Archive for 'economy'
Bahrain’s labour market :: Bridging the gulf
One country in the Gulf tries to wean itself off foreign workers
THE newly opened Burj Khalifa, the world’s tallest building, is a monument to Dubai’s audacity. It is also a stark illustration of its dependence on foreign labour. Designed by an American, overseen by a New Zealander and built by mostly South Asian labourers, the [...]
Whitaker steps down as BIC supremo
Martin Whitaker has stepped down as the chief executive officer (CEO) of Bahrain International Circuit (BIC), chairman of the BIC board Zayed Al Zayani announced last night.
In a planned move, BIC chief operating officer Shaikh Salman bin Isa Al Khalifa will take over as the new CEO while Mr Whitaker will continue as Formula One [...]
Nobel laureate honoured
Nobel laureate Prof Mohammed Yunus, who is visiting Bahrain, attended a reception in his honour at the residence of Bangladesh Ambassador Mohammed Ali Akbar in Saar last night.
The event was attended by senior Bangladeshi community leaders, prominent Bahrainis and diplomats.
Prof Yunus, a banker and economist, was awarded the Nobel Prize in 2006 for his work [...]
Bahrain: Strength in Diversity
Bahrain appears to have finished 2009 in better shape than many could have foreseen at the beginning of the year, and will be looking to 2010 with a confidence garnered from the solid performance of the country’s economy under pressure. There had been fears that Bahrain would be hard hit by the global crisis, especially [...]
Full Story4,500 job chances for graduates
A scheme to put thousands of jobless Bahraini graduates into work was officially launched yesterday.
Fifty-five per cent of those registered unemployed are university graduates, said Labour Minister Dr Majeed Al Alawi.
Most hold degrees in specialisations for which there is little or no demand in the labour market, he declared at an annual ceremony to honour [...]
30,000 to protest fuel price rise
More than 30,000 people are expected to demonstrate on the streets of Manama tomorrow amid fears of a potential increase in petrol prices.
Twelve political societies, under the chairmanship of Al Wefaq block MP Jawad Fairooz, have joined forces with trade unions to organise the protest.
MPs were outraged last month when ministers confirmed that the existing [...]
Salman Industrial City ‘key milestone’
Jobs at the Salman Industrial City are expected to more than double to around 34,000 within a few years.
Investments in the venture, which already house 160 companies, are also expected to more than double to nearly $8 billion (BD3bn).
The forecast came as His Majesty King Hamad officially laid the foundation stone for the city yesterday.
It [...]
Salman Industrial City Inaugurated
Investments in the Salman Industrial City are expected to more than double to nearly $8 billion (BD3bn) in the next few years.
The forecast came as His Majesty King Hamad officially laid the foundation stone for the city yesterday.
The ceremony was attended by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, His Royal [...]
Bahrain plans $2.65bn city
A company will be hired in the next few days to map out the BD1 billion ($2.65 billion) redevelopment of the Manama Central Market area into a city within a city.
The Manama Municipality and Municipal Council have already selected the company out of two bidders in the summer, but were not totally pleased with the [...]
GCC eyes $109bn rail investment in next 10 years
GCC nations are planning to invest $109bn on rail projects in the next 10 years as officials look to solve traffic congestion issues, according to a new report by Kuwait Financial Centre (Markaz).
Road expansion projects will also continue with a total of $14.45bn planned to 2019 but $3.8bn worth of highways work has been cancelled [...]
ADIH exits Porta Reef Fund
Abu Dhabi Investment House (ADIH) has announced the partial exit of its Porta Reef Fund, which funded the purchase and development of three 10-storey residential towers on Reef Island.
‘During the current tough global economic environment, the ADIH team continues to diligently work on safeguarding investors’ interest, said ADIH chief executive officer Fawaz Ali Al Jowder.
‘The [...]
GFH Resolves Legends Project (Dubailand) Balance Sheet Exposure
Gulf Finance House, the leading Middle Eastern Islamic investment bank announced it will take. a US$ 300 million (non-cash) charge against its proprietary Dubailand position and correspondingly reduce the liabilities on its balance sheet by US$ 290 million. This action has no implications for the Bank’s clients. Furthermore, GFH has no remaining material exposure [...]
Full StoryMoney laundering charge Bahrainis to review verdict
Lawyers of two men at the centre of a multi-million-dinar fraud were yesterday given two months to review a new verdict which effectively axed part of Bahrain’s law on money laundering.
The two Bahraini defendants, each former Alba employees, are facing charges of money laundering, fraud and bribery.
Prosecutors claim the men accepted bribes from foreign firms [...]
Gulf nations may opt first for dollar in currency union
Four Gulf nations entering the Middle East’s first monetary union pact are expected to peg their single currency to the US dollar in the first phase of the historic project but might opt for a basket later, according to analysts.
Saudi Arabia, Kuwait, Qatar and Bahrain, members of the six-nation Gulf Co-operation Council (GCC), have kept [...]
Bahrain gears up for debut air show
Bahrain is all geared up to host the country’s first international air show, being held later next month. About 40 companies from various sectors of business, defence and commercial aviation will showcase their products at the show.
Work is close to completion for the inaugural Bahraitn International Air Show (BIAS), said organisers Farnborough International Limited (FIL).
The [...]
