Markets Restaurant chain AlAbraaj plans IPO on Bahrain Bourse AlAbraaj Restaurants Group is planning to list on Bahrain Bourse before the end of 2024. Founded in 1987, the restaurant chain manages 15 brands across 37 locations in Bahrain. It employs about 1,200 people. AlAbraaj also franchises five restaurants, three of which are in Saudi Arabia – Khobar, Jeddah and Riyadh. The company is finalising […] November 11, 2024
Video length: 03:54 VIDEO Banking & Finance Investcorp refocuses on inward GCC investment Bahrain’s Investcorp is involved in investment-related initiatives worth $4 billion, the latest of which is a commercial partnership with Awaed, the first commission-free Saudi trading platform. After investing heavily in the US and Europe, it is now focusing more to GCC opportunities. AGBI spoke to Investcorp’s Saudi Arabia MD Mashaal AlJomaih in the video above. November 7, 2024
Industry Bahrain’s Alba looking to Europe after Ma’aden deal Aluminium Bahrain (Alba) will keep exploring mergers and acquisitions, with a particular eye on Europe, once it completes its multi-billion dollar deal with Saudi Arabian Mining Company (Ma’aden). The deal is expected to be signed off in the first half of next year. The two companies penned a non-binding agreement in September and are in […] November 5, 2024
Banking & Finance Bahrain’s Mumtalakat prizes local investment over global Bahrain’s multi-billion dollar sovereign wealth fund Mumtalakat is looking closer to home for investments, prioritising local over international opportunities. Shaikh Salman bin Khalifa Al Khalifa, minister of finance and national economy at Mumtalakat, said: “What we have found is the most compelling investment opportunities, the highest return on equity investments, are increasingly at home or […] November 4, 2024
Manufacturing Abu Dhabi plans to buy stake in British carmaker McLaren Abu Dhabi-backed CYVN Holdings has entered a non-binding agreement with Mumtalakat Holding, Bahrain’s sovereign wealth fund, to buy a stake in British carmaker McLaren Group, with the potential to take ownership of its automotive business. The partnership aims to bolster McLaren with additional capital, advanced engineering expertise and technology, particularly in electric vehicles (EVs), the companies […] October 30, 2024
Finance Transport and finance help Bahrain overcome oil slump Bahrain’s economy expanded by 1.3 percent in the second quarter of 2024, thanks to double-digit growth in some of its non-oil sectors. The ministry of finance and national economy said 2.8 percent growth in its non-oil sector, which accounted for 85 percent of gross domestic product in Q2, helped to offset a 6.7 percent decline […] October 9, 2024
Banking & Finance Bahraini bank launches Gulf’s first bitcoin investment fund The National Bank of Bahrain has launched a bitcoin-pegged structured investment product, aimed at targeting growing demand for the cryptocurrency among institutional investors in the Gulf countries. The fund, developed in partnership with digital asset firm ARP Digital, will offer investors access to any rise in bitcoin’s price, capped within a predetermined threshold, and guarantee […] October 8, 2024
Analysis Mining Ma’aden-Alba merger ‘a potential game changer’ The proposed merger between the Saudi Arabian mining company Ma’aden and Bahrain’s aluminium smelter Alba looks likely to shake up the global aluminium industry, with the new company challenging for sixth place in the world rankings. “It’s almost a game-changing event, particularly in the GCC region,” says Andy Farida, a senior analyst at Fastmarkets, a […] September 27, 2024
Economy Bahrain likely to hold off on corporate tax Bahrain is unlikely to introduce corporate tax for as long as possible in order to maintain its competitive edge on Gulf rivals, a company formation expert has told AGBI, citing discussions with the kingdom’s minister of finance. However, with the highest debt-to-GDP ratio in the GCC, some experts believe the island state may eventually be […] September 27, 2024
