24x7 News

ASSE-MEC honours BAPCO

BAPCO was honoured at 10th Professional Development Conference and Exhibition organized by the American Society of Safety Engineers, the Middle East Chapter (ASSE-MEC), and held in the Kingdom of Bahrain from 18-22 February 2012, under the patronage of HE the Minister of the Interior HE Shaikh Rashid bin Abdullah Al-Khalifa in presence of key officials [...]

Fitch downgrades Jordanian banks

Fitch Ratings has downgraded Jordan-based Bank of Jordan (BOJ), Jordan Islamic Bank (JIB), The Housing Bank for Trade and Finance (HBTF), and Cairo Amman Bank’s (CABK) Support Ratings to ’4′ from ’3′. The Support Rating Floor for BOJ and JIB has been revised to ‘B+’ from ‘BB-’. These rating actions reflect a weakening in the [...]

Bahraini team performs better during leg 4 of SATT

Leg four of Sailing Arabia – the Tour was frustratingly slow for the nine-boat fleet but despite a lack of wind for most of the leg, the battle on the water was no less tense. Arriving in daylight for the first time since the tour began, the fleet entered Omani waters in the early hours [...]

Public welfare remains government’s top priority

His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa affirmed that the government’s initiatives to develop vital facilities are going on so as to achieve citizens’ welfare cater to their needs and press ahead with growth and development. He pointed out, during an inspection visit to King Hamad University Hospital today, that optimizing [...]

LMRA chief discusses private clinics’ needs

LMRA CEO Osama Abdullah Al-Absi discussed the needs of private clinics during a meeting, held at the Authority’s Head Office with the Health Sector and Medical Services Committee in Bahrain Chamber of Commerce and Industry (BCCI), and chaired by Dr. Khalid Al-Awadhi and attended by Dr. Hanan Marefi, Dr. Aysha Matar and Dr. Tariq Saeed. [...]

HRH Premier lauds efforts of patriotic citizens

His Royal Highness Prince Khalifa bin Salman Al Khalifa the Prime Minister received a number of participants of Al-Fateh Gathering and thanked them for their genuinely patriotic feelings. HRH the Prime Minister reiterated support to all gatherings which seek to consolidate national unity, and standing with any awakening which raises awareness and emotions towards the [...]

Consumer technology continues growth trends in 2012

Demand for consumer technology will continue to advance in 2012 with record numbers of smartphones and tablets likely to be sold and demand from emerging markets, including the Middle East, for lower-cost televisions and computers boosting volumes, according to the predictions of Deloitte’s annual report on top technology trends for 2012, “Despite this upward trend [...]

BIC thanks Bassioni for supporting Bahrain Grand Prix 2012

The board and executive management at Bahrain International Circuit (BIC) thanked Professor Mahmoud Cherif Bassiouni for his support of the 2012 Formula One Gulf Air Bahrain Grand Prix. Professor Bassiouni, Chairman of the Bahrain Independent Commission of Inquiry (BICI), sent a letter dated February 19, 2012, to Zayed Rashid Al Zayani, Chairman of the Board [...]

BNH reports BD3.3m net profit for 2011

The Board of Directors of Bahrain National Holding Company (BNH) reported Group’s positive consolidated results for the year 2011 with net profit of BD3.3 million compared to BD3.8 million for the same period last year. BNH Group in a statement said that despite the decrease in net profits, primarily due to lower investment returns, the [...]

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 [...]