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Fitch affirms its AAA Rating on Islamic Development Bank

06/29/2015 07:09:54 AM

The Islamic Development Bank AAA credit rating was affirmed with a stable outlook by Fitch. The ratings and the stable outlook reflect the intrinsic strengths of IsDB; in particular its strong capitalisation, high liquidity levels and well-diversifie > read more

IHS scoops five top economic forecasting awards

06/29/2015 07:04:54 AM

LEXINGTON, Mass. Macroeconomic forecasters at IHS Global Insight who predict outcomes for Canada, Estonia, Romania, Slovenia and Ukraine, provided the most accurate forecasts of gross domestic product and consumer price inflation for 2014, according > read more

Banco ABC Brasil seeks $150m loan facility

06/29/2015 06:58:42 AM

Banco ABC Brasil S.A. acting thorough its Cayman Islands Branch has mandated Bank ABC, HSBC Securities and National Bank of Abu Dhabi PJSC (NBAD) as Initial Mandated Lead Arrangers and Bookrunners to arrange on its behalf a $150 million Senior [̷ > read more

Gauging skills gaps can help in sustaining HRD levels

06/29/2015 06:46:44 AM

MANAMA: His Excellency Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain (CBB) said that the development of human resources tops the list of priorities in the Kingdom, and noted that in order to strengthen the country’s development > read more

MECOS signs MoU with Arabian Sounds & Lights Company

06/29/2015 06:38:17 AM

Middle East Computer Services (MECOS), a division of Al Safar Group and the authorized dealer for Control4 (USA) and Arabian Sounds and Lights Company, an authorised distributor for Bang &Olufsen (B&O) audio-video systems, announced the signing of an > read more

GFH partial exist from Energy City Navi Mumbai yields $45m

06/29/2015 06:35:06 AM

Manama: GFH Financial Group announced a partial exit from its Indian project with a total deal worth $45million. GFH Group in a statement said that Energy City Navi Mumbai (ECNM), alongside a Mumbai IT & Telecom City (MITTIC) are two […] > read more

Ithmaar Bank reiterates its committment to regulators

06/29/2015 06:26:49 AM

MANAMA: Ithmaar Bank B.S.C. (stock code “ITHMR”) is a Bahrain-based Islamic retail bank that is licensed and regulated by the Central Bank of Bahrain (CBB) and listed on the Bahrain Bourse and the Kuwait Stock Exchange. In compliance with CBB [&# > read more

Time for negotiations for Greece running out

06/29/2015 06:19:00 AM

Although the probability of a collapse of the negotiations is not negligible, we believe that Greece and its creditors should be able to bridge their differences during this weekend’s Eurogroup meeting. However, this is unlikely to represent the en > read more

Fitness tracking devices vulnerable to hacking

06/29/2015 06:14:04 AM

Dubai: Health and Fitness trackers, the sales of which are expected to double this year, are an easy and increasingly popular means of recording and analyzing exercise and activity. This convenience comes at a risk however, warns ESET, as the [… > read more

Gulf Air IT infrastructure at par excellence

06/29/2015 05:53:05 AM

MANAMA: Gulf Air, the national carrier of the Kingdom of Bahrain, has seen its Information Technology department recognised threefold by winning regionally acclaimed awards for its IT infrastructure and development. The airline’s efficient implemen > read more

Bahrain revokes citizenship of convicts in Saudi embassy plot

06/13/2015 00:33:35 AM

MANAMA: A Bahraini Court has issued a verdict against 61 accused in a terror plot to blow up the Saudi Embassy in Manama. The Court had acquitted four while handed in jail sentences to 57 members of the terror group […] > read more

Governments should improve their impact: Survey

06/12/2015 17:18:20 PM

LONDON: Around 92% of all public officials worldwide believe there is a room for governments to improve the impact they achieve for their citizens. Global leaders convened online on Thursday to discuss whether there is a crisis in government effectiv > read more

