Agility branches out with expansion

Posted on by edbclient

March 29, 2017

Agility, a leading global logistics provider, and the largest in the Middle East, is investing USD 10 million into expanding its Bahrain regional hub.

Due for completion in late 2017, the expansion will enable Agility to meet increasing demand for sophisticated integrated logistics services across the GCC.
The company will invest in warehousing, freight, transport and speciality logistics solutions. Specifically, Agility’s hub will expand to 28,000 square metres, storage capacity will increase by 19,000 pallet positions and the workforce will grow by 25% to around 250.
Agility profile
Bahrain’s biggest third-party logistics company, Agility has operated here since 2003, with its main facility in Hidd.
The company’s core commercial business includes air, sea and road freight forwarding, warehousing, distribution and specialised services in project logistics, chemical logistics, fairs and events, and fuel logistics. Its services encompass:
  • Contract logistics with ambient, chilled and frozen storage
  • Unique solutions for high-value cargo
  • Secure records management storage
  • Turnkey logistics for Bahrain’s manufacturing sector, especially fast-moving consumer goods
Agility also owns and operates a 200-strong fleet that includes refrigerated trailers, and is a major provider of cross-border transportation and customs brokerage for multinational organisations based in Bahrain.
Significant logistics opportunities
As Agility has discovered, Bahrain is the ideal location to service regional business.
The Kingdom’s attractiveness and standing is robust and improving. In Agility’s own 2017 Emerging Markets Logistics Index, which it compiles with research company Ti (Transport Intelligence), Bahrain ranks 23rd globally– up five places in 2016. The Kingdom registered the third-highest improvement in rank, featuring highly for Compatibility (market accessibility and business regulations – 4th) and Connectedness (transport infrastructure connectivity – 7th). Overall, Bahrain is seen as having ‘good prospects and easy entry’.
Four clear reasons account for Bahrain’s position:
  • A strong logistics sector. Together with transport, logistics is a major contributor to Bahrain’s GDP (around 7% in 2015) and has gained from an 80% increase in manufacturing output over ten years. Apart from Agility, several major logistics companies have regional hubs here including DHL, which recognises Bahrain as its second most important ‘Global Hotspot’ in its 2016 Connectedness Index.
  • Progressive business reforms. Bahrain’s liberal economy and low operating, port and manpower costs make it easy to set up a business here. And it is becoming even easier. Not only is it possible for foreign investors to enjoy 100% ownership of regional distribution and value added logistics activities; they are now allowed a 49% stake in shipping, air and sea freight agencies. In addition, we have recently reduced the minimal capital requirement for starting a business, ensuring that market entry is highly cost-effective.
  • Improved customs efficiency. Bahrain offers the Gulf’s fastest clearance at all entry points, so goods move quicker and at lower cost. Advanced ICT and online systems make a huge difference with initiatives such as the single window customs clearing system, which covers customs enquiries and submissions, and Sijilat, a portal that streamlines commercial licensing and registration.
  • Ongoing infrastructure investment. The Kingdom continues to open up commercial prospects for logistics companies by building on its central Gulf location with more than USD 32 billion investment in infrastructure projects. These include the modernisation and expansion of Bahrain International Airport, which will increase air cargo volumes four fold to one million tonnes per year by 2023 via a modular development plan aimed at attracting high value cargo and contract logistics operations. In addition, the King Hamad Causeway, Bahrain’s second road link to Saudi Arabia serving passengers and freight, is expected to help reduce import costs by up to fifty per cent.
Final words on Agility’s expansion
Essa Al-Saleh, President & CEO Agility GIL, commented: “This investment reflects Agility’s commitment to our clients in the region, and also the strength of Bahrain’s offering as a regional hub with efficient customs clearance, established transport links and an attractive operating environment. The expansion of our Bahrain logistics hub will increase the storage capacity and help meet the increasing regional demand for sophisticated and integrated logistics services.”
Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board, added: “Agility’s investment is a reflection of Bahrain’s strengths as a regional hub for logistics providers. The unique geographical location, with direct access to the region’s largest economy, combined with the ongoing liberalisation of the logistics sector and availability of a well-educated, bilingual local workforce are the key drivers behind the growth of the logistics sector in the Kingdom.”