Industry Alba and Maaden plan global aluminium powerhouse Aluminium Bahrain (Alba), one of the world’s largest aluminium smelters, and Saudi Arabian Mining Company (Maaden) have signed a non-binding agreement to explore forming a “global powerhouse” in aluminium production. “This potential combination will reshape the global aluminium industry, positioning the merged entity as one of the largest aluminium producers worldwide,” Bahrain-listed Alba said in […] September 17, 2024
Oil & Gas BlackRock buys stake in Saudi-Bahraini oil pipeline Bahrain’s state-run Bapco Energies has sold a minority stake in an oil pipeline linking Saudi Arabia and Bahrain to a fund managed by US investment bank BlackRock. The BlackRock Diversified Infrastructure fund purchased a stake in the Saudi Bahrain Pipeline Co (SBPC), which owns a section of the 112-km pipeline. It supplies crude oil from […] September 12, 2024
Analysis Banking & Finance Bahrain’s corporate tax just the first in GCC, say experts Bahrain could be the first “domino to fall” in the GCC after announcing a tax targeting large multinational companies, analysts have told AGBI. The domestic minimum top-up tax (DMTT) will impose a 15 percent levy on the Bahraini profits of multinational enterprises whose revenues exceed €750 million ($830 million). It comes into force next January. […] September 3, 2024
Economy Multinationals in Bahrain face 15% tax Bahrain is to introduce a 15 percent tax on profits generated in the country by large multinational companies on January 1 next year. The domestic minimum top-up tax will apply only to multinationals with global revenues of more than €750 million ($830 million), said the state-run Bahrain News Agency. Companies that meet these criteria, which […] September 2, 2024
Opinion Business of Sport Gulf sports wins are sidelined by the summer season An uncertain global economy has dampened sports investments fervour across the region August 29, 2024
Manufacturing Strong aluminium prices push Alba profit up Aluminium Bahrain, better known as Alba, reported profit for the first half of 2024 of BD93 million ($247 million), an increase of 83 percent year on year, helped by the falling cost of raw materials and rising sale prices. Alba’s profits in the second quarter surged even higher, jumping 102 percent year on year to […] August 15, 2024
Real Estate Pressure on Bahrain’s residential property market as supply grows Bahrain’s real estate sector is undergoing notable shifts as the residential market contends with stagnant prices and an increasing supply of units. With demand failing to keep pace with supply, experts warn of potential price drops if current trends persist. Real estate services and investment firm CBRE Middle East estimates indicate that the freehold apartment […] August 6, 2024
Economy Bahrain’s economy expands on non-oil sector growth Bahrain’s economy expanded by 3.3 percent year on year in the first quarter of 2024, thanks to growth in non-oil sectors, especially accommodation and food service. The non-oil sector grew by 3.3 percent, accounting for 86 percent of overall GDP in the first three months of 2024, state-run Bahrain News Agency reported, citing finance ministry’s […] August 6, 2024
Video length: 08:13 Analysis Tourism Event tourism the spur for economic growth in Bahrain Bahrain has affirmed the strategic importance of the Sakhir Sports City development in a growing focus on event-related tourism as a primary engine of economic growth. The project, near the country’s Formula 1 circuit, is slated for completion in 2025 and expected to cost more than BD100 million ($266 million). It will encompass a stadium […] July 18, 2024
Sustainability Bahrain signs ship recycling deal with Maersk Bahrain has signed an agreement with Danish shipping and logistics company A.P. Møller-Mærsk to create a ship recycling plant in the country. Maersk – the parent company of APM Terminals Bahrain and operator of Khalifa Bin Salman Port (KBSP) – will supply old vessels to the Arab Shipbuilding and Repair Yard Company, which will dismantle […] July 15, 2024
Real Estate Investcorp buys US student housing assets for $160m Investcorp, Bahrain’s alternative asset manager, has acquired two student housing properties in the US for $160 million, as university enrolment numbers surge. The two properties, the University of Florida in Gainesville and the University of Texas at Austin, have a combined 914 beds. The two universities are ranked among the top 10 public universities in […] July 12, 2024
