Bahrain-Swiss business ties discussed
Bahraini-Swiss economic affairs and strengthening of bilateral relations were highlighted during a meeting between Industry, Commerce and Tourism Ministry Under-Secretary Iman Al Dosari and members of a Swiss economic delegation. The meeting stressed on the government’s keenness to strengthen its relations with various global and economic institutions. Swiss Confederation accredited Ambassador to Bahrain Massimo Badji, […]
Gulf International Bank issues inaugural sustainability report
Gulf International Bank (GIB) has published its first groupwide Sustainability Report which shows its commitment to sustainable growth and performance against environmental, social and governance indicators. The Report provides an overview of GIB’s strategic approach to sustainability and the Bank’s direct activities and initiatives and discloses them in accordance with the Global Reporting Initiative (GRI) […]
Bahrain’s Solidarity reports 13% increase in net profit
Solidarity Bahrain, a subsidiary of Solidarity Group Holding, has announced a net profit attributed to shareholders’ fund of BD875,000 for the first quarter of 2022 against a net profit of BD773,000 for the corresponding previous period, representing 13 per cent increase. The earning per share has also increased to 6.77 fils for the quarter compared […]
Gulf Hotels Group swings to $5.57mln net profit
Gulf Hotels Group (GHG) has achieved net profit of BD2.123 million during the first quarter of 2022 compared to a loss of BD207,119 in the first quarter of the previous year, with an increase of BD2.330m. Earnings per share were 9 fils compared to a loss of 1 fils in the first quarter of last […]
Bahrain-based Bank ABC Q1 net profit rises 3% to $31mln
based Bank ABC (Arab Banking Corporation) has posted a $31 million Q1 net profit attributable to the shareholders of the parent company, which is 3% higher on the $30 million of the same period last year. With cost of risk returning to pre-pandemic levels, it suggests a better economic outlook and the resilience of the […]
Aluminium Bahrain refinances $1.247bln loan with sustainability targets
Aluminium Bahrain (Alba), the world’s largest smelter ex-China, has successfully achieved sustainability-linked refinancing for its $1.247bln syndicated loan facility in connection to the Line 6 Expansion Project. Alba is the first Bahraini company to have achieved such sustainability-linked refinancing. The senior-unsecured conventional and Islamic facility carries an interest margin of 235 basis points per annum over […]
Moody’s upgrades outlook for Bahrain’s banking system
Bahrain banks’ profitability will return to pre-pandemic levels over the next 12 to 18 months, forecasts Moody’s Investors Service, noting that resilient funding, liquidity and capital positions are back after the coronavirus economic shock. In reports issued yesterday, the US-based ratings agency has changed the outlook for the banking systems of Bahrain, Saudi Arabia, Kuwait, […]
Bahrain first in GCC to license Starlink
he Telecommunications Regulatory Authority (TRA) has granted US firm SpaceX the licence to offer Starlink satellite and Internet services in Bahrain. The kingdom is the first in the GCC to grant a licence for this service. Starlink is a new and innovative service that uses a network of satellites along the Earth’s orbit in low […]
Tarabut Gateway gets DIFC licence to offer financial services
Tarabut Gateway, a leading open banking platform with offices across Bahrain and the UAE, has been granted a licence by Dubai Financial Services Authority (DFSA) to provide money services in Dubai International Financial Centre (DIFC). Tarabut Gateway is the region’s first regulated open banking platform that connects a regional network of banks and FinTechs via […]
Alba lands RoSPA award for the ninth consecutive year
The world’s largest aluminium smelter ex-China, Aluminium Bahrain (Alba) has won the Royal Society for the Prevention of Accidents (RoSPA) Gold Medal Award for the ninth consecutive year for being outstanding in Health and Safety in 2021. Commenting on this achievement, Alba’s Chief Executive Officer Ali Al Baqali stated: “Alba’s strong safety culture has been […]