Celebrating Bahrain’s Spring of Culture

Posted on by edbclient
March 29, 2017

Bahrain is proud of its vibrant cultural and events scene that attracts locals, tourists and sports fans.The season kicked off with the third Shop Bahrain festival, January 19 to February 18. Organised by the Bahrain Tourism and Exhibitions Authority (BTEA) and Tamkeen, Shop Bahrain is designed to showcase the Kingdom’s legendary hospitality.

This year, restaurants, hotels and shopping malls all took part, with opportunities to sample Bahraini food and enjoy live entertainment. There were plenty of retail experiences, of course, with restaurants and shops offering the chance to win substantial prizes.

At the Heart of the 2017 calendar is the Bahrain Spring of Culture.
Now in its 12th year, Spring of Culture is part of a major ‘Our Year of Archaeology’ celebration of Bahrain’s heritage. The festival’s varied highlights include:
Music
‘Antar and Abla’, a dazzling work produced by Opera Lebanon at the Bahrain National Theatre.
Arab and international singers, including Majed Al Muhandis and Waleed Al Shami, soprano trio Musica Scotto le Stelle, plus Chelsey Green and the Green Project Ensemble, guitarist Paco Renteria, Blues singer Dana Gillespie, and chart-topping band UB40 with Ali Campbell, Astro and Mickey Virtue. Visitors can even enjoy a performance featuring workers of the Bahrain National Quarry.
Lectures
As well as seminars on food culture and ancient Bahraini civilisations, there are talks on culture, poetry, literature and Middle Eastern studies held in cooperation with the Shaikh Ebrahim bin Mohammed Al Khalifa Center for Culture and Research. Speakers include Saudi broadcaster and journalist Dawood Al-Shirian, Tunisia’s former Minister of Culture Sonia M’barek and Palestinian artist and writer Raeda Taha. Lectures take place in venues as diverse as the Qal’at Al Bahrain Site Museum and Heraf Al Diyar.
Cultural sites
Spring of Culture sees the launch of major cultural infrastructure projects including Dar Al-Riffa Al-Oda in East Riffa and Al-Maktaba Al-Khalifiya in Muharraq. There will also be a focus on important historical sites, such as Al-Khamis Mosque, regarded as the most significant Islamic archaeological site in the Gulf region, and will be highlighted as part of a conference in the Bahrain National Museum centring on Islamic Archaeology.
Film and photography
There’s a special Japan Film Festival, arranged with the Japanese Embassy and the Japan Foundation in the Kingdom of Bahrain that will include prominent Japanese films from a range of genres. There will also be a screening of ‘The Pearl Diver’, which chronicles the history of natural pearl diving. Keen photographers can take part in dedicated seminars and treat themselves to the UNESCO World Heritage-inscribed ‘Pearling Path’ and ‘Do You Trust Me?’ photography exhibitions.
Education and workshops
Adults and children can experience a ‘How to Make Pearl Jewellery’ workshop that follows a three-kilometre journey tracing the historical pearling path; a ‘My Dish, My Gift’ cooking workshop, plus workshops on traditional Bahraini crafts such as carpet making and silversmithing.
Spring of Culture is organised by the Bahrain Authority for Culture and Antiquities, the Bahrain Economic Development Board and Shaikh Ebrahim bin Mohammed Al Khalifa Center for Culture and Research in collaboration with Albareh Art Gallery, Al Riwaq Art Space and La Fontaine Centre of Contemporary Art.
For the full calendar:  www.springofculture.org. Twitter: @SpringofCulture
Click here to buy tickets for the upcoming events from here.
The Formula 1TM Gulf Air Bahrain Grand Prix roars into action again at the Middle East’s home of motorsport – Bahrain International Circuit – April 14 to 16.

More than 100,000 visitors are expected over the span of the three-day event, which marks the first night race of the FIA Formula 1 World Championship season, and the fourth consecutive year that the event has been held after dark at Sakhir.

