Trade Israel’s trade with Arab countries up 16% in 2023 Trade between Israel and the seven Arab countries that have normalised relations with the Jewish state broke records in 2023, exceeding $4 billion, up 16 percent from 2022, according to a report. Bilateral trade among the nations decreased by only 4 percent following the outbreak of the war in Gaza in October, from $937 million […] April 5, 2024
Finance Al Salam Bank to acquire KFH’s Bahraini unit Al Salam Bank, a sharia-compliant lender in Bahrain, has signed definitive agreements to acquire the entire stake in Kuwait Finance House’s (KFH) subsidiary in the kingdom. The transaction is subject to regulatory approvals, the bank said in a statement to the Bahrain Bourse. No details were given on the deal. NewsletterGet the Best of AGBI […] April 3, 2024
Industry Bahrain enters $27bn titanium market A $200 million manufacturing plant is planned in Bahrain to produce titanium products as part of the kingdom’s ambitions to expand its industrial sector. Edamah, the real estate arm of the sovereign wealth fund Mumtalakat, has signed a 25-year lease agreement with Bahrain Titanium, a subsidiary of the Swiss company Interlink Metals & Chemicals, for […] March 31, 2024
Employment Bahrain launches minimum wage fund to bolster youth Lawmakers in Bahrain are to spend over BD200 million ($500 million) to lift the minimum wage of the kingdom’s citizens. The government hopes it will encourage more youth into the working world and stimulate the country’s economy. The initiative, run by Bahrain’s Labour Fund, which is also known as Tamkeen, received unanimous approval from the […] March 28, 2024
Banking & Finance Egyptian banks complete merger but M&A activity falls Bank ABC Egypt has announced the completion of its merger with Blom Bank Egypt, which aims to treble its market share in the North African country. The integration has doubled the size of the Egyptian network of branches and ATMs of Bahrain-based Bank ABC. It follows Bank ABC’s acquisition of a 99.5 percent stake in […] March 25, 2024
Industry Bahraini fund takes control of British carmaker McLaren Bahrain’s state-backed sovereign wealth fund has taken full ownership of McLaren Group following the completion of the latter’s capital reorganisation plan. Mumtalakat Holding has become the sole shareholder in McLaren following the conversion of all preference shares into ordinary shares, the British carmaker said in a statement. “Mumtalakat’s continued commitment to McLaren through this deal […] March 24, 2024
Trade US approves $2bn military order for Bahrain The US has approved a $2 billion order from Bahrain for advanced battle tanks and other military equipment as the kingdom continues to ramp up its defence spending. Although the deal is still to be ratified by Congress, the US State Department revealed it is ready to sell 50 M1A2 Abrams tanks to Bahrain, which […] March 22, 2024
Logistics Investcorp to strengthen US presence with $526m venture Bahrain’s alternative asset manager, Investcorp, has unveiled a new $526 million venture to acquire industrial real estate assets in the United States. The venture has been set up with two unidentified sovereign wealth funds, mirroring a similar strategy launched in November 2021. The three entities have committed over $1 billion of investment over the past […] March 21, 2024
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
