Real Estate Bahrain’s Arcapita exits US student housing portfolio Arcapita Group Holdings, the Bahrain-headquartered alternative investment company, has exited from its student housing community investment in the United States. Arcapita sold its student housing community near Clemson University, the second largest university in South Carolina, to Chicago-based Core Spaces, an operator of student housing properties. The transaction is Arcapita’s second student housing exit in […] September 21, 2023
Video length: 06:36 VIDEO Trade Abraham Accords – 3 years on, $3 billion in trade An Israeli politician has described how the Abraham Accords, signed three years ago today, have “opened a floodgate to, hopefully, a new Middle East”. Fleur Hassan-Nahoum, deputy mayor of Jerusalem, tells AGBI in an exclusive video interview that the agreement signed at the White House on September 15 2020, is transforming Israel’s relations with the […] September 15, 2023
Finance Investcorp reaps huge gains on stake sale in India’s Safari Investcorp, a Bahrain-based alternative investment firm, has exited its investment in Indian luggage maker Safari Industries. The company invested INR750 million ($10.36 million) in Safari Industries in February 2021. During Investcorp’s ownership period, Safari Industries increased its production capacity and expanded its physical store footprint in new and under-served markets in the South Asian country. […] September 11, 2023
Tech Bahrain to use Israeli tech to achieve net zero goals Bahrain aims to collaborate more with Israel on technologies that help it manage water and cope with climate change, as part of a broader boost in relations between the two countries, its ambassador to Israel said on Thursday. Along with the United Arab Emirates (UAE), Bahrain in September 2020 signed an agreement to establish formal […] September 8, 2023
Real Estate Bahrain bank exits investment on Dubai’s The World A Bahrain bank has sold its investment in a manmade island on The World development off the coast of Dubai. Venture Capital Bank (VCBank), an Islamic wholesale bank licensed by the Central Bank of Bahrain, announced this week that it has sold a 900,000 square foot island plot on The World, which it owned along […] August 31, 2023
Analysis Finance Bahrain adds ‘smart factories’ to strategy to lift private sector Bahrain plans to develop 300 “smart factories” by 2026 as it seeks to boost private sector activity and tackle its sluggish growth rate. The iFactories initiative aims to support the manufacturing sector’s move to digitalisation, reduce dependence on unskilled work and strengthen national industries, said Abdulla bin Adel Fakhro, the kingdom’s industry and commerce minister, […] August 28, 2023
Construction Bahrain office rents fall as oversupply issues grow Office rents in Bahrain are expected to experience continued downward pressure with new supply set to hit the market. Rental rates increased by 1.6 percent in the second quarter of the year compared to the first three months of 2023, at an average value of BHD6.5 per sq m. And office vacancy rates hit their […] August 18, 2023
Finance Bahrain hard currency assets rise $800m says HSBC Bahrain’s central bank foreign currency assets rose by almost $800 million in June from May, recovering further from pandemic lows but still modest for an oil-led economy with a currency pegged to the dollar, HSBC said. “However, the rise means that reserves have risen 50 percent in the space of a year to their highest […] August 18, 2023
Renewable Energy Bahrain signs deal for its biggest solar park Bahrain has signed deals to build a 72 megawatt solar power plant in what will be the largest of its kind in the kingdom. The project, located in the southern region of Sakhir, will form part of Bahrain’s push to cut its carbon emissions by 30 percent by 2035 and hit its net zero target […] August 16, 2023
Industry Alba earnings fall 84% during global economic woes Aluminium Bahrain (Alba) reported a profit of BD29.9 million ($79.5 million) for the second quarter of 2023, a drop of 83.6 percent year on year, as global economic challenges weighed down its earnings. Revenue fell 25.6 percent to BD387 million in the quarter from BD520.4 million a year earlier. Production reached 405,628 metric tonnes, an […] August 10, 2023
Analysis Retail Bahrain shopping malls must adapt or risk losing tenants Shopping mall owners in Bahrain have been warned to adapt or risk their tenants leaving, as average rental rates in the kingdom dropped by 11 percent over the last year and the popularity of online shopping continues to grow. Retail rents have declined by 7 percent to BHD10 ($26.5) per square metre, as the sector […] August 7, 2023
Construction Aldar Education expands into Bahrain and Dubai Aldar Properties has increased investment in its education business, with over AED350 million ($95 million) added to the initial AED1 billion commitment announced last year, it said on Monday. A filing to the Abu Dhabi Stock Exchange notes that the company is expanding into Dubai and Bahrain, as well as adding a new acquisition in […] July 31, 2023
Economy Non-oil sector propels Q1 growth in Bahrain Bahrain’s economy expanded by 2 percent in the first quarter of 2023, driven by a 3.5 percent rise in real GDP for the non-oil sector, the finance ministry said in its quarterly economic report. The oil sector recorded a 5.9 percent drop in real GDP, as seasonal maintenance led to a downturn in production. Nominal […] July 18, 2023
Lifestyle Bahrain named best country in Middle East for expats Bahrain is ranked among the top 10 countries in the world and number one in the Middle East for expatriates to live and work, according to the latest Expat Insider Survey by InterNations. The survey ranked countries in 56 categories including quality of life, ease of settling in, working abroad, personal finance and expat essentials. […] July 13, 2023
Economy Bahrain to invest $1.3bn into UK Bahrain’s private sector plans investment of more than £1 billion ($1.26 billion) into the UK, with the aim of driving greater cooperation in clean technology, business services and manufacturing. Investments will be through the kingdom’s sovereign wealth fund Mumtalakat, along with Investcorp, GFH Financial Group and Osool Asset Management. The Strategic Investment and Collaboration Partnership […] July 4, 2023
Banking & Finance Investcorp buys $100m stake in comms firm SEC Newgate Bahrain’s alternative investment firm Investcorp has invested $100 million to acquire a controlling stake in communications and advocacy group SEC Newgate. Investcorp’s funding will help the Milan-based business accelerate its development strategy, the companies said on Monday. The group aims to expand in Europe, the Middle East, Africa and the Asia-Pacific region through organic growth […] July 3, 2023
Real Estate Bahrain homebuyers opt for more affordable real estate Bahrain residents are turning towards more affordable real estate in the kingdom, says property consultant Knight Frank. The average price for apartments declined by 3.5 percent year on year to BHD668 ($1,772) per sq m, according to Knight Frank’s Bahrain Real Estate Market Review Summer 2023 report. Villas recorded a marginal increase of 1.5 percent […] June 27, 2023
Banking & Finance Bahrain awards first ‘golden licences’ to five companies Bahrain has issued the first ‘golden licences’ to five companies which have invested more than $1.4 billion in the Gulf nation and are expected to generate more than 1,400 jobs by 2026. The licences were granted to Citi, Eagle Hills Diyar WLL, Infracorp, Saudi Telecommunication Company and Whampoa Group, state-owned Bahrain News Agency reported. The […] June 16, 2023
Analysis Energy Bahrain reboots oil and gas to reduce debt and CO2 Bahrain is taking steps to address economic challenges by relaunching its oil and gas holding company as Bapco Energies, with a focus on greater efficiencies and a low-carbon future. The island kingdom’s sovereign rating is one of only two sub-investment grade ratings in the Gulf – with challenges ranging from ageing domestic oil fields to […] June 12, 2023
Analysis 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 […] May 30, 2023
