Thanks to robust non-oil sector growth and ongoing regional investment in infrastructure development, Bahrain’s banks are proving more resilient than expected during this period of lower oil prices. According to international credit ratings agency Moody’s, strong sector liquidity and ample capital buffers should allow the country’s banks to adapt to the more challenging economic environment,…
Lower oil prices are likely to moderate Bahrain’s economic growth this year, though a strong non-oil sector, along with a sustained programme of state investment, should underpin GDP expansion into 2016 as oil markets await renewed demand. The economy is forecast to expand by 3.6% this year before easing to 3.3% growth in 2016, according to the June “Bahrain Economic Quarterly” report, released…
On June 10, Aluminium Bahrain (Alba) announced it had been granted approval to begin work on a new production line, with the project set to make the plant the world’s largest single-site smelter when completed in 2019. The $3.5bn Line 6 expansion is forecast to increase the company’s annual output by 514,000 tonnes to reach 1.45m tonnes per year when at full production. Alongside construction…
A push to bring new products and services to the stock market is being steered by the Central Bank of Bahrain (CBB), which regulates the country’s financial services industry. The launch comes against a backdrop of reforms, which marks part of a broader, two-pronged bid to strengthen the position of the Bahrain Bourse (BHB) at home and boost its appeal abroad. Addressing a regional equities summit…
With the aim of creating a niche for itself as a top student destination in the Gulf, Bahrain hopes international students will fill up to 35% of all university places over the next decade, according to projections from the national education plan. Until recently, the kingdom had been one of the region’s leading providers of education to overseas students. Within the GCC, Bahrain has already been…
Under the official patronage of the Central Bank of Bahrain (CBB), WIFFMC 2015 is set to continue its tradition of supporting growth, excellence and innovation in the Global Islamic Financial Markets. Highlights of WIFFMC 2015 Keynote speech by Abdul Rahman Mohammed Al Baker, Executive Director - Financial Institutions Supervision of Central Bank of Bahrain on expanding further the Islamic investments…
Interview: OBG talks to Lim Hng Kiang, Singapore Minister for Trade and Industry What is the current state of GCC-Singapore economic relations? LIM HNG KIANG: Our relations are growing from strength to strength. The GCC and Singapore have long-standing ties that stretch many generations. As we move into the 21st century, our relations, including economic ties, are growing stronger. Indeed, Singapore…
Interview:Abdul Latif Al Zayani How is the GCC working with the EU to bring about greater economic and trade cooperation? ABDUL LATIF AL ZAYANI:Cooperation between the GCC and the EU dates back to the early days of the GCC establishment in 1981. The GCC tried to learn from the EU’s experience in regional integration and apply these successes to its own efforts in the Gulf region. In…
With gains in the Bahraini real estate market demonstrating a gradual return of investor and developer confidence, a drive to restart work on long-delayed residential developments is likely to give further impetus to the recovery. A new committee, which began work in mid-February, will help solve issues related to stalled developments, which have blighted the sector in recent years. Other measures…
A new regulatory framework governing Bahrain’s sharia-compliant insurance, or takaful, sector is expected to play a key role in generating new growth across the segment by attracting more players to the market as well as boosting competition among operators. The regulations, which came into force early this year after a lengthy consultation with industry players, have stronger protection for customers…