If you are there on the Sunday, you will experience a thrilling 57-lap, 308 km night race that is bound to set the desert sky ablaze. Thanks to a superb floodlighting system, visitors get to follow the cars into the external desert area before returning to the ‘oasis’ infield. It’s a highly atmospheric spectacle.

Join the action by visiting https://bahraingp.com/ to buy your tickets.

Action Hotels continues to fill the gap for mid-range hotels

Posted on by edbclient

March 29, 2017

Leading Middle East hotel developer and owner Action Hotels is due to open a second ibis-branded hotel in Bahrain, as part of a plan to expand its portfolio of rooms to 5,000 by 2020.

The new hotel, ibis Styles Manama Diplomatic Area, is intended for leisure and business visitors who want to stay near embassies, ministries, banks and other corporate institutions. It joins ibis Seef Manama Hotel, which opened in 2015. Both are managed by Accor Hospitality SA, which operates eight properties for Action Hotels in the Middle East.

With its simple yet individual design, ibis Styles provides a modern all-inclusive lifestyle hotel experience and the highest level of comfort in its category. Most important, however, it is helping to meet a significant shortage of centrally-located economy and mid-range hotels – not just in Bahrain, but across the GCC.

Alain Debare, CEO of Action Hotels, commented: “We are delighted with the opening of our second hotel in Bahrain, ibis Styles Bahrain. This is Action Hotel’s 13th operating hotel and the 10th collaboration with AccorHotels. Ibis Styles Bahrain comprises 95 well-appointed guest rooms and suites, a restaurant and bar as well as meeting facilities and a well-equipped gym, all designed in ibis Styles’ colourful signature style. Bahrain is an important market for Action Hotels as we continue to address the growing demand for affordable, high quality economy and midscale hotels backed by internationally renowned brands.”

Boosted by the ‘Ours. Yours. Bahrain’ brand, the Kingdom’s tourism and hospitality sector represents around 5% of the Bahrain economy and is growing at more than 7% a year, with visitors expected to reach 20 million by 2018.

ibis Styles Manama Diplomatic Area is therefore making the most of this opportunity, and is well-placed to fulfil demand for affordable accommodation, principally from regional visitors.

Bahrain continues to lead the way in Islamic finance

Posted on by edbclient

March 29, 2017

Legendary British Reggae Band UB40 FEATURING ALI CAMPBELL, ASTRO AND MICKEY VIRTUE set to Perform in Bahrain as Part of Spring of Culture

Posted on by edbclient
March 29, 2017

​Manama – Economic Development Board, 31st March 2017; Bahrain is gearing up to host the legendary British reggae band UB40 FEATURING ALI CAMPBELL, ASTRO AND MICKEY VIRTUE. The anticipated concert will take place at Bahrain Bay on Friday 31st March at 8:30pm as part of the Spring of Culture.

Over 30 years, Ali, Astro, and Mickey have racked up plenty of hits; all of which are expected to be played, along with their twelve-piece band. The band will be performing greatest hits such as “Can’t Help Falling in Love with You”, “I want you” and many more from a rich classic rock and reggae discography.
UB40 FEATURING ALI CAMPBELL, ASTRO AND MICKEY VIRTUE has sold over 70 million records worldwide, and is famous for its unique tunes that represent all humanity; from political ethics to pure human love. Since the eighties, UB40 FEATURING ALI CAMPBELL, ASTRO AND MICKEY VIRTUE have followed in the footsteps of the late Bob Marley – the artist responsible for taking reggae music into a mainstream musical genre.
The UB40 FEATURING ALI CAMPBELL, ASTRO AND MICKEY VIRTUE concert at the Spring of Culture 2017 has been organised by the EDB as part of its support to the annual festival. The Spring of Culture contributes significantly to Bahrain’s tourism sector each year and tourism is a key priority sector for the EDB as part of its development plans for the Kingdom.
Tickets for the upcoming concert will be sold at the Spring of Culture stand at City Centre Bahrain Entrance Four and online here at www.springofculture.org.
The Gold Sponsors of this year’s festival are the National Bank of Bahrain, Huawei and GFH Financial Group, while Silver Sponsors include Bahrain Airport Company, Aluminium Bahrain (ALBA), Bank of Bahrain and Kuwait, DHL and Bahrain Duty Free. Additional support has been provided by the Bahrain Institute of Banking and Finance (BIBF), Investate, the National Oil and Gas Authority and Bahrain Maritime & Mercantile International (BMMI) and the embassies of Italy, Japan, USA and Mexico in Bahrain.
For the latest news and updates on events, follow the official Spring of Culture account @springofculture on Instagram, Twitter, and Facebook.
-ENDS-
For more information, please contact:
Economic Development Board
Telephone: +973 17589966
E-mail: NC@BahrainEDB.com
Notes to editors:
About Spring of Culture
The Spring of Culture is an annual festival recognised as one of the most significant cultural events in Bahrain. The festival is organised by the Bahrain Authority for Culture and Antiquities (BACA) in cooperation with the Economic Development Board (EDB), Shaikh Ebrahim Centre for Culture and Research, Al Bareh Art Gallery, Al Riwaq Art Space and La Fontaine Centre for Contemporary Art.
The Spring of Culture has offered up a multitude of exciting and distinctive experiences over the past twelve seasons. The annual festival has brought an array of talented artists from Bahrain, the Arab world and beyond, covering theatre, art, music, poetry and literature. The festival also includes a host of other cultural activities held throughout the Kingdom that highlight Bahrain’s rich heritage and unique cultural and historical landmarks, entertaining and educating local citizens and overseas visitors.

