The tangible results of Bahrain’s recent initiatives aimed at enhancing the economy are illustrated in the almost tripling of Foreign Direct Investment (FDI) to the kingdom last year. This was revealed yesterday by Economic Development Board (EDB) chief executive Shaikh Mohammed bin Essa Al Khalifa, following the publication of an international report by the United [...]
Bahrain International Circuit (BIC) and MCC Project Partners (MCCPP) have announced a joint venture to develop the Bahrain Centre of Excellence, an independently funded $3.5 billion world-class centre of innovation in the automotive engineering, motorsport and alternative energy sectors. The centre is designed by internationally acclaimed architect Zaha Hadid. The Bahrain Centre of Excellence will [...]
A test of the stability of Bahrain’s financial sector has been the recent global crisis prompted by the meltdown in the US sub-prime mortgage market. While tremors are still being felt around the world, with the latest victim being the British lender Northern Rock, which has been caught short in a run on deposits by [...]
Government-owned Dubai Financial said yesterday it had agreed to buy around 37 per cent of Bahrain’s TAIB Bank and was looking to raise its stake to 60pc. Dubai Financial’s parent Dubai Holding said on June 20 it had bought 60pc of TAIB for an undisclosed sum. Dubai Financial reached an agreement with TAIB’s three biggest [...]
On July 17, along with its partner Gulf Energy, GFH signed a memorandum of understanding (MoU) with the management committee of the Yanjiao Economic and Technology Development Area, located at Sanhe City some 30 km from downtown Beijing, to develop Energy City China. The $5bn project, which still has to obtain final clearance from the [...]
A new $300 million (BD113.4m) high-class residential and commercial project in Sakhir, including a shopping mall and hotel, was unveiled yesterday by Kuwait-based Rasmal Holding Company. Sarab Al Areen is spread over 176,000-square-metres and is part of the two million-square-metre Al Areen project, which includes many other developments. Construction is expected to begin this year [...]
A substantial first-of-its-kind fund is being launched by Bahrain-based Venture Capital Bank, focusing solely on small and medium enterprises in the Middle East and North Africa region. The $250 million fund, formally known as the MENA Small and Medium Enterprises (SME) Fund, was officially launched on Sunday and gives investors the opportunity to be a [...]
A Bahraini MP yesterday urged the government to further diversify the economy to reduce its dependence on oil revenues.It comes after the Cabinet forwarded the closing budget statement for last year to parliament to be reviewed. Parliament’s parliament financial and economic committee chairman Jehad Bukamal based his comments on an increase in oil revenues last [...]
The BD150 million Gilgamesh Island project off Muharraq got the go-ahead yesterday, after councillors who originally objected missed the vote. The project, which is expected to be completed in five years, will be located west of the Muharraq Coastguard. It will feature a 40-storey tower building, housing complex, villas, chalets, harbour, marine museum and cinema [...]
Investors have a chance to buy into a pioneering development which will form part of the Amwaj Islands, off Muharraq, Bahrain. Abu Dhabi Investment House (ADIH) yesterday announced the opening of a $41.5 million Sharia’a-compliant private placement to finance The Lagoon, a commercial and retail project spread over 600,000 square feet. The private placement has [...]