S&P affirms its BBB-/A-3 ratings on Bahrain

06/12/2015 11:33:54 AM

Standard & Poor’s Ratings Services affirmed its long- and short-term foreign and local currency sovereign credit ratings on the Kingdom of Bahrain at BBB-/A-3. “We also affirmed our long- and short-term foreign and local currency credit ratin > read more

Alba board gives a nod for $3.5b expansion project

06/10/2015 07:07:50 AM

MANAMA: Aluminium Bahrain B.S.C. (Alba) shareholders’ gave an approval for the $3.5billion Line 6 Expansion Project during the extraordinary general meeting (EGM) on Wednesday, according to a statement issued by the Chairman of Alba’s Board of Di > read more

Alba to become world’s largest single site smelter

06/10/2015 07:00:50 AM

MANAMA: With approval of the $3.5 billion Line 6 Expansion Project, Aluminium Bahrain (Alba) will become the world’s largest single site smelter upon completion. The Line 6 Expansion Project, expected to begin production in early 2019, will boo > read more

IDB raises sukuk issuance ceiling to $25b from $10b

06/09/2015 15:19:49 PM

MAPUTO, Mozambique: The Board of Executive Directors (BOED) of the Islamic Development Bank during its 305th session in Maputo, capital of the Republic of Mozambique, approved the raising of the current limit of the bank’s medium term sukuk issuanc > read more

Pakistan, Afghanistan push Taliban for talks

06/09/2015 15:03:43 PM

Kabul: The Afghan Taliban is gradually attempting to move away from some of their more radical positions, such as their previous opposition to women’s education, in order to increase their acceptability across a wider cross-section of Afghan people > read more

Flying is safe despite recent accidents: IATA Chief

06/09/2015 14:58:12 PM

Miami: Flying is safe. The industry has become so reliable in its safety record that relatively small variations in performance from year to year can skew the numbers, according to Tony Tyler, IATA’s Director General and CEO. “The safety performa > read more

MOIC assures uninterrupted food supply during Ramadan

06/07/2015 17:34:23 PM

MANAMA: As the holy month of Ramadan is just around the corner, the Ministry of Industry and Commerce has chalked out a comprehensive plan to ensure the availability of fresh vegetables, fruits, meat, chicken and other eatables across the Kingdom. [& > read more

Bahraini authorities bust ‘Saraya Al Ashtar’ terror cell

06/07/2015 17:17:45 PM

MANAMA: The authorities in Bahrain has busted a terror cell being operated under the name of “Saraya Al Ashtar” allegedly formed by two fugitives, currently living in Iran, in 2012. There have been over a dozen arrests since the interception [ > read more

ZTE state-of-the-art phones hit Bahrain market

06/07/2015 16:51:30 PM

MANAMA: ZTE, which is one of the global leaders in the mobile handset manufacturers in the world, has launched eight models state-of-the-art mobile in Bahrain. ZTE offers a complete range mobile phones, tablets, mobile broadband modems, hotspots and > read more

S&P reaffirms Al Baraka Banking Group’s rating

06/07/2015 07:43:45 AM

Manama: The Bahrain based leading international Islamic banking group Al Baraka Banking Group (B.S.C.) announced that Standard & Poors’ (S&P) the premier rating agency in the world had re-affirmed ABG’s rating of BB+ (long term) and B (Short term > read more

GCC first report on harmonized statistics out soon

06/07/2015 07:25:00 AM

MANAMA: The GCC countries have embarked on a major initiative of harmonizing national statistics in more transparent and professional way with first such report likely to be out by 2017, a senior official at the GCC-Stat, revealed. “We are working > read more

Harmonised statistics serves as a key for GCC to secure FTA

06/07/2015 07:15:55 AM

MANAMA: The harmonized statistical data will help GCC to negotiate trade agreements such as free trade agreements (FTAs) in much faster and transparent way, according to an UNCTAD expert. “The harmonization of region-wide data will add new dimensio > read more

