Mumtakalat Holding Company, the investment company for Bahrain.

House prices need to fall to jump start the US$66 billion GCC mortgage industry'

BAHRAIN. Experts at the inaugural GCC Mortgage Summit 2010 predict reduction in rates will drive growth in the market.

The Middle East to become 'world's petrochemical hub' '

BAHRAIN. Middle East energy producers to become leaders in manufacturing & engineering, according to Margaret R. Walker, Global Vice President at The Dow Chemical Company.

Bahrain's Mumtalakat rated 'A/A-1' in line with the ratings on Bahrain'

INTERNATIONAL. We believe that extraordinary support from the Bahraini government would be "almost certain" should Mumtalakat come under financial stress, said S&P.

GCC mortgage and real estate sectors can pioneer new rules'

BAHRAIN. Heavy real estate debt and fraud must be stamped out; corporate governance and strict compliance is the answer, says Richard Arlove, CEO, ABAX Corporate Services.

Bahrain Financial Exchange launches business handbook'

BAHRAIN. The handbook features valuable insights into the operational aspects of an exchange, the basics of trading, as well as a snapshot of the Islamic finance market with particular attention to the Sukuk market.

GCC ad spend grows by 17% in first quarter 2010'

BAHRAIN. The positive results reflect a significant return of confidence among advertisers in the region as the impact of the global financial recession stabilises, says industry expert.

GCC governments join forces to tackle waste burden'

UAE. Key government figures overseeing waste management in the UAE, Oman, Bahrain and Yemen have confirmed that they will speak at the upcoming Middle East Waste Summit.

Bahrain World Trade Center scoops prestigious PALME award'

BAHRAIN. BWTC has been announced the 2010 winner of 'Best Use of Lighting - Exterior' Award for its innovative architectural lighting design illuminating the exterior of the structure.

Diyar Al Muharraq teams up with Barbar Club'

BAHRAIN. DIYAR AL MUHARRAQ has joined hands with Barbar Sports and Cultural Club by sponsoring a lecture to help preserve the marine life, marine resources and natural beaches in Bahrain.

Bahrain's 2010 IT market worth US$366 million'

BAHRAIN. Latest research by Misys estimates the total size of Bahrain's Information Technology market to be around US$366 million, up 6% from US$345 million in 2009.

Chiquita expands in Middle East'

INTERNATIONAL. Chiquita Brands International today announced a partnership with the Bahrain Fresh Fruits Company to distribute Chiquita brand fruit in the Bahrain produce market.

Islamic finance industry will grow further in 2010'

BAHRAIN. Capinnova Investment Bank is confident about the Islamic finance industry in the region and predicts that it will grow further in 2010.

Bahrain Bay investment commitment despite tough market conditions'

BAHRAIN. Bahrain Bay's ongoing commitment to the successful development of the waterfront community Master-Plan and the economic growth of the Kingdom was cemented by its attendance at this year's MIPIM.

Arab Financial Services selects First Data Corporation'

BAHRAIN. AFS has announced an agreement with First Data Corporation in which, AFS will leverage First Data's global processing power to support its regional client base.

Bahrain World Trade Center lights up blue on World Autism Awareness Day'

BAHRAIN. The BWTC united with other famous iconic buildings around the world to commemorate the third World Autism Awareness Day (WAAD).

Human Resources to play a more strategic role in improving business performance '

BAHRAIN. HR professionals across the GCC have been urged to strengthen their role and relevance to support businesses recovering from the recent economic turmoil.

Improved business opportunities in Bahrain drives IT demand, says Sage Software'

BAHRAIN. Eyeing the prospects within the fast-rising economy Fakhroo IT Services underlined the potential of its business solutions to promote growth amidst recession.

GCC mortgage demand set for upswing'

INTERNATIONAL. In Bahrain, the market penetration against GDP per capita is approximately 5% compared to average of 23% in some of the European countries.