Bahrain signs with Singapore Fintech Consortium and UAE’s Trucial Investment Partners for FinTech ecosystem and regulatory framework

Posted on by edbclient

March 29, 2017

​

The Bahrain Economic Development Board (EDB), FinTech incubator and ecosystem builder Singapore Fintech Consortium (SFC) and Dubai-based asset management and advisory firm Trucial Investment Partners have partnered to develop a FinTech (financial technology) ecosystem and regulatory framework for the Kingdom.
The framework role is part of a wider partnership collaboration that aims to transform Bahrain into the region’s FinTech powerhouse.
The agreement also includes support in developing related commercial and legal infrastructure required to initiate, nurture and sustain Bahrain’s FinTech ecosystem. It will pave the way for increased interaction between FinTech firms in the Middle East via Bahrain and those in ASEAN via Singapore and will facilitate the entry of Singaporean FinTech companies into the Kingdom.
Other initiatives under consideration include a dedicated FinTech hub, an incubator/accelerator platform and FinTech-focused venture capital.
Mr. Khalid Al Rumaihi, EDB’s Chief Executive said: “Singapore has been an excellent model of FinTech development and we can now benefit from SFC’s expertise as we develop our own hub. We are very excited about the opportunities that FinTech presents in the region and in Bahrain. Yet we know that to realise these opportunities it is vital to get the right ecosystem in place. This partnership will play an important role in helping us to do that.”
Gerben Visser, SFC Co-Founder, said it would play a multi-faceted role in the development of the fintech enablement and positioning of Bahrain as a regional fintech hub in the GCC. “This includes assisting in the execution of a range of comprehensive initiatives related to regulation, co-working, incubation and venture capital. We believe the collaboration with a multitude of public and private sector partners are opportune, timely and will contribute to the future-proofing of its financial service centre,” he said.
Maissan Al Maskati, Trucial Investment Partners’ Managing Partner, said the strategic partnership will introduce innovations that will change the landscape of the GCC’s financial industry through FinTech, which is widely regarded as the sector’s future by enhancing traditional financial services delivery and technological innovations in financial literacy and education, retail banking and investment.
“We believe that Bahrain is uniquely positioned to build on its strength in financial services and become a major player in global FinTech.  Bahrain offers many factors that would support the development of a thriving FinTech ecosystem, including having a highly-reputed regulator, a young and innovative local population, world-class technological and telecom infrastructure, and a size advantage, like Singapore, that is well suited for start-ups.
“We have been working closely with the Singapore FinTech Consortium to launch a comprehensive FinTech platform in the Middle East and we have found in Bahrain the ideal partner, stakeholders and geographic location for this venture.”
– ENDS –
Notes to editors:
Further information:
Bahrain Economic Development Board
Tel: + 973 1758 9884
Email: internationalmedia@bahrainedb.com
About The Bahrain Economic Development Board (“EDB”)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.