Authorities warn not to pay heed to IS tweets

06/06/2015 11:48:46 AM

MANAMA: The General Director of Anti-corruption and Economic and Electronic Security announced that tweets from outside Bahrain that claimed to be conversations between a male and female member of the Islamic State (IS) promoting fear and sedition we > read more

Thugs set alight a civilian vehicle

06/06/2015 11:47:16 AM

MANAMA: Civil Defence extinguished a fire in a woman’s car on an Al Musala village road during the weekend. The car was gutted after it was set alight by thugs who blocked the road with burning debris and tyres. Civll […] > read more

Turkish economy on the rebound

06/06/2015 11:45:41 AM

LONDON: Turkish policy of maximising local involvement has led to a steady increase in the percentage of defence construction and development carried out domestically is yielding positive results, according to Guy Anderson, Principal Analyst at IHS A > read more

Bahrain’s economic growth not impacted by low oil prices

06/06/2015 11:33:56 AM

LONDON: The Kingdom of Bahrain’s economic growth is above peers and has been unaffected by the fall in oil prices, according to Fitch. “Real non-oil growth was 4.9% in 2014, driven by tourism, social and personal services and construction. Execut > read more

Around quarter of a billion people living as expats globally

06/04/2015 08:21:01 AM

LONDON: There are 232 million people living outside of their nation of origin but what do we actually know about them? Immigrant or expat, tax exile or asylum seeker, estimations vary wildly and the knowledge of a population of almost […] > read more

Business Continuity: still a naïve idea for many companies

06/04/2015 08:18:36 AM

DUBAI: Risk, governance, globalization and technology are among the many risks currently facing companies. Internal Audit plays a critical role in addressing these issues while contending with the challenge of complying with the updated Committee of > read more

Etihad Airways partners with Tourism Malaysia

06/04/2015 08:16:04 AM

MILAN: Etihad Airways, the national airline of the United Arab Emirates (UAE), and Tourism Malaysia signed a global partnership agreement to boost inbound tourism to Malaysia by leveraging the airline’s global passenger network. Under the agreement > read more

ICIEC’s board of governors to meet in Mozambique

06/04/2015 08:12:14 AM

Under the patronage of the President of Mozambique Filipe Nyusi; the Board of Governors of the Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC) to hold its 22nd Annual Meeting in Maputo, the capital of Mozambique on [ > read more

S&P revises ABG’s outlook from negative to stable

06/04/2015 07:48:41 AM

DUBAI: Standard & Poor’s Ratings Services had revised its outlook on Bahrain-based Al Baraka Banking Group B.S.C. (ABG) to stable from negative. At the same time, S&P affirmed the ‘BB+’ long-term and ‘B’ short-term count > read more

CBB’s Islamic liquidity instrument to fuel banking business

06/02/2015 03:02:03 AM

MANAMA: The new Islamic Sukuk Liquidity Instrument (ISLI) recently introduced by the Central Bank of Bahrain will play a vital role in enhancing return for Al Salam Bank-Bahrain and boost its profitability and would lead to the overall national econo > read more

Tamkeen-Citi agreement brings 70 jobs for Bahrainis

06/02/2015 03:00:34 AM

Manama: Tamkeen has inked an agreement with CitiBank Bahrain to employ at least 70 Bahrainis. The agreement is the latest under Tamkeen’s Employment Support programme, which provides customised solutions to enable companies to fill their employment > read more

CIBAFI-IIF launches initiative on Islamic finance

06/02/2015 02:57:36 AM

Manama: The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, has announced the launch of its new Executive Programme, Global Developments and Strategic Insights, in collabor > read more

Bahrain earmarks $22b for infrastructure development

06/02/2015 02:56:19 AM

MANAMA: The transport and aviation sectors will benefit from the $22billion investments earmarked by the Kingdom of Bahrain on the infrastructure development, according to the Minister of Transportation and Communication. Bahrain Airport Company (BAC > read more

