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  • Aluminium Bahrain’s Line 6 Expansion Achieves 25 Percent Completion

    BAHRAIN, 2017/09/13 Aluminium Bahrain B.S.C. (Alba) updated shareholders on the firm’s evolution on the US$3-billion Line 6 Expansion Project yesterday, noting that the undertaking continues to run on the scheduled timeline. According to the firm, earthworks and concrete at the site are continuing as planned, with engineering at 50 % completion, and procurement and contracts at 70 % completion. In general the project is at 25 % completion, with the erection of structural steel slated for later this month.

  • UNWTO: International tourism – strongest half-year results since 2010

    AFGHANISTAN, 2017/09/09 Destinations worldwide welcomed 598 million international tourists in the initial six months of 2017, some 36 million additional than in the same period of 2016. At 6%, increase was well above the trend of recent years, making the current January-June period the strongest half-year since 2010. Visitor numbers reported by destinations around the world reflect strong request for international travel in the initial half of 2017, according to the new UNWTO World Tourism Barometer. Worldwide, international tourist arrivals (overnight visitors) increased by 6% compared to the same six-month period last year, well above the sustained and consistent trend of 4% or higher increase since 2010. This represents the strongest half-year in seven years.

  • IMF urges Bahrain to implement further fiscal reforms

    BAHRAIN, 2017/09/08 Bahrain needs to urgently implement further fiscal reforms as economic vulnerabilities have increased in the Gulf kingdom in the wake of the oil price decline, according to the International Monetary Fund (IMF). IMF executive directors said that, although economic activity and financial market conditions have remained positive, "additional sizable and frontloaded fiscal adjustment is urgently needed".Additional sizable and frontloaded fiscal adjustment is urgently needed, says International Monetary Fund They said in a new research note that sustained fiscal efforts will be needed over the medium term to put deficit on a downward path and rebuild policy space.

  • Bahrain inks deal to develop solar power policies

    BAHRAIN, 2017/09/08 Bahrain has appointed technical consulting and engineering company CESI as it embarks on developing its solar power policies. Dr. Abdul-Hussain Ali Mirza, the country's Minister of Electricity and Water Affairs, said CESI has been hired to support Bahrain’s sustainable energy unit (SEU) to develop the regulatory requirements related to connecting distributed renewable energy resources. Bahrain hires technical consulting and engineering company CESI as it eyes renewable energy drive

  • Bahrain's GFH acquires $1.2bn land bank

    BAHRAIN, 2017/09/08 Bahrain-based GFH Financial Group (GFH) has announced that it has completed the acquisition of a $1.2 billion infrastructure portfolio in Africa and Middle East. Acquisition has been funded by $315m capital increase taking GFH issued and paid up capital to $975m The acquisition comes as part of GFH’s new strategy approved in the last shareholders’ conference in March and subsequent to regulatory approvals, the company said in a statement.

  • Bahrain issues new rules to encourage fintech growth

    BAHRAIN, 2017/09/08 Bahrain has announced new regulations to create a regulatory sandbox that will allow startups and fintech firms to test and experiment their banking ideas and solutions. The Central Bank of Bahrain (CBB) said in a statement that the regulatory sandbox provides an opportunity for fintech businesses around the world to expand and thrive in the Gulf and strengthens Bahrain’s position as a fintech and financial services hub in the GCC. Central bank creates regulatory sandbox to allow firms to test and experiment banking ideas and solutions

  • Airport redevelopment part of Bahrain’s wider infrastructure push

    BAHRAIN, 2017/09/06 The move is part of the $1.1bn Airport Modernisation Programme (AMP) launched in 2015 to develop a new 220,000-sq-metre passenger terminal and conduct renovation work at the airport, which was last upgraded in 1994. Bahrain’s Ministry of Transportation and Telecommunications in June selected French technology company Thales and Switzerland’s telecoms services firm SITA as providers of Bahrain International Airport’s new security and operations management system. Due to be completed in 2020, the project is being funded by the Gulf Development Fund (GDF) and should allow the airport to handle roughly 14m passengers a year, up from 8m currently.

  • Abu Dhabi says Gulf air embargo only applies to Qatar firms

    BAHRAIN, 2017/08/28 The air embargo imposed on Qatar only applies to airlines from Qatar or registered there, the United Arab Emirates Civil Aviation Authority said Tuesday.Embargo bans all Qatari aviation companies, aircraft registered in Qatar from landing or transiting through airspace of UAE, Saudi Arabia, Bahrain. Saudi Arabia and Bahrain issued identical statements on the air embargo, which came into result at the same time as Riyadh, Abu Dhabi and Manama broke off relations with Qatar on June 5, accusing it of supporting "terrorism".

  • Diversification efforts propel non-oil sector, which now accounts for more than 80% of GDP

    BAHRAIN, 2017/08/18 Bahrain’s commitment to diversifying its economy has been fundamental in making the country resilient against the challenges caused by the drop in oil prices As the initial Gulf national to discover oil in 1932, Bahrain’s fortunes have long been tied to those of hydrocarbons. But with limited reserves compared to its neighbours, it as well grasped the need to diversify its economy beyond the black stuff far before than most.

  • Bahrain launches new rules for financial technology firms

    BAHRAIN, 2017/06/15 The Central Bank of Bahrain (CBB) has announced new regulations to create a regulatory sandbox that will allow startups and fintech firms to test and experiment their banking ideas and solutions. The creation of the regulatory sandbox provides an opportunity for fintech businesses around the world to expand and thrive in the Gulf and strengthens Bahrain’s position as a fintech and financial services hub in the GCC. The framework provides a virtual space for companies to test their technology-based innovative solutions, and is open to existing CBB licensees and other local and foreign firms.
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