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A.M. Best gets nod to open office at DIFC

A.M. Best has obtained the necessary approvals to establish within the Dubai International Financial Centre in Dubai, UAE. The new office will operate as A.M. Best MENA, South and Central Asia, servicing clients throughout the region and developing new relationships to grow its insurance ratings franchise. Rating analytics will continue to be performed by teams [...]

Natural gas prices in US come down to lowest levels

Looking at US natural gas one can see that prices have come down considerably over the past three to four years and you might expect them to finally have reached a floor; however, unusually warm temperatures and abundant supply will put further pressure on prices. The firm production growth since 2008 is likely to continue [...]

Etihad carries a record number of 8.2m passengers

Etihad Airways, the national airline of the United Arab Emirates, carried a record 8.29 million passengers in 2011, a 17 per cent increase on the previous year. The jump represented an extra 1.197 million passengers on the carrier’s global network covering 82 passenger and cargo destinations. Etihad Crystal Cargo also enjoyed similar spectacular growth carrying [...]

GCC needs unified economic and financial standards

It is extremely urgent and necessary that the GCC countries adopt a unified economic, financial and legislative standard within the international organizations particularly International Organization of Securities Commissions (IOSCO) so that they could positively influence the region, according to Oman’s senior regulator. In a speech delivered on his behalf at the Thomson Reuters Accelus 6th [...]

Seera reports $61.4m net profit for 2011

Bahrain-based Islamic investment major, Seera Investment Bank, reported a net profit of $61.4 million for 2011 with a return on equity of around 20 per cent. The bank also reported a net income before provisions of $73.4 million. This compares to a net profit of $7.2 million for 2010. For the last quarter in 2011, [...]

Over $152m cash windfall for Batelco shareholders

The overwhelming majority of 83% of Batelco Group shareholders on Wednesday approved a full year cash dividend of BD57.6million ($152.8million), which represents a 72% payout at a value of 40 fils per share. The Group had already paid 20 fils per share during the third quarter of 2011 with the payment of the remaining 20 [...]

Bahrain achieves remarkable economic goals

His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa has asserted that the government has achieved innumerable landmark economic achievements despite the regional and global economic and political situations, which has consolidated the kingdom’s position in this regard. “The Kingdom has succeeded, as usual, to overcome all those conditions and emerge stronger thanks [...]

GCC economies remain unaffected despite economic upheaval

Despite the world’s financial crisis, economic growth in the GCC countries surged from 4.2% in 2010, to 5% in 2011, thanks to the strong economic fundamentals of the regional states, according to the Advisor to His Majesty the King for Diplomatic Affairs and BCSISE President Dr. Muhammad bin Abdul Ghaffar. Quoting report he said the [...]

Iran’s Nuclear Programme remains suspicious: British Ambassador

The British ambassador in the Kingdom of Bahrain Iain Lindsay said that his country remained suspicious about the Iranian nuclear ambitions. The Ambassador also accused Iran of supporting terrorism, and seeking to destabilize the region through Hezbollah and vassal militias in Iraq and pinpointed Iran’s negative role in Afghanistan in addition to violation of human [...]

UK perception gets more clearer about Bahrain

Advisor to His Majesty the King for Diplomatic Affairs and President of the Bahrain Centre for Strategic and International Studies and Energy, Dr. Mohammed Abdul Ghaffar stressed that the British’s view of events in Bahrain has changed after understanding the reality of the situation, stressing that the British Government doesn’t support violence. In a statement [...]

KSAALT hosts annual conference

The Kingdom of Saudi Arabia Association of Language Teachers (KSAALT) held the 3rd Annual Mini Conference under the auspices of Prince Mohammad Bin Fahd University (PMU) in Holiday Inn Resort, Al- Khobar. Language educators from around the Kingdom participated in it. This one-day conference themed at “Effective Teaching in the ESL Classroom,” welcomed more than [...]

PMU organises a workshop

Prince Mohammad Bin Fahd University (PMU) hosted the first Prince Naif Chair for Youth Development Workshop in its campus. Vice Rector for Business Affairs and Development, Dr. Adel Al-Saleh welcomed participants from KSA universities and secondary schools. Focused on awareness about new methods and techniques applied to enhance skills in youths, this workshop had orientation [...]

Bapco’s WWTP project completes 1m man-hours sans a single LTI

Employees of BAPCO and contractors working on the Waste Water Treatment Plant Project (WWTP) completed one million man-hours without a single Lost time injury (LTI). This is an outstanding worth commending achievement especially since a project of this kind involves handling and management of additional hazards and other environment issues. Despite these challenges, the project [...]

Tamkeen forms strategic partnership with Aon Hewitt

Tamkeen formed a strategic partnership with Aon Hewitt, the global human resource consulting and outsourcing solutions business of Aon Corporation, to launch a pioneering research initiative, Qudurat, within Bahrain’s private sector. Qudurat has been conceptualized by Aon Hewitt to be the first and largest research study of its kind in the GCC, dedicated to the [...]

BIC plans open track day for Friday

A full day’s programme of fun and excitement has been lined up for Bahrain International Circuit’s (BIC) Open Track Day, which takes taking place this Friday (February 24, 2012) at ‘The Home of Motorsport in the Middle East’ in Sakhir. In this widely popular event, members of the public will have the chance to take [...]