Freshfields advises Central Bank of Bahrain '

BAHRAIN. International law firm Freshfields Bruckhaus Deringer has advised the Central Bank of Bahrain and the Ministry of Finance on a successful US$1.25 billion international bond offering.

Huawei reports full year 2009 increase 19%'

BAHRAIN. Huawei has released its audited full-year 2009 financial results highlighted by sales revenues of US$1.8 billion, a 19% growth over the previous year.

MasterCard and Institute of Banking studies organise EMV MChip Training Symposium in Kuwait'

KUWAIT. The comprehensive training workshop was attended by leading Kuwaiti Bank staff and executives in Kuwait.

SICO number 1 broker in Bahrain for eleventh consecutive year'

BAHRAIN. Securities & Investment Company has announced today that it has maintained its leading position as the most active broker on the Bahrain Stock Exchange both in terms of volume and value.

Credit Suisse opens Bahrain office'

BAHRAIN. Credit Suisse is pleased to announce the opening of its Bahrain branch, located at the World Trade Centre in Manama.

FVC embarks on a four-city tour on PCI DSS compliance'

INTERNATIONAL. Road show to inform and educate on the PCI Data Security Standard in Abu Dhabi, Dubai, Doha and Bahrain.

Human Capital experts gather in Bahrain for top HR Conference'

BAHRAIN. The three-day conference will feature keynote addresses from GCC government ministers and heads of the Middle East's biggest companies.

First Energy Bank commemorates floating of Menadrill's'

BAHRAIN. FEB, along with the other shareholders of MENAdrill, is today celebrating the floating of its first 'Friede & Goldman Super M2' jackup rig which represents a major construction milestone.

Frasers Hospitality officially launches its first gold standard property in Bahrain'

BAHRAIN. Bahrain's prestigious Fraser Suites Seef Bahrain was declared open here today at a high-profile ceremony held in the presence of HE Ali Saleh bin Al Saleh, Chairman of the Shura Council.

BT contributes to successful launch of VIVA in Bahrain'

INTERNATIONAL. BT's consultants and engineers have worked closely with Saudi Telecommunications Company on the design and delivery of VIVA, STC's new mobile network in Bahrain.

Arab e-Governments have achieved notable progress, displaying high potentials'

INTERNATIONAL. The 2010 report stated that Bahrain's government succeeded in developing their e-portal and diversifies their technical services, leading the Arab listings and place itself in the 13th slot on the global scale.

Arab Financial Services jumps high with net profit surge of 275%'

BAHRAIN. Arab Financial Services Company posted its 2009 results with net profit up 275%, to US$4.3 million.

Primus begins operations in Bahrain'

UAE. Primus has announced the opening of its latest regional office and the beginning of its business operations in Bahrain.

Gulf Business Machines' Board of Directors discuss long-term business strategy and goals'

UAE. The Board of Directors of Gulf Business Machines met in Bahrain identify business goals and plan near and long-term strategies to continue building on GBM's leadership position.

Diyar Al Muharraq appoints Aecom'

BAHRAIN. Diyar Al Muharraq biggest mixed-use residential urban developments has appointed Aecom as its Master Planner.

Alonso wins Bahrain Grand Prix in emphatic one-two for Ferrari'

BAHRAIN, Alonso's delight was shared by Massa, who bounced back in triumphant style in his first race since suffering serious head and eye injuries after a horror accident in Hungary last August.

CNBC to open editorial hub in Bahrain'

BAHRAIN. CNBC announced today at the Bahrain Grand Prix, that it will create a regional editorial hub in Bahrain to cover the Middle East.

Abu Dhabi Ship Building provides full support for Bahrain Defence Force '

UAE. Abu Dhabi Ship Building will show its full support for the Bahrain Defence Force by sponsoring the 44th World Military Sailing Championship to be held from 13 March 2010 in Bahrain.

Online interactive hot map for Bahrain Grand Prix 2010'

BAHRAIN. Bahrain International Circuit is the first motorsports venue worldwide to be depicted in the advanced mapping technology hot-maps.