US should not put a lid on growth of its aviation sector

06/02/2015 02:20:16 AM

ABU DHABI: Etihad Airways urge US authorities to remain committed to the open skies policy which serves as a key to the growth and development of its aviation by offering fair competition to other carriers. Etihad Airways, the national airline [̷ > read more

Bahrain tops the ladder in helping to preserve heritage sites

05/26/2015 19:10:02 PM

MANAMA: The Kingdom of Bahrain has been at the forefront of the efforts aimed at saving the heritage sites in war ravaged Iraq and Syria. “The Kingdom of Bahrain has extended support for capacity building and training for the staff […] > read more

Capital Governor patronizes the opening BCMS Gulf office

05/26/2015 18:55:58 PM

MANAMA: International mergers and acquisitions advisor BCMS announced the launch of its new office in the Kingdom of Bahrain to meet the growing demand for SME owners keen to sell their business to overseas corporate buyers. The launch event, held [& > read more

InterContinental Regency best business hotel in Manama

05/26/2015 18:54:05 PM

Manama: InterContinental Regency Bahrain, one of the leading 5 star hotels in the Kingdom, proudly announces its triumph over a number of prestigious names in the hospitality industry by winning the Business Traveller Middle East Award for the Best B > read more

Bahrain Bourse CEO assures full support to brokers

05/26/2015 18:52:26 PM

MANAMA: Shaikh Khalifa Ebrahim Al Khalifa, CEO of the Bahrain Bourse assured Bourse’s commitment and support to all brokers at the Bourse in support of their efforts to attract investors and to continuously improve the services provided to them in > read more

Alba Chairman holds talks with union

05/26/2015 15:32:06 PM

MANAMA: The Chairman of Alba’s Board of Directors, Daij Bin Salman Bin Daij Al Khalifa met with Alba Labour Union Chairman, Ali Bin Ali as part of a regular update between Management and the Alba Labour Union. The meeting was […] > read more

BAC polishes its staff skills with the help of Tamkeen

05/26/2015 15:30:03 PM

Manama: Bahrain Airport Services (BAS) recently enrolled 60 of its Bahraini employees in Tamkeen’s Career Progression Programme as part of a training agreement between the two sides. BAS will utilise the programme, a Tamkeen flagship support initia > read more

BCCI Committee briefs merchants on food supply chain

05/26/2015 15:28:13 PM

MANAMA: The Food & Agriculture committee of Bahrain Chamber of Commerce and Industry led by executive committee member Khaled Al Amin announces holding an open meeting on Wednesday 27th May 2015 at 12 noon in Al Majlis Hall on the […] > read more

Diversifying risk is an uphill task for banking industry

05/26/2015 15:25:08 PM

RIYADH, SAUDI ARABIA: Diversifying risk is not an easy exercise anymore for banking and financial sector and the private sector plays an important role on that front, according to Adel Al Qulish, Executive Secretary, MENAFATF. He was speaking about t > read more

Bahrain-Bangladesh trade reaches $5.6m in Q1

05/26/2015 15:20:22 PM

SANABIS: With Bahrain-Bangladesh trade volume reached $5.6million in first quarter, both sides are exploring avenues to enhance the trade by working together. This came as the Chairman of Bahrain Chamber of Commerce and Industry Khaled Almoayyed alon > read more

European telecoms can unlock €39b potential

05/26/2015 15:16:25 PM

MANAMA: Challenged by anticipated growth in fixed, mobile and IoT traffic, European operators are devising new technology designs and standards, drawing inspiration from highly optimized technology and business design of their Cloud peers. A new repo > read more

Bank Sohar mandates ABC to launch $250m loan facility

05/25/2015 03:29:01 AM

MUSCAT: Bank Sohar S.A.O.G. (Bank Sohar or the Company) has mandated Arab Banking Corporation (B.S.C.) as the Sole Bookrunner and Initial Mandated Lead Arranger (the Bookrunner) to arrange on its behalf a debut US$ 250 million syndicated term loan fa > read more