Key areas of focus include tourism, manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com

About The Singapore FinTech Consortium (“SFC”)
The Singapore FinTech Consortium is a FinTech Incubator and FinTech Ecosystem Builder that aims to further the development, interaction and acceleration of the FinTech ecosystems. It fosters synergies among market players, including government bodies, financial institutions, corporates, investors and innovators, who believe that technology can bring added value to the financial industry.
Through its FinTech incubation platform, it offers corporate incubation, research lab and venture acceleration as well as provides access to analytical tools and FinTech related resources.
It’s Digital Incubator (FinTech Consortium) aims to be an effective online platform for our partners to engage with multi-stakeholders to find solutions to implement and promote best FinTech innovation practices in a collaborative, scalable and transparent manner.
For more information on the Singapore FinTech Consortium visit http://singaporefintech.com; for information about the Digital Incubator visit http://www.fintech-consortium.com
About Trucial Investment Partners (“TIP”)
Trucial Investment Partners Limited is an asset management and advisory firm based in the Dubai International Financial Centre. Trucial was licensed to provide Financial services in and is regulated by the Dubai Financial Services Authority as a Category 3C firm.
The founders established Trucial Investment Partners following a successful track record of international private equity investment across various sectors, and in markets such as the Middle East, Europe, and the United States. Trucial provides Asset Management, Transaction Advisory and Business Restructuring services.
www.trucialip.com
For further information on Trucial please contact:
Be-Relations
Housam Shallah – housam@be-relations.ae (+971) 506858046
Maya AlBaradie – maya@be-relations.ae (+971) 558551378

Performance by Music Legend Tom Jones Set to Wow Bahrain in Spring of Culture Grand Finale

Posted on by edbclient
March 20, 2017

​Legendary performer and recording artist Sir Tom Jones is set to perform at the electrifying grand finale of this years’ Spring of Culture festival. The concert will take place at Bahrain Bay at 8pm on 7th April.Tom Jones needs no introduction. He has cemented his place amongst music’s icons following a critically acclaimed career that has spanned five decades and includes hits such as “It’s Not Unusual”, “Kiss”, “Deliliah”, “What’s New Pussycat”, “I’ll Never Fall In Love Again” and “If I Only Knew”. At the age of 76 Tom is not slowing down; his recent albums “Long Lost Suitcase”, “Spirit In The Room” and “Praise & Blame” have been widely regarded as his best ever work.

Tom was born in a small town in South Wales and began his music career singing in pubs and clubs at 15 years old. His unique talent was clear even then, with Tom quickly rising to international stardom with one of the most recognizable voices in history. Over the years he has worked alongside many of the music and entertainment industry’s greats including Paul McCartney, Leonard Cohen, Peter Gabriel, Martin Scorsese, Jools Holland, Kings of Leon, Ryan Adams, Ray LaMontagne, Laura Marling, Paolo Nutini, Richard Thompson, Paul Simon and Ed Sheeran.

Today, Tom is one of four celebrity Coaches on The Voice UK, working alongside Will.i.am, Jennifer Hudson and Gavin Rossdale for the 2017 series. His autobiography “Over The Top And Back”, which tells the story of his spirited and rich life, was published in 2015.

Other career highlights include Tom’s performances at the 57th Annual Grammy Awards and the Queen’s Diamond Jubilee concert at Buckingham Palace in 2012. Tom has received BRIT Awards for Best Male and Outstanding Contribution to Music, a Silver Clef Award and a Silver Clef Award for Lifetime Achievement, the Hitmaker Award from the US Songwriters Hall of Fame, GQ Man Of The Year, and the prestigious UK Music Industry Trust Award. In 2006, Tom was knighted by Her Majesty the Queen.

Tom Jones’ concert at the Spring of Culture 2017’s grand finale has been organized by the Bahrain Economic Development Board (EDB), and tickets for the performance can be purchased on 25th of March 2017 at the Spring of Culture stand at City Centre Bahrain Entrance 4 and online at www.springofculture.org.

