Oil & Gas US approves $500m loan for Bahrain oil project The US export credit agency has approved a $500 million loan guarantee for Bahraini state-backed Bapco Energies. The Export-Import Bank of the United States (Exim) board of directors greenlit the project after voting last month to notify Congress about potentially supporting the expansion of an oil and gas field in the Gulf nation. JP Morgan […] March 15, 2024
Industry Golden licences bring $2bn into Bahrain A total of $2.4 billion in investment in nine major projects has flowed into Bahrain after the introduction of its golden licence initiative last year. The projects, which could generate 3,000 jobs, include the setting up of Bahrain Titanium by Interlink Metals & Chemicals of Switzerland and the urban waterfront development Bahrain Marina. “Bahrain has […] March 14, 2024
Analysis Banking & Finance Mergers drive growth in Bahrain’s Islamic finance sector When Al Salam Bank, one of the largest Islamic banks in Bahrain, became majority shareholder of its Algerian subsidiary last June, CEO Rafik Nayed made clear that the shopping spree was not over. Mergers and acquisitions “will remain an important pillar of our growth plans”, Nayed said – and last month Al Salam announced a […] March 13, 2024
Finance Bahraini fund hires bank to find buyer for McLaren stake Bahrain’s sovereign fund has hired bankers to find a potential buyer for its stake in the British carmaker McLaren Group, according to a UK media report. Mumtalakat Holdings, which holds a 50 percent stake in McLaren, has hired JP Morgan following an order from King Hamad bin Isa Al Khalifa, The Sunday Times reported. JP […] March 12, 2024
Finance Investcorp leads $130m pre-IPO funding for Saudi startup Salla, a Saudi e-commerce software startup, has raised $130 million in its pre-IPO investment round, led by Bahrain’s alternative asset manager Investcorp. Sanabil Investment, a subsidiary of Public Investment Fund and STV, a venture capital investor and an existing Salla shareholder, also participated in the transaction, Investcorp said in a statement. Bahrain-headquartered Investcorp made the […] March 5, 2024
Real Estate Bahrain and UAE sign $4bn real estate deal A UAE property investment and development company has signed a $4 billion deal to develop real estate across Bahrain. Abu Dhabi’s Eagle Hills International has finalised a joint cooperation agreement to set up Binaa Al-Bahrain, with a focus on residential, commercial and entertainment projects across the kingdom. The new company will work with Edamah, the […] February 22, 2024
Economy Financial services help Bahrain to record $1.7bn in investments Bahrain attracted more than $1.7 billion in investments last year through its government-backed investment company. The financial services sector was the main driver. The figure, released by the Bahrain Economic Development Board, was 55 percent up on 2022. The investments covered 85 local and international projects, which are forecast to create 5,700 jobs in Bahrain […] February 21, 2024
Logistics Bahraini-Saudi companies to build logistics hub in Riyadh A joint venture between Bahrain-headquartered Arcapita Group Holdings and Saudi developer Rikaz will develop a high-end logistics park in Riyadh to attract global and regional companies. The Node will cover three million sq m of development, with the first phase extending 400,000 sq m of Grade A warehousing facilities. The project is anticipated to generate […] February 21, 2024
Banking & Finance Investcorp stays cool on digital assets Investcorp, the Gulf region’s largest alternative investment company, will not be turning to digital assets to boost its bottom line in the short term. The Bahrain company’s Abu Dhabi-listed Investcorp Capital invested more than $639 million in the first half of its financial year to December 31, 2023. The company’s latest financial reports revealed a […] February 13, 2024
Markets Investcorp lines up diverse strategies for east and west Multibillion-dollar asset manager Investcorp Capital is planning listing activity from its companies in the east in the next six months, but sees more profit in mergers and acquisitions in the west. The Bahrain-based company, which was listed on the Abu Dhabi Stock Exchange in November, on Monday reported income of $34 million for the first […] February 12, 2024
Infrastructure Investcorp seeks more global airport and seaport stakes Bahrain’s Investcorp Holdings is looking at investment opportunities in airports and seaports across the world as it seeks to double the infrastructure assets in its portfolio to $10 billion by the end of the decade. Investcorp, the region’s biggest alternative investment firm, completed a 50 percent acquisition of the New York-based Corsair Capital’s infrastructure business, […] February 6, 2024