Japan jolts by 5.6 magnitude earthquake

05/25/2015 03:26:04 AM

A magnitude 5.6 earthquake occurred in Tokyo and nearby areas, as per Japan’s meteorological agency (JMA) on Monday. No tsunami alert has been neither raised nor material damage or physical injuries been reported. The Embassy of the Kingdom of > read more

Bahrain-China explores new avenues of co-operation

05/25/2015 03:23:29 AM

MANAMA: A delegation of close to one hundred business leaders from the Chinese region of Ningxia, led by the Vice Governor of Ningxia and the China Chamber of International Commerce (CCOIC), are on a visit to Bahrain this week. The […] > read more

HRH Premier issues directives to Ministries to serve citizen

05/25/2015 03:22:11 AM

GUDAIBIA PALACE: His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa called upon the ministries and state departments to focus their efforts on serving the citizens’ interests, and improve their performance and services in or > read more

Batelco’s wins best continuity, resilience team award

05/23/2015 10:35:51 AM

Manama: Batelco, Bahrain’s leading Communications Solutions Company has won the Best BCI Middle East Best Continuity and Resilience Team 2015 Award. The Awards event took place during the BCI Middle East Conference and Exhibition held in Doha recen > read more

Al Baraka Bank Tunisia net income up 100% to $2.1m

05/23/2015 10:30:40 AM

Manama: Baraka Bank Tunisia, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), said that its net income jumped by 100% in first quarter of 2015 to reach TD 4 million compared to the same period in 2014. […] > read more

Arcapita completes sale of J.Jill to TowerBrook

05/23/2015 10:20:56 AM

MANAMA: Arcapita, Bahrain-headquartered the global investment management firm, announced the completion of the sale of J.Jill Group Inc. (J.Jill), a leading US-based multi-channel retailer of women’s apparel, accessories and footwear, to TowerBrook > read more

Commercial aviation market to reach $300b

05/22/2015 18:05:07 PM

LONDON, UK: A strong backlog and plenty of new aircraft coming into production will support the rapid multi-billion dollars growth of the commercial aviation market, according to new market forecasts from IHS Inc. The introduction of new aircraft typ > read more

Gulf Air bolsters IT security solutions with HP

05/22/2015 17:58:10 PM

Manama: Gulf Air, the national carrier of the Kingdom of Bahrain, has engaged with Hewlett-Packard (HP) to evaluate the airline’s existing information security solutions and, as a result, has most recently implemented HP latest generation of Intrus > read more

Transparency, disclosures can boost investors’ confidence

05/22/2015 17:51:50 PM

Dubai: Experts call for highest levels of transparency and disclosures for Islamic Financial Services Industry to ensure sufficient level of investors’ confidence. This was the crux of the IIFM Seminar on Islamic Financial Markets which held in Dub > read more

Palmyra fall enhances grip of Islamic State in Iraq

05/22/2015 17:49:44 PM

LONDON: The capture of Palmyra/Tadmur is significant for a number of reasons. It further expands Islamic State’s territorial control, reinforcing its position as the single opposition group that controls the most territory in Syria, according to Ma > read more

CIBAFI to host workshop on liquidity risk management

05/22/2015 17:48:25 PM

MANAMA: Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, will hold a Technical Workshop on Liquidity Risk Management in Four Seasons Hotel, Bahrain on June 9 & > read more

Over 82% firms see emerging markets as key for growth

05/22/2015 17:46:21 PM

LONDON: Emerging-market companies seeking growth further abroad will drive a steep increase in the size and complexity of their supply chains, as firms aim to control costs and cater to rising middle class populations in developing economies, says a > read more

Yet another year of lackluster growth for global economy

05/22/2015 17:22:17 PM

LONDON: Try as hard as it can, the global economy has not been able to break out of the 2.5–3% growth range experienced since 2011. The pattern of gradual acceleration in advanced economies and deceleration in emerging markets is set […] > read more