The Spring of Culture contributes significantly to Bahrain’s tourism sector each year and tourism is a key priority sector for the EDB as part of its development plans for the Kingdom. Visitor numbers to the Kingdom are increasing year-on-year. In 2015, 11.6 million people visited Bahrain. By 2016, this had increased by 6% to 12.2 million.

The Gold Sponsors of this year’s festival are: the National Bank of Bahrain; Huawei; and GFH Financial Group. Silver Sponsors include: Bahrain Airport Company; Aluminium Bahrain (ALBA); Bank of Bahrain and Kuwait; DHL; and Bahrain Duty Free. Other partners and supporters: the Bahrain Institute of Banking and Finance (BIBF); Investate; the National Oil and Gas Authority; Bahrain Maritime & Mercantile International (BMMI); and the embassies of Italy, Japan, USA and Mexico.

For the latest news and updates on events, follow the official Spring of Culture account @springofculture on Instagram, Twitter, and Facebook.

Bahrain’s Mo Zowayed and Majaz to perform a distinctive musical concert as part of the Spring of Culture

Posted on by edbclient
March 14, 2017

​Aspiring Bahraini singer-songwriter Mo Zowayed and the band Majaz are set to perform this weekend as part of the annual Spring of Culture festival at Bahrain Bay. The performance will take place on Saturday 18th March at 8:30pm.

Mo Zowayed (Nickname for the young Bahraini musician Mohammad Zowayed) is the grandson of the late Bahraini artist Mohammed Zowayed, who inspired him to pursue music at a young age. The 27-year-old musician began his career playing the guitar and singing in English at the age of thirteen, quickly becoming a unique musician and songwriter. Mo rose to fame when he stunned judges and the Arab audience with his breath taking performance on “Arabs Got Talent” in 2012. He recently released an album entitled “New York Times”, accompanied by his band of musicians from around the globe. Mo and his band (a Bahraini, Saudi, Hungarian, Portuguese and Indian), regularly tour, having played in several US cities and performed in various local festivals and events, most notably at the last Bahrain International Airshow.

Majaz, a Bahrain-based band formed in 2013, consists of musicians Jehad Al Halal, Abdulla Faisal, Salah Sharakhat, Hameed Al Saeed and Zahid Al Balooshi. The band plays a fusion of various musical genres including oriental, western, hard rock and classical folk, creating a diverse sound and experience that resonates with the global taste of Bahrain’s youth. Since the band emerged in the local music scene, Majaz has played at several local festivals and events across the country, most notably at the last Bahrain International Airshow and the Nest Arts Festival at Adliya’s Block 338.

Mo Zowayed and Majaz’s concert at the Spring of Culture 2017 has been organised by the Economic Development Board (EDB) as part of its support of the annual festival. The Spring of Culture contributes significantly to Bahrain’s tourism sector each year and tourism is a key priority sector for the EDB as part of its development plans for the Kingdom.

The Gold Sponsors of this year’s festival are the National Bank of Bahrain, Huawei, GFH Financial Group, while Silver Sponsors include Bahrain Airport Company, Aluminium Bahrain (ALBA), Bank of Bahrain and Kuwait, DHL and Bahrain Duty Free. Additional support has been provided by the Bahrain Institute of Banking and Finance (BIBF), Investate, the National Oil and Gas Authority (NOGA) and Bahrain Maritime & Mercantile International (BMMI) and the embassies of Italy, Japan, USA and Mexico in Bahrain.

For the latest news and updates on events, follow the official Spring of Culture account @springofculture on Instagram, Twitter, and Facebook.

Omar Kamal to Perform at Bahrain Bay

Posted on by edbclient
March 13, 2017

​Dubbed as the “Palestinian Frank Sinatra”, singing sensation Omar Kamal will perform at Bahrain Bay on Friday 17th March 2017 at 8.30 pm as part of the Spring of Culture programme.Kamal will perform a variety of his greatest Arabic and English hits, which include cover versions of songs by legendary Arab and English artists such as Mohammed Abdel Wahab, Fairouz, Frank Sinatra and even Michael Jackson.