Freshfields advises on Middle East IWPP Deal of the Year'

INTERNATIONAL. International law firm Freshfields Bruckhaus Deringer has won Middle East Independent Water and Power Project Deal of the Year 2009 at the Project Finance Magazine awards held on Thursday.

GBI signs agreement with Batelco '

BAHRAIN. Gulf Bridge International has announce that Batelco will provide a landing station for the new sub-sea cable being installed by Gulf Bridge International.

Diyar Al Muharraq teams up with Samaheej Club'

BAHRAIN. Diyar Al Muharraq has singed a sponsorship agreement with Samaheej Sports Club.

Bahrain latest destination for new CNN series iList'

BAHRAIN. CNN International turns its attention to the Middle East in its latest iList series focusing in Bahrain.

Bahrain's Gulf Finance House raised to 'CCC-/C''

BAHRAIN. Standard & Poor's Ratings Services yesterday said it raised its long- and short-term counterparty credit ratings on Bahrain-based Gulf Finance House GSC to 'CCC-/C' from 'SD/SD'. The outlook is negative.

Khaleeji Commercial Bank announces the distribution of 10% dividends, to expand branch network'

BAHRAIN. The EGM approved the increase of the paid up capital of the Bank by 104,923,735 additional shares as a result of the bonus shares and authorised the management to take necessary action to effect the increase in Capital and amend the Articles of Association.

Capital Club host Bahraini art expert for talk on collecting contemporary art'

BAHRAIN. First of a series of talks on modern and contemporary art by Bashar Al Shroogi

Bahrain's First Energy Bank achieves US$14.2 million profits 2009'

BAHRAIN. BAHRAIN. FEB has announced profits of US$14.2 million in 2009, as compared to US$42 thousand in 2008's.

Abu Dhabi Ship Building reports record financial results for 2009'

UAE. ADSB achieves net profit of US$31.17 million on revenues of over US$316 million.

SICO's equity funds deliver strong performance in 2009'

BAHRAIN. Securities & Investment Company released today performance results for its four regional equity funds in 2009.

Bahrain logistics and marine Middle East credentials presented businesses in Tokyo '

BAHRAIN. A high-level delegation of maritime and logistics officials from Bahrain met with senior industry leaders in Tokyo today to promote the Bahrain's business environment and logistics and maritime credentials.

Standard Chartered Bank launches Custody and Clearing Services in Bahrain and Oman'

INTERNATIONAL. The expansion of Custody and Clearing Services takes Standard Chartered's coverage of the Middle East to five markets and reinforces the Bank's commitment to the Middle East region.

Batelco first to launch Google Android operating system'

BAHRAIN. Batelco has a history full of creative launches and being first to market.

Islamic finance needs new assets beyond property'

BAHRAIN. The Islamic finance industry will need to look for new assets on which to base its structures as investors shun real estate after the sector took a hit during the financial crisis.

Cisco Networkers Bahrain 2010 offers an exclusive 'Human Networking' experience '

BAHRAIN. Cisco will host its industry-accredited Networkers for the first time in the Middle East.

Chevrolet Supercars prepare to compete at Yas'

BAHRAIN. Bahrain International Circuit has announced the participation of the Chevrolet Supercars Middle East Championship as part of the support race line up for the first round of the V8 Supercars Australia Championship.

Bahrain's Ahli United Bank to acquire stake in Libyan bank'

BAHRAIN: Bahrain's Ahli United Bank (AUB) will acquire 40% of Libya's United Bank for Commerce & Investment.

Bahrain Duty Free offers Arsenal products '

BAHRAIN. Bahrain Duty Free opens the Arsenal flagship corner providing a wide variety of Arsenal Football Club products.

Bahrain announces Spring of Culture Festival 2010 programme'

BAHRAIN. The fifth occasion of the annual event that combines the best in international arts with the Kingdom's own rich cultural heritage.

Bahrain Financial Harbour to launch art gallery'

BAHRAIN. BFH will be launching an art gallery which will be located in the West Atrium of the Harbour Towers and directly connected to the Harbour Mall.

