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Bahrain non-oil economy

Bahrain is likely to miss target on balancing books

Bahrain is unlikely to hit a target of balancing its books in 2024 but could see lower budget deficits as the government pursues non-oil growth. Preliminary fiscal data for year-end 2022 points to a minor deficit of 1.1 percent of GDP, underpinned by a 97 percent year-on-year increase in nominal tax revenue after doubling the […]

Bahrain’s growth to slow in 2023, says IMF

Bahrain’s growth is projected to moderate to 2.7 percent in 2023, with non-oil GDP growing by 3.2 percent, reflecting fiscal consolidation and higher interest rates, the International Monetary Fund (IMF) said in a new report. The economy grew by 4.9 percent in 2022, driven by a 6.2 percent growth in non-hydrocarbon GDP. However, hydrocarbon GDP […]

Manama Bahrain

Rising cost of credit squeezes Bahrain luxury property

The increased cost of credit due to higher interest rates is starting to dent demand for luxury property in Bahrain, with apartments experiencing the most impact.  High-end apartment prices in Bahrain dropped by 1.3 percent quarter on quarter in the first three months of 2023, according to a report published this week by Savills. Luxury […]

Investcorp completes first control buyout in China   

Bahrain’s alternative investment firm Investcorp has acquired a controlling stake in Shandong Jianuo Electronics Co. Ltd. (Jianuo), a Chinese renewable energy critical components manufacturer.  Operating out of the Shandong province and China’s Greater Bay area, Jianuo produces specialty premium components used in high-end applications such as electric vehicles power management, battery charging infrastructure, solar and wind […]

Bahrain’s oil holding firm launches $750m sukuk

Bahrain’s state oil holding firm Nogaholding launched a $750 million 10-year Islamic bond, or sukuk, on Wednesday, capital markets publication IFR News reported. Demand for the high-yield issue drove pricing below guidance. Order books hit more than $3.75 billion ahead of launch, allowing the company to offer a yield of 6.625 percent from the 7.25 […]

Bahrain digital

Bahrain’s Beyon puts $250m into digital infrastructure 

Tech company Beyon Group is investing more than $250 million in new infrastructure to support Bahrain’s digital transformation. The parent company of telecoms operator Batelco said it has joined the Southeast Asia-Middle East-Western Europe 6 (SEA-ME-WE 6) consortium, which is building a 21,700km-long undersea telecommunications cable from Marseille in France to Singapore. The cable will […]

Passengers at Doha airport in Qatar. Direct flights to Bahrain will restart on May 25

Bahrain and Qatar resume direct flights

Direct flights between Bahrain and Qatar are set to restart on May 25, as relations improve between the two GCC members. Bahrain’s Civil Aviation Affairs agency confirmed the resumption of flights “in accordance with what was agreed upon between the concerned authorities in the two brotherly countries”, according to the kingdom’s news agency. The move […]

Construction, Construction Crane, Machine

Bahrain’s Nogaholding plans new dollar sukuk 

Bahrain’s state oil holding firm, Nogaholding, is planning a sale of US dollar-denominated Islamic bonds and has offered to tender existing notes for cash, a bank document and filing showed. The tender offer is conditional on the completion of the new debt sale, in which nogaholding will offer sukuk maturing in seven or 10 years. […]

Ahli United Bank Manama

Mergers push Islamic banking forwards in Bahrain

Hundreds of Islamic banking executives are descending on Bahrain next month for the Islamic Finance Innovation Day on May 30. Under the patronage of the Central Bank of Bahrain, it will focus on embedding environmental, social and governance (ESG) investing into Islamic finance. The event comes as analysts predict that Islamic banking’s market share will […]

Qatar and Bahrain to resume diplomatic ties

Bahrain and Qatar have agreed to resume diplomatic relations following a meeting between leading officials in the Saudi capital Riyadh. Both state-run news agencies for the Gulf countries announced the news following a second meeting of the Bahraini-Qatari follow-up committee, held at the headquarters of the GCC General Secretariat. “It was decided to resume diplomatic […]

Office Building, Building, Architecture

Investcorp buys majority stake in US HVAC firm

Bahrain’s alternative investment firm Investcorp has acquired a majority stake in Shearer Supply, a US-based heating, ventilation and air conditioning (HVAC) equipment distributor, to drive its organic growth and further expansion. The total investment value was not disclosed. However, the previous owners, including Shearer’s management team, Shearer family and PNC Riverarch Capital, will “meaningfully re-invest” alongside […]

