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Bahrain

The Bahrain World Trade Center

The Gulf island state’s vision for recovery and growth

From building new cities to upskilling nationals for digital transformation, Ali Murtaza, executive director, business development for tourism and real estate on the Bahrain Economic Development Board, answers a Q&A with AGBI on the state’s all-encompassing recovery strategy. Bahrain’s economic recovery plan was revised during the coronavirus pandemic. What are the details? The economic recovery […]

Doubling oil output may prove a challenge too far

Four years after announcing a giant discovery of 80 billion barrels of oil shale and 20 trillion cubic feet of gas off the coast of Bahrain, Manama has yet to make a final decision on whether to push ahead with what would be an expensive and challenging project. The offshore basin, which wraps around the […]

Bahrain’s non-oil economy has wind in its sails

With Bahrain’s finances looking better than many expected, inflation broadly contained, and moves under way to boost private sector projects, the mood in the capital, Manama, is more upbeat in 2022 than seemed plausible 12 months ago. Darkening economic skies – largely coronavirus-related but also due to weaker hydrocarbons proceeds – had forced the government […]

Manama goes all out to woo international holidaymakers

If the number of people that poured into Bahrain in March for the Formula 1 Grand Prix is any guide, the country’s tourism prospects look bright. One observer reported seeing more private jets at the airport than ever before, and the race-day attendance of 35,000 fans was a record. Those signs of revival from the […]

High Rise, City, Urban

Latest $11.6bn bank merger to create Gulf’s 7th largest lender

Kuwait Finance House (KFH) has agreed to buy Bahrain’s Ahli United for about $11.6billion. The bumper deal would create the Gulf’s seventh-largest lender with $115 billion in assets. Under the revised terms, KFH will offer one share for every 2.695 shares of Ahli, implying an offer price of $1.04 per share – a 13 percent […]

Bahrain sees 984% rise in tourism

There has been a 984 percent increase in the number of tourists arriving in Bahrain in the first quarter of this year, compared with the same period last year. The Gulf kingdom received nearly 1.7 million visitors in Q1 2022, against 152,000 in Q1 2021, according to the Information and eGovernment Authority (iGA),  The jump follows […]

Bahrain Future Generations Reserve Fund grows 20.4%

Bahrain Future Generations Reserve Fund’s (FGF) assets increased by 20.4 percent year on year to $626.9 million by December 2021, the finance ministry said on Monday. Bahrain lacks the ample oil and financial resources of its neighbours, and its state finances are among the weakest in the gulf region.

Bahrain in advanced talks for cloud computing deals

Bahrain is in advanced talks for investment deals with cloud computing companies from the United States, China and the United Arab Emirates, an Economic Development Board executive said, as the country seeks to diversify its oil-based economy. Cloud computing and foreign direct investment are key planks of Bahrain’s economic recovery programme that aims to grow […]

Aluminium Bahrain BSC is the first aluminium smelter in the Middle East

Alba confirms it is ‘exploring’ listing in Saudi Arabia

Bahrain’s sovereign wealth fund Mumtalakat is considering a secondary listing of Aluminium Bahrain BSC (Alba) on Saudi Arabia’s Tadawul stock market. Alba said in a statement to the Bahrain Stock Exchange yesterday it is “exploring various opportunities, one of which is a potential secondary listing on Saudi Arabia’s Stock Exchange which is currently under evaluation […]

Wheel, Machine, Car

Bahrain’s sovereign wealth fund eyes McLaren IPO within 3 years

Bahrain’s sovereign wealth fund, Mumtalakat, which has a 60 percent stake in McLaren, expects the British racing team and supercar maker to go public in two to three years, its chief executive told Reuters on Tuesday. “The racing team has benefited from the growth and viewership so that side of the business has been doing […]

Meeting in office

Bahrain’s Investcorp sells German software developer for $125m

Investcorp has sold German software firm softgarden for around 120 million euros ($125 million), said Hazem Ben-Gacem, co-chief executive officer of the Bahrain-based company. The sale to Poland’s Grupa Pracuj marks a three times return on investment for Investcorp, which bought its controlling stake in the human resources software specialist in 2018, Ben-Gacem said on […]

Bahrain gets new oil minister in cabinet reshuffle

Bahrain’s King Hamad bin Isa al-Khalifa ordered a cabinet reshuffle on Monday that included appointing a new oil minister, state media reported. Mohammed bin Mubarak Bin Dainah, who was the country’s envoy for climate affairs, was named minister of oil and environment, replacing Oil Minister Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa. The reshuffle […]

Zlatan Ibrahimovic helped AC Milan win the Serie A title this season

Bahrain’s Investcorp ends talks for AC Milan buyout

Investcorp and US fund Elliott have ended talks over the buyout of Italian soccer champions AC Milan, a top executive of the Bahrain-domiciled asset manager said. Reuters last week reported that Investcorp had put on hold its plans to purchase the club, which is owned by Elliott, clearing the way for US investment firm RedBird […]

Abu Dhabi, Bahrain stock markets in talks for ‘strategic partnership’

Officials from Abu Dhabi Securities Exchange (ADX) and Bahrain Bourse (BHB) this week held meetings to discuss developing a strategic partnership to enhance greater cross-border cooperation between the two stock market exchanges. The discussions build on a cooperation agreement signed in November 2021, which aims to achieve synergies, enhance market liquidity and promote innovative products […]

Mobile Phone, Cell Phone, Phone

Open all hours: inside the Gulf’s banking revolution

The UAE’s first open banking platform is helping fintech and banks bring personalised services to customers, and is accelerating the regional growth of this progressive sector The Gulf has the potential to leapfrog other regions of the world, including Europe, with its adoption of open banking as bricks and mortar branches “slowly disappear”, according to […]

Cryptocurrencies have their ‘Lehman brothers moment’

Despite the crash of cryptocurrency stablecoin ecosystem, retail investors still see the contraction of currencies like Bitcoin as an opportunity As billions of dollars of value are wiped off cryptocurrency markets worldwide, retail investor strategies are diverging from those in the institutional space — the former senses cheap assets, while the latter worries of a […]

Could crowdfunding seed the Gulf’s next Unicorn?

Democratised funding is set to breed a new generation of innovative regional businesses, say experts Crowdfunding, the alternative funding concept, represents an exciting reality in the Gulf region following a flurry of regulatory reforms. This innovative practice of funding a venture by raising smaller amounts of money from a large number of people is a […]

Revealed: top co-working spaces in the Gulf

Demand for co-working spaces is on the rise in the Gulf as business communities evolve to support the shift towards knowledge-based economies and nurture a new generation of startups driving a different way of working. Spaces are opening up across the region to accommodate a different breed of worker that prioritises flexibility, low rates and […]