Landmark Dar Al-Arkan Sukuk successfully closes at US$450 million'

BAHRAIN. The Sukuk, which offers a yield of 11%, will be used to finance the company's current and future development projects.

Gulf Finance House announces futher liquidity initiatives '

BAHRAIN. Gulf Finance House has announced that it is in discussions with its LMC Syndicate regarding the tenor of its US$100 million Wakala facilities due in 2010 and 2011.

Bahrain's Gulf Finance House lowered to 'SD/SD' on partial debt extension'

BAHRAIN. The downgrade to 'SD/SD' follows GFH's completion of the extension of maturity of US$100 million of its US$300 million syndicated loan facility due 10 February 2010, says Standard & Poor's.

BMI Bank outlook revised to negative on weakening asset quality and financial performance'

INTERNATIONAL. Standard & Poor's Ratings Services revised its outlook on BMI Bank to negative from stable. At the same time, it affirmed the 'BBB-' long-term and 'A-3' short-term counterparty credit ratings on the bank.

Gulf Air's ownership transfered to Bahrain government '

BAHRAIN. Bahrain's sovereign wealth fund Mumtalakat said it would transfer ownership of the country's loss-making national carrier Gulf Air to the Bahraini government.

BMW's Premium selection programme records 25% sales increase in 2009 '

INTERNATIONAL. Dubai recorded the highest volume of sales with 501 Premium Selection vehicles sold during 2009.

t'azur named best Islamic Insurance Company '

BAHRAIN. The award was presented to t'azur in recognition of the company's ongoing commitment to its employees, customers.

International Investment Bank commences the construction of Sarajevo City Center'

BAHRAIN. International Investment Bank announces the rapid progress of its new real estate initiative in Sarajevo, the capital of Bosnia & Herzegovina, comprising 3 main components.

Diyar Al Muharraq continues sponsoring Al Dair Club'

BAHRAIN. Diyar Al Muharraq reaffirmed its commitment to the local community by renewing its sponsorship of Al Dair Club in Muharraq.

Menatelecom launches WiMAX Prepaid Internet card in Bahrain'

BAHRAIN. The latest service caters to customers who prefer the 'pay as you go' method without committing to monthly bills.

Bahrain's Batelco fourth quarter net profit falls 1%'

BAHRAIN. Batelco made a fourth-quarter net profit of BD25.52 million, Reuters calculations showed on Thursday, just below the 25.88 million it posted a year earlier.

CNBC Europe plans regional bureau in Bahrain '

INTERNATIONAL. The US business channel CNBC is in talks to open a regional bureau in Bahrain as it seeks to capture a greater share of the market for financial news in the Gulf.

Bahrain's Mumtalakat sovereign fund set to move into bonds, stocks'

INTERNATIONAL. Bahrain's sovereign wealth fund, which invests mostly at home, plans to diversify away from private equity projects and into stocks and bonds, its CEO said.

Calling ambitious young professionals for Leadership Forum'

BAHRAIN. The free forum aims to inspire young people to fulfil their leadership potential, provide them with critical skills and empower them.

Bahrain Economic Development Board launches international advertising campaign around CNN's Davos '

BAHRAIN. The advertising campaign spans the event, offering the BEDB exposure to CNN audiences - both on air and online- which are available in over 200 million households worldwide.

Middle East businessl leaders to share strategies for success'

BAHRAIN. The SAP User Group - Middle East & North Africa, has announced that it will hold its annual conference and vendor fair, SUG-MENA 2010, on 15-17 March, at the Crowne Plaza Convention Center, in Manama, Bahrain.

Viva named as new Bahrain telecom operator'

BAHRAIN. STC, which has been awarde the third mobile license in Bahrain, has announced that the company will operate under the VIVA name.

Bahrain tops Middle East economic freedom rankings, Qatar comes second'

INTERNATIONAL. Bahrain tops the rankings among Middle East countries in the 2010 Index of Economic Freedom published by the Washington-based Heritage Foundation and the Wall Street Journal