Bahrain’s new beachfront mall to open in Q4 2023

Marassi Galleria, a shopping and entertainment destination in Marassi Al Bahrain, is slated to open in the fourth quarter of 2023. Located in Diyar Al Muharraq, the three-story beachfront luxury shopping mall occupies a gross leasable area of 114,000 sq m, including over 450 stores. The mall is connected to two 5-star hotels: the Vida […]

Renovation works at Sitra Mall

First phase of Sitra Mall revamp ‘ready by September’

The first phase of the renovation of Sitra Mall in Bahrain is 50 percent complete and scheduled to be finished by September this year. The $12 million, three-stage redevelopment of the mall, a subsidiary of Bahrain Development Bank, is set for completion in 2024. The mall, located on Sitra island south of Manama, is managed […]

Bahrain’s sukuk and bond order book hits $7.8bn

Bahrain has tightened guidance for its US dollar-denominated sukuk (Islamic bonds) and conventional bonds after it received combined orders of over $7.8 billion for the debt sale. Guidance was tightened to around 6.5 percent for the seven-year sukuk and 7.75-7.875 percent for the 12-year notes, Reuters reported, citing the document from one of the arranging […]

City, Architecture, Building

Bahrain lures investments with new ‘golden licence’

Bahrain has launched a ‘golden licence’, providing incentives to foreign and local companies with large-scale investment projects in the country. The move aims to propel investments and boost job creation as part of the country’s fiscal and economic reforms. Chrissi Zamora, CEO of Europe and Middle East at Dubai-based company set-up firm Healy Consultants Group, […]

Bahrain's finance minister, Shaikh Salman bin Khalifa Al Khalifa, said GDP growth reflected the government's work to build 'a sustainable, diverse and prosperous economy'

Bahrain’s GDP grows at fastest rate in a decade

Bahrain has announced its highest rate of real GDP growth in almost a decade. The kingdom’s GDP grew 4.9 percent in 2022, the fastest rate since 2013, according to the latest figures from the Ministry of Finance and National Economy. Non-oil real GDP increased by 6.2 percent last year, the highest rate since 2012 and […]


Bahrain and UAE ranked best places for expats to set up home

Bahrain has been ranked as the best place for expats to settle, based on factors such as housing, bureaucracy, language and digitalisation. The UAE took second place in the survey by InterNations, a Munich-headquartered online community for global expats. Bahrain, the second-smallest GCC economy, scored highly for ease of administration and bureaucracy, with more than […]

Pipeline, Train, Vehicle

Bahrain explores constructing floating LNG export facility

Bahrain aims to slash domestic natural gas consumption under a plan to decarbonise its economy and is exploring ways to export the fuel to international markets, the chairman of the kingdom’s energy company said. The Gulf Arab state plans to build solar farms to power its homes and industries, replacing the gas now used, Nasser […]

Investcorp's US head Dave Tayeh is "excited about the potential growth and value creation opportunities" of the fund

Investcorp closes $1.2 billion debut US equity fund

Investcorp has raised more than $1.2 billion for its inaugural North American private equity fund. The Middle East’s biggest alternative asset manager, which managed $50 billion in assets as of December 2022, said the new fund will concentrate on control buy-out investments in middle market services businesses in North America. Investcorp’s US launch will have […]

Investcorp Tokyo

Investcorp looks East with office opening in Japan

Investcorp has opened an office in Tokyo as it looks to capitalise on Japanese investment opportunities. The Middle East’s biggest alternative asset manager, which managed $50 billion in assets as of December 2022, will provide global alternative investment solutions in Japan. It will also set the groundwork for it to direct private equity and real […]

People, Person, Adult

Bahrain, Egypt, Jordan and UAE sign $2bn of industrial deals

Businesses from the UAE, Egypt, Jordan and Bahrain have signed industrial deals valued at more than $2 billion at a government-backed gathering in Amman. The meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development, held on Sunday, brought together CEOs and the industry ministers of the four countries. Twelve agreements were […]


Bahrain’s preliminary estimates show deficit falls 85% in 2022

Bahrain’s preliminary financial estimates for 2022 showed the deficit decreased by 85 percent, the finance ministry said in a statement on Monday. Total oil revenues increased by 58 percent compared with budget estimates, according to the statement. The country’s total public revenues increased by 42 percent to 3.490 billion dinars ($9.26 billion) compared with budget […]