US carriers make false claims against GCC airlines

05/22/2015 17:13:47 PM

MANAMA: The claims made by the three U. S. carriers that Etihad Airways and other Gulf carriers are damaging their business and taking ’their’ passengers, are not only false, but also arrogant, according to an Etihad Airways executive. “The US > read more

Bahrain condemns terrorist attack in Kudeih

05/22/2015 16:27:41 PM

MANAMA: The Kingdom of Bahrain has strongly condemned the terrorist explosion which targeted the “Imam Ali Ibn Abi Taleb” mosque in Kudeih in the Qatif province in Saudi Arabia, which killed a number of innocent people and wounded several > read more

Terrorist attack aims to capitalize on anti-Shia rhetoric

05/22/2015 16:26:10 PM

LONDON: The terrorist attack on mosque in Kudeih is intended to provoke a Shia response and to capitalise on anti-Shia rhetoric coming from pro-government Saudi clerics, according to Firas Abi Ali, Head of Middle East Analysis at IHS Country Risk. [& > read more

Cabinet hails Bahrain-US strategic partnership

05/18/2015 19:45:57 PM

Gudaibia Palace: The cabinet has welcomed the outcomes of the GCC-US Summit, held recently in Camp David, noting that they will consolidate the existing “strategic partnership” between the two sides. Chaired by His Royal Highness Prime Mi > read more

Bahrain to withdraw subsidy on meat from August

05/18/2015 19:44:50 PM

GUDAIBIA PALACE: The Kingdom of Bahrain to withdraw the meat subsidy from August 1st, 2015, according to the Cabinet. The cabinet on Monday discussed the implementation of a new mechanism aiming to ensure that government meat subsidies will benefit t > read more

Zero tolerance to financial irregularities in Tamkeen

05/18/2015 19:33:34 PM

SEEF: With the overwhelming positive feedback following the Tamkeen’s revamp of Entreprise Support Programme, Tamkeen Chairman has reiterated the zero tolerance policy to financial irregularities and vowed to fight this menace to a logical end. The > read more

Sukuk: an efficient alternative model of financial investment

05/18/2015 19:04:11 PM

MANAMA: The Islamic funds have become a viable and efficient alternative model of financial investment, according to a senior official at the Central Bank of Bahrain (CBB). “There are opportunities for more effective and efficient channeling of the > read more

Over $2t Islamic finance reaches new markets globally

05/18/2015 19:02:51 PM

MANAMA: The Islamic financial assets globally reached US$2.1 trillion as of the end of 2014 and also got access to new markets, including various new destinations of European region, Korea, Australia, Brazil, Malta, China and many more, according to > read more

Mutual Funds assets reach $7b in Bahrain

05/18/2015 19:01:33 PM

MANAMA: the mutual funds industry has emerged as one of the fastest growing segments of the financial sector in the Kingdom of Bahrain. “With approximately US$ 7 billion in assets under management, through more than 2,800 funds, the industry has [& > read more

Batelco clinches top award for customer experience

05/17/2015 10:24:15 AM

Manama: Batelco, Bahrain’s leading Communications Solutions Company was presented with the Best CEM (Customer Experience Management) Brand award at the 4th CEM in Telecoms: Middle East Summit awards ceremony, which was held in Dubai recently. The A > read more

Harald Krüger takes over as Chairman of BMW AG board

05/17/2015 10:15:40 AM

MANAMA: As previously announced, Harald Krüger assumed the role of Chairman of the Board of Management of BMW AG with effect from the end of today’s Annual General Meeting. Krüger, who holds an engineering degree, was most recently Board of [R > read more

Bahrain eyes listing of over $80m REITs by year-end

05/17/2015 10:08:33 AM

MANAMA: Following the official start of listing of the Real Estate Investment Trust (REIT) on Monday 17th May, Bahrain Bourse is expecting to see the listing of $80million REITs to be listed by the year-end, according to a top official […] > read more

Top executive in Bahrain draws over $1m salary a year

05/17/2015 09:28:17 AM

Dubai, UAE: With some sectors witnessed 39% salaries hike, top executive salaries in Bahrain averages over $1 million. With the GCC’s economic growth once again on an upswing, pay packages are now seeing a return to form following the dip […] > read more

