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Interview

Zayed R Al Zayani, Minister of Industry, Commerce and Tourism: Interview
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Interview: Zayed R Al Zayani How has the Ministry of Industry, Commerce and Tourism made Bahrain a more attractive destination for foreign investors? ZAYED R AL ZAYANI: The regulatory changes focus on improving the ease of doing business: an area where obstacles were identified and remedial actions were promptly initiated, laws updated and operating processes re-engineered. Industrial Areas Affairs…
Interview

Tim Murray, CEO, Alba: Interview
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Interview: Tim Murray How long do you think it will take the aluminium industry to recover from the drop in prices? TIM MURRAY: The world will continue to experience the aftershocks of lower commodities prices as long as the dollar is appreciating in value. In the first half of 2016 we witnessed the collapse of “all-in” aluminium – the London Metal Exchange price plus regional premiums –…
Viewpoint

Najla M Al Shirawi, CEO, Securities & Investment Company: Viewpoint
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Viewpoint: Najla M Al Shirawi While low oil prices continue to limit the region’s – and in particular Bahrain’s – economic growth, non-oil growth appears to be generally resilient. Bahrain’s real GDP growth in the first half of 2016 reached 3.5% year-on-year (y-o-y), while the Bahrain Economic Development Board (EDB) forecast growth in 2016 would slow to 2.8%. Non-oil GDP growth in the first…
Viewpoint

Ahmed Alsulaiman, Managing Partner, KSI - Bahrain Consultants & Public Accountants: Viewpoint
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Viewpoint: Ahmed Alsulaiman In 2007 the six-member GCC agreed in principle to try out a VAT on a collective basis. It is important to remember that oil was trading at above $140 per barrel in early 2008. Some nine years later, when oil was trading at around $30 per barrel, or 72% less than in 2007, the GCC states faced calls from international bodies including the IMF to broaden their revenue sources…
Viewpoint

Hatim Q Zu’bi, Partner, Zu’bi & Partners, Attorneys & Legal Consultants: Viewpoint
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Viewpoint: Hatim Q Zu’bi In an ongoing attempt to ease dispute resolutions, arbitration has become a core practice in the kingdom. Bahrain is the first country in the world to have a free arbitration zone and to introduce the concept of statutory arbitration for commercial and financial disputes, as stated by the President of the American Arbitration Association (AAA). In order to address the great…
Analysis

Introduction of GCC-wide value-added tax could boost Bahrain's revenue

Posted OBG AdminPosted in Uncategorized

Bahrain, like other financial centres in the GCC, has successfully marketed itself as a low-tax environment in a bid to attract investment from across the globe. The majority of companies operating in the kingdom face no corporate tax at all, with only gas and oil companies engaged in exploration, production and refining facing a levy on income of 46%. There is no taxation at all on dividends,…
Analysis

Changing times calls for new GCC relations with China, Russia

Posted OBG AdminPosted in Uncategorized

The past decade has seen substantial changes in the global economy and geopolitics, with the rise of China and Russia’s re-emergence on the global stage being two particularly important trends. These developments are creating new opportunities for GCC member states as they look to diversify their economies and trade, seek investment opportunities in emerging markets, and forge partnerships…
Analysis

GCC bond market activity rises to meet regional financing needs

Posted OBG AdminPosted in Uncategorized

A combination of factors has led to a rise in bond issuance from GCC members in 2016. Across the year, bonds and sukuk (Islamic bonds) issued in the GCC hit $66.5bn, more than doubling the $27.6bn total issued in 2015, and rivalled only by the $60.9bn issued during 2009. A $17.5bn historic bond sale from Saudi Arabia accounted for 26.3% of the 2016 total. SUPPLY & DEMAND: A number of elements…
Analysis

Bahrain continues to improve internationally in ease of doing business rankings

Posted OBG AdminPosted in Uncategorized

Economic diversification has been a strategic priority for GCC finance ministries for decades, and the recent decline in oil prices has only served to underscore the importance of hydrocarbons-driven economies reducing their dependence on oil and gas to ensure their long-term economic stability. Much of the momentum behind this process in the GCC is derived from direct government investment,…

Analysis

A developing market: Equities

Posted OBG AdminPosted in Uncategorized

The Bahrain Bourse (BHB) was established in 1987 and commenced operations in 1989 with only two stocks trading. Since then, the bourse has grown to include 41 common stocks (including three closed for trading), government bonds and mutual funds. The market is serviced by twelve brokers, of which three are individuals. The Securities & Investment Company (SICO) is the largest broker in the…