People & Lifestyle Kuwait and Bahrain propose changes to working week Lawmakers in Kuwait and Bahrain are pushing for major amendments to the working week, aiming to improve workers’ rights and boost the work-life balance in the two Gulf states. In Bahrain, the focus is on extending the weekend to three days: Friday, Saturday and Sunday. “There is an urgent need to keep pace with global […] January 29, 2024
Trade Bahrain’s trade deficit increases 200% Bahrain’s trade deficit increased by 212 percent in the fourth quarter of last year following a drop in exports and re-exports from the kingdom. The trade balance, which shows the difference between exports and imports, recorded a deficit of BD276 million ($733.2 million) in the fourth quarter, up from BD88 million in the same period […] January 22, 2024
Industry Morocco joins Mena industrial partnership Morocco has become the fifth country to join a partnership that aims to strengthen industrial integration in the Middle East and North Africa. At a meeting held in Manama, Morocco’s entry into the Industrial Partnership for Sustainable Economic Growth was announced, joining the UAE, Jordan, Egypt and Bahrain. During the meeting $2.2 billion worth of […] January 15, 2024
Manufacturing $100m aluminium plant signals Bahrain’s industrial push Conexus Resources Group has launched a $100 million aluminium rod plant in Bahrain, the latest project to emerge as the Gulf kingdom seeks to enhance its manufacturing sector. The UK company has announced the inauguration of Konexus Aluminium, which will process liquid metal from Bahrain’s national manufacturer Aluminium Bahrain (Alba) to serve regional and international […] January 10, 2024
Banking & Finance Bahrain Steel lands $450m loan for green transition Bahrain Steel, a supplier of high-grade iron ore pellets, has secured a $450 million sustainability-linked loan from a consortium of regional banks as part of its carbon footprint reduction drive. The loan will be used to build the world’s largest stockyard shed with rooftop solar panels, in addition to meeting working capital requirements, Dubai-headquartered lender […] January 9, 2024
Analysis Construction Bahrain’s consumer spend to rise as destination malls open Consumer spending in Bahrain is forecast to rise this year as its economy grows – with retail confidence reflected by construction starting on a $530 million development. Bahrain Marina will have nearly 200 shops, including international brands, restaurants and cafes, as well as 274 residential units, 182 berths for yachts and boats, and more than […] January 5, 2024
Real Estate Bahrain introduces real estate data service for investors Bahrain’s Real Estate Regulatory Authority has launched an online service providing investors with data on the kingdom’s real estate sector. Aqari Data Bank uses artificial intelligence to give up-to-date information on transaction volumes, property valuations, land classifications and the locations of commercial complexes, healthcare facilities and educational institutions. The subscription-based platform provides interactive maps and […] December 27, 2023
Finance Bahrain’s economy expands 2.5%, fuelled by non-oil sector Bahrain’s economy grew by 2.5 percent year on year in real terms in the third quarter of 2023, driven by 4.5 percent annual growth in the non-oil sector, preliminary data released by the Information and eGovernment Authority shows. The kingdom’s non-oil sector accounted for 83.6 percent of real GDP in Q3 2023, the state-owned Bahrain […] December 27, 2023
Finance Bahraini fund in talks to take full ownership of McLaren Bahrain’s sovereign fund is nearing a deal to take full control of the British supercar maker McLaren Group, according to a media report. Mumtalakat Holdings, which holds a 62.55 percent stake in McLaren, is in talks to buy the 20 percent stake held by minority shareholders and convert their equity into warrant-like instruments, Sky News reported. […] December 20, 2023
Construction Investcorp buys 50% of Corsair’s $5bn infrastructure business Bahrain-based alternative investment firm Investcorp has acquired a 50 percent stake in the $4.8 billion infrastructure business of New York-based investment firm Corsair Capital. The transaction was completed by establishing Investcorp Corsair Infrastructure Partners (Investcorp Corsair), a new entity jointly owned by the two companies, the Manama-headquartered company said in a statement. The new entity […] December 12, 2023
Sustainability Bahrain seeks 30% reduction in emissions by 2035 Bahrain aims to reduce carbon emissions by 30 percent by 2035 and reach zero carbon by 2060 as part of its national carbon neutrality strategy. The Gulf state recently launched a national energy strategy and a $750 million fund, in addition to establishing the Safaa voluntary platform to offset carbon emissions, the UAE state-run Wam […] December 11, 2023