Emirates further strengthens its sales position in Bahrain

With the opening of the new state-of-the-art new customer sales offices in the financial district of Seef in Bahrain, Emirates is well positioned to serve the existing client base as well as to enhance its market share through a quality service. The senior team of Emirates which specially flew in to mark this occasion believes [...]

Sharia’h-compliant business model can increase value by 25%

Converting a business to Islamic model can increase the value of a company by 18-25% due to the scarcity of genuine Islamic investments, according to Bank Sarasin report. However, according to the report the conversion process is arduous, extending from the design to distribution and beyond, to how the company spends its profits. As Sarasin [...]

AUB net profit rises 17% to a record $301m 2011

Bahrain-based Ahli United Bank (AUB) reported a record net profit, attributable to its equity shareholders, of $310.6 million for 2011, a landmark result since its inception in 2000. This represents a 17% increase over the 2010 result. The last quarter of 2011 contributed $70.3 million to the overall result, as compared to $64.4 million in [...]

Bahrain’s sailing team wins in Ras Al Khaimah

The Crown Prince, His Highness Sheikh Mohammad Bin Saud Al Qasimi, honoured the sailors of Sailing Arabia – the Tour in Ras Al Khaimah with his presence. Presiding over the nine-boat fleet he watched as they raced off the waters of the Al Hamra Marina and Yacht Club. Hosted at the Royal Yacht Club of [...]

Etisalat subscriber base rises 22% to 167m in 2011

During a Board Meeting on Tuesday 20th held at Etisalat Head Office in Abu Dhabi, Etisalat’s Board approved the consolidated financial results for fiscal year ended 31 December 2011. The Board members also proposed final dividends at 60 fils par value for fiscal year 2011. The Emirates Telecommunication Corporation – Etisalat, operating in 17 countries [...]

Nimr 6×6 Armoured Patrol Vehicle on display at IAV 2012

Abu Dhabi-based Nimr Automotive, a subsidiary of Tawazun Holding, is currently exhibiting at the 11th Annual International Armoured Vehicles (IAV) conference and exhibition being held at FIVE, Farnborough, UK (20th to 23rd Feb 2012). The first ever UAE company to appear at International Armoured Vehicles, Nimr develops and manufactures a wide range of interoperable defence [...]

RUW students visit China

A total of 21 students from the Faculties of Business & Financial Sciences, I.T and Art and Design embarked on a ten day visit to China. They spent five days in Beijing and five days in Hong Kong. The purpose of the visit was to expose students to the booming Chinese economy and cultural feats. [...]

Bahrain Grand Prix F1 2012 tickets go on sale

The stage is set for the year’s biggest sporting and social event: the 2012 Formula One Gulf Air Bahrain Grand Prix, taking place April 20 to 22 at Bahrain International Circuit (BIC) in Sakhir. The 60-day countdown to the three-day Formula One extravaganza got underway Monday (February 20). Excitement and anticipation is now building up, [...]

Bahrain on right path of political and economic development

Bahrain has witnessed many strides of development in economic and political sectors. This was stated by His Royal Highness Prince Khalifa bin Salman Al Khalifa the Prime Minister, who received His Royal Highness Prince Salman bin Hamad Al Khalifa Crown Prince and Deputy Supreme Commander, at the Premier’s court on Monday. Both their Royal Highnesses [...]

Bahrain remains united: HRH Premier

His Royal Highness Prince Khalifa bin Salman Al Khalifa the Prime Minister emphasized that the Kingdom of Bahrain’s national unity remains the cornerstone on which all efforts should be focused as well as community mobility in order to boost and support unity of the Bahraini people who lived and shall always remain to live in [...]

Four arrested for arson attack on police officer’s residence

The authorities have rounded up four gangsters for allegedly carrying out arson attack a police officer’s residence in East Ekar. The General Director of Central Governorate Police confirmed the arrests and said that thugs also attacked one of the family members with Molotov resulting in burn injuries in addition to extensive damage to cars and [...]

Alkabeer forecasts Bahrain’s GDP growth at 1.2%

According to Alkhabeer Capital, the combined GDP of the GCC region is expected to register a growth in excess of 4% where Qatar will top the list with (7%) followed by Saudi Arabia (4.6%), Kuwait (3%), Oman (2.7%), UAE (2.4%) and Bahrain (1.2%). Alkhabeer Capital, a leading Saudi investment company, has released its latest global [...]

Around 20% never takes exercise in Bahrain: Survey

With majority 84 percent respondents eat breakfast daily in Bahrain, about 20 per cent never take any sort of exercise, according to Zarca Interactive Health and Fitness Trends study for the third quarter 2011. One of the most awaited Health and Fitness Study in the Middle East, Zarca Interactive leading provider of next generation information [...]

Governments take lead on environment related policy initiatives

Environmental issues are changing the energy and utilities industry as never before, and their influence can only increase, according to a new white paper from Deloitte Middle East entitled “Middle East Energy and Resources, Managing Scarcity for the Future” whitepaper series. “Diversion Ahead”, the new whitepaper, explores the challenges and trends emerging in the energy [...]

Ford and Almoayyed Motors open first quick service outlet

Ford Middle East and Almoayyed Motors, the Ford and Lincoln importer-dealer in Bahrain, opened the new Quick Lane Tire and Auto Center located at Arad, bringing a new dimension of quick and reliable service to the Kingdom’s motorists owning varied brands of vehicles. Quick Lane is the fastest-growing service brand in the US and counts [...]