David McLean embarks on new yet a challenging journey

05/16/2015 00:31:51 AM

MANAMA: Banking and finance conference industry veterans David McLean and Sophie McLean have launched an exciting business specializing in high-profile international conferences for the global Islamic and ethical finance industry. Ethico Live! has be > read more

Weak oil prices may impact Bahrain’s property market

05/14/2015 01:38:25 AM

MANAMA: Renewed economic stability in Bahrain, which has stabilised the kingdom’s property market, has been tempered slightly by the weakness of oil prices, automatically affecting the level of office take up, job creation levels and therefore resi > read more

GFH net profit up 140% to $6m in Q1

05/14/2015 01:36:06 AM

Manama: Bahrain-based GFH Financial Group (GFH) reported a net profit of US$6 million for the quarter compared with US$2.5 million for the same quarter in the previous year, an increase of 140%. The bank announced its financial results for the [̷ > read more

SICO reports BD1.4m net profit in Q1

05/14/2015 01:34:14 AM

Manama: Bahrain–based Securities & Investment Company (SICO), reported a net consolidated profit for the three months ended 31 March 2015 o BfD 1.4 million compared with BD 2.6 million for the corresponding period in 2014. Operating income totalled > read more

Bahrain upgrades detention facilities to intl. standards

05/14/2015 01:33:10 AM

SEEF: As the Kingdom of Bahrain will open new detention buildings next week, the facilities for inmates are of international standards including the provision of natural lighting system and each cell fitted with TVs. Ombudsman Nawaf Al-Ma’awda > read more

Ombudsman visits new detention centers

05/14/2015 01:31:55 AM

MANAMA: Interior Ministry Undersecretary Major-General Khalid Salem Al-Absi and Ombudsman Nawaf Al-Ma’awda today paid a visit to the Reformation and Rehabilitation Centre (Jaw) amid preparations to open four new buildings next week. Two additio > read more

Bahrain’s reforms ensures press freedom

05/14/2015 01:25:36 AM

MANAMA: HRH Premier to honour under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, Bahrain will hold a ceremony to honour press and media personnel marking the Bahraini Press Day. The honouring ceremony will > read more

GFH wins back $90.64m illegal bonuses from top bosses

05/13/2015 02:19:57 AM

MANAMA: Bahrain-based GFH in a statement said that it had won case against two former Chairmen of the bank for claiming $90.64m as bonuses from 2005-08. The bank addressing the shareholders and the markets confirmed that the Bahrain Chamber for [R > read more

AUB reports a net profit of $147.2m for Q1

05/13/2015 02:10:44 AM

MANAMA: Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 147.2 million for the quarter ended 31 March 2015. The net profit reflected a surge of 7.8% in Q1/2015 as compared to US$ […] > read more

Govt. utilises all resources for infrastructure development

05/13/2015 02:07:23 AM

MANAMA: His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa has affirmed that construction, development and economic growth top the government’s priorities, and, therefore, it is keen to create the best political, economic an > read more

Al Baraka Bank Egypt’s net income up 21% to EGP 63m

05/13/2015 01:57:11 AM

Manama: Al Baraka Bank Egypt, a subsidiary of Al Baraka Banking Group (ABG) and its investment arm in Egypt, reported a net income of EGP63m in Q1 2015, an increase of 21% over the same period last year. The bank […] > read more

Diversification can bring $17.7b to GCC economies

05/01/2015 03:42:09 AM

MANANA: If the GCC countries were to catch up to the average OECD level of diversification, the region could see additional gains of up to $17.7 billion. This is according to EY’s ‘Growth Drivers 2 report: Digging beneath the surface […] > read more

CBB takes over Future Bank, Iran Insurance Co

05/01/2015 03:37:41 AM

MANAMA: The Central Bank of Bahrain (CBB) on Thursday said that it was exercising its powers under the Central Bank of Bahrain and Financial Institution Law (Decree No. 64 of 2006) and, with immediate effect, placing Future Bank and Iran […] > read more