Born in the city of Nablus, Palestine in 1992, Kamal learnt to play musical instruments and sing at a young age. As an adult, his journey to stardom began after performing a cover version of the famous Arabic tune “Mawtini” in 2015. He then rose to fame in the UK, performing gigs across the country alongside his university band. However, Omar’s career truly  propelled after the release of his jazz cover version of “Love Never Felt So Good” by the late King of Pop, Michael Jackson.

The concert was organized by the Bahrain Economic Development Board (EDB) as part of its support of the 2017 Spring of Culture Festival. The annual festival significantly contributes to Bahrain’s tourism sector, which is one of the EDB’s priority sectors.

The Gold Sponsors of this year’s festival are the National Bank of Bahrain, Huawei, GFH Financial Group, while Silver Sponsors include Bahrain Airport Company, Aluminium Bahrain, Bank of Bahrain and Kuwait, DHL and Bahrain Duty Free. Additional support has been provided by the Bahrain Institute of Banking and Finance, Investate, the National Oil and Gas Authority and Bahrain Maritime & Mercantile International and the embassies of Italy, Japan, USA and Mexico in Bahrain.

Tickets for the upcoming concert will be sold at the Spring of Culture stand at City Centre Bahrain Entrance 4 and online at www.springofculture.org.

For the latest news and updates on events, follow the official Spring of Culture account @springofculture on Instagram, Twitter, and Facebook.

Growth in Bahrain exceeds expectations as non-oil sector accelerates

Posted on by edbclient
March 07, 2017

​- Non-oil growth reaches 4.7% in third quarter of 2016 –
– Total $4.3bn infrastructure projects now tendered by the GCC Development Fund –
– Regulatory reforms helping to improve business environment and underpin productivity growth –
 
Real growth in the non-oil sector of Bahrain’s economy reached an annual rate of 4.7% in the third quarter of 2016. This marked a clear acceleration from the 3.6% pace seen during Q2, according to the latest figures published in the Economic Development Board’s Bahrain Economic Quarterly.  Overall, during the first three quarters of 2016 the Bahraini economy expanded by a real 3.6% over the corresponding period in 2015. This compares to headline growth of 2.9% during 2015 as a whole.
 
The third quarter of 2016 saw Bahrain’s non-oil economy gather momentum in spite of fluctuating oil prices and international volatility that has placed downward pressure on regional and global growth. There was strong expansion across a range of sectors, with particularly robust performances in social & personal services, construction and financial services.
 
Bahrain’s resilient performance underscores the strength of structural growth drivers in a highly diversified economy. Beyond this, a growing number of regulatory reforms introduced in Bahrain have contributed to the country’s ability to defy regional trends and foster innovation and growth. Key steps in this regard include a range of measures to cut the time to export goods to Saudi Arabia via the King Fahd Causeway, reduced minimum capital required for start-ups, and regulatory innovation to support the creation of investment limited partnerships, protected cell companies and trusts.
 
A key factor underpinning the momentum in the non-oil economy remains an unprecedented pipeline of large-scale infrastructure projects, the implementation of which has accelerated over the last year. Key projects include a USD 3.0 billion project for ALBA’s sixth pot line, an associated USD800mn power station deal, a USD 1.0bn contract for the Airport Modernisation programme and a new USD355mn Banagas gas plant.
 
Investment by the GCC Development Fund is an important element in this project pipeline. The total value of projects that have broken ground has more than doubled to a total of USD3.1bn since the end of 2015. During the same period, the value of tendered projects rose by 20.5% to over USD4.3bn.
 
Speaking on the publication of the report, The EDB Chief Economic Advisor Dr.Jarmo Kotilaine, commented: “Encouragingly, we continue to see strong resilience in the non-oil sector in Bahrain as the economy continues to outpace the global and regional averages. The build-up of infrastructure projects is not only helping to stimulate short-term growth, but will also help underpin the long-term diversification and growth in productivity that we will need to support our prosperity in the future.
 
“However, while we know that hard infrastructure is vital, it is not enough on its own. We also need to address the soft infrastructure – the laws and regulations that are going to encourage investment, that are going to make it easier for companies to do business and make it easier to grow. We have already made considerable progress in recent months and there are a number of other reforms we expect to see in the near future.”
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