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Business in Brief Archive
Bahrain Growth Continues
Per capita, GDP in Bahrain grew by an estimated 11.3 percent in 2006, according to HSBC. In its recently published “Gulf Economic Forecast,” the bank also estimated that the country’s annual economic growth rate reached 6.8 percent in 2006 and predicted that level of growth would be nearly maintained this year, dropping only slightly to six percent.
While annual growth will slow to an average of 5.5 percent between 2007-2008, the pace of increase remains significant, with deceleration not representing a change in the country’s fundamentally positive direction.
Describing Bahrain as the “positive story of an economy showing strong, broad based growth,” HSBC said the country’s balance sheets were very healthy and would remain robust. HSBC also believes that inflationary pressure will remain slight, falling from an estimated 3.2 percent in 2006 to 2.4 percent this year.
Simon Williams, HSBC’s Middle East Economist, said, “While Bahrain’s rate of economic growth will slow slightly in the next two years, that is in line with the trend across the wider Gulf region.
US$100 Million to build Sunset Hills.
UAE real estate developer, Abu Dhabi Investment House, has announced its second major project in Bahrain, Sunset Hills at Al Areen. Valued at more than US$100 million, the mixed-use venture will feature luxury villas, town houses, terraced apartments and apartment blocks for shops and residences.
Rashad Janahi, CEO of Abu Dhabi Investment House, said, “The fact that we are unveiling our second project on the island demonstrates the growth potential of Bahrain for world-class real estate and its attractiveness to regional and international investors.
New LG leadership
outlines
bold vision for 2007
Yong Nam, incoming Vice Chairman and CEO of LG Electronics, detailed his plans for a new era of executive leadership. In a far reaching statement he announced plans to take LG to a top three position in the global market place in terms of revenue, market share, profitability, growth rate and shareholder returns. He added, however, that there was one area where LG Electronics should be at the very top, and not just one of the top three: people.
“Through these efforts, LG Electronics will eventually be the best company in the world, which is our ultimate goal,” he pointed out.
He encouraged employees to be more strategic and result-oriented, and to change to a customer and market focused mindset. Nam also vowed to make LG Electronics a more inspirational working place that attracts more top global talent.
This change at the top signifies LG Electronics’ effort to continue to enhance the global presence of the LG brand and to maximise profitable growth.
The lagoon is rising
Work at Bahrain’s Lagoon gathered pace last month as piling work neared completion, revealed developer Abu Dhabi Investment House. The next phase is also taking shape as negotiations go ahead with a leading European contractor. Designs being discussed include floating structures to support four of the development’s restaurants, and a floating stage to serve as a venue for open-air concerts. Abu Dhabi Investment House CEO, Rashad Janahi said, “Construction work on this ambitious project is progressing smoothly and over most of the site the first floor structures are becoming visible. We’re making our dreams a reality and contributing a wonderful landmark for the future prosperity of Bahrain.”
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