Malaysian Govt’s $1.5b sukuk attract $9b

04/30/2015 11:25:28 AM

Kuala Lumpur: International law firm Clifford Chance advised the joint lead managers, HSBC, CIMB Investment Bank Berhad, and Standard Chartered Bank, as joint lead managers, as to matters of English law and US federal securities laws in relation to o > read more

Criminals, money launderers target Middle East

04/30/2015 11:21:10 AM

Dubai, UAE: The Middle East has been a target of organised crimes particularly in money laundering and several governments in the region have enacted laws to tackle such financial crimes. In January this year, the Hashemite Kingdom of Jordan’s Sena > read more

Women in driving seat in banking sector in spotlight

04/30/2015 11:05:33 AM

MANAMA: The Central Bank of Bahrain (CBB) in cooperation with the Supreme Council for Women (SCW) hosted a roundtable discussion on the “challenges face by women in reaching lead positions in the financial sector.” Held at the Bahrain Bou > read more

Al Kooheji eyes 1st ever BMR 600 title

04/30/2015 10:58:42 AM

BIC, Al-Sakhir: Bahraini motor racing history will be made this weekend when the first-ever champion of the BMR 600 motorbike series will be crowned at a brilliantly floodlit Bahrain International Circuit (BIC). The BIC-bred, one-make championship wi > read more

ABC’s net profit down to $52m from $71M in Q1

04/30/2015 10:54:13 AM

Manama: Bahrain-headquartered Arab Banking Corporation (ABC) in a statement said that its consolidated Group net profit for the first quarter of 2015 was $52 million, down from $71 million reported for the same period last year. The bank in a [… > read more

Bahrain keen on achieving international standards

04/29/2015 08:25:29 AM

MANAMA: Zayed R. Alzayani, Minister of Industry and Commerce, who opened the ISO Forum titled of “Achieving International Standards”, said Bahrain was keen on achieving international standards. “The forum is being held for the first time in Bah > read more

Tamkeen supports Tatweer trainees programme

04/29/2015 08:17:12 AM

Manama: As part of the Tamkeen-Tatweer Petroleum Training and Employment programme for Technicians and Operators, which aims to provide Bahrainis with highly demanded skillsets and certifications to allow them to further grow and develop in their car > read more

JIB’s profits up 9% to $16.08m in Q1

04/29/2015 08:13:02 AM

Manama: Bahrain-based Al Baraka Banking Groups said that its subsidiary Jordan Islamic Bank (JIB) achieved net profits $16.08 million in Q1 2015 compared to about $14.67 million for the first quarter of 2014, an increase of 9%. Profits before tax [&# > read more

Batelco shows resilience in Bahraini market

04/29/2015 08:04:40 AM

MANAMA: Despite stiff competition, Batelco maintained a strong presence in the mobile market in Bahrain supported by its retention of high value post-paid residential and business customers, according to Batelco Group A/CEO Ihab Hinnawi. For the peri > read more

BNH reports BD1.6m net profit for Q1

04/29/2015 07:55:32 AM

Manama: Bahrain National Holding Company (BNH), the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl), has announced a net profit of BD1.6 million for Q1 in 2015 at the same level as compared to the [… > read more

Batelco reports BD14.2m net profit for Q1

04/29/2015 07:41:00 AM

MANAMA: Batelco Group (Ticker: BATELCO), the regional Telecommunications Group with operations across 14 countries, on Wednesday reported net profit of BD14.2million for Q1. Batelco in a statement said that subscriber numbers across the Group continu > read more

Malaysia is emerging as top health tourism destination

04/29/2015 06:50:34 AM

MANAMA: Malaysia has been named as the best country in the world for healthcare by the International Living Asia 2015, thanks to the strict regulations enforced by the authorities to govern the sector in line with the highest safety standards. [̷ > read more



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