Economic Development Board And BIBF To Host Capital Markets Evening Seminar

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April 06, 2015

Manama, Economic Development Board, 6th April 2015: On 8th April 2015 the Economic Development Board (EDB) and the BIBF will host an evening seminar titled, “Capital markets… the way forward” at the Bahrain Bourse.

The seminar will assess the importance of the capital markets to economic development, with the speakers drawing on their international and regional experience to identify opportunities to shape the development of capital markets in Bahrain and the wider Middle East region.
Speakers on the panel include: HE Sh. Khalifa bin Ibrahim Al Khalifa, CEO of the Bahrain Bourse; Dr. Jarmo Kotilaine, Chief Economist at EDB, Hani Redha, Head of Dealing Room, Treasury and Capital Markets at BIBF; and Jonathan Kemp, Chief Actuary at TAKAUD.
Speaking ahead of the seminar, Dr Jarmo Kotilaine said:
“This event reviews the tremendous potential and growing importance of capital markets in the GCC region. The coming years are likely to see significant market growth and diversification along with better mechanisms for pooling and mobilizing capital. This is needed in part because regulatory reform are limiting the ability of banks to cater to the growing financing needs of the GCC economies. But capital markets also have an important role to play in terms of providing long-term funding and driving the development of the regional corporate sphere through better governance and increased transparency.
“It is clear that there is a significant role for capital markets to play in financing future economic growth and I look forward to hearing the insights of the panelists at Wednesday’s event.”
Mr. Hani Redha, of the BIBF said:
“There is a need to emphasise the critical role that capital markets play in the efficient allocation of resources in modern economies, especially in light of the ongoing development initiatives of the region. We are at a stage where the development of these capital markets and their liquidity will be dependent on the successful dissemination of this message.”
The seminar will be held 6pm-8pm, 8th April 2015, at the BHB Auditorium at the Bahrain Bourse. To RSVP please contact: maryam.matter@bahrainedb.com / 17 589 962

EDB signs MoU with Department of Commerce of Hunan Province for Mutual Cooperation

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April 02, 2015

Manama: The Bahrain Economic Development Board (EDB) and the Department of Commerce of the Hunan Province in China today signed a Memorandum of Understanding (MOU) emphasising economic and investment cooperation in various sectors, including infrastructure, financial and banking services, energy, pharmaceutical, technology and communications as well as consumer goods.
This follows on the visit by a high ranking Chinese business delegation to the Kingdom this week.
The agreement outlines means of cooperation in order to promote economic collaboration and investment projects in sectors of mutual interests, in line with international standards and individual national laws.
Commenting on the signing of the MOU, Mr. Khalid Al Rumaihi, Chief Executive of the EDB said:
“There has been a long history of bilateral trade and investment cooperation between Bahrain and China, and with the revival of the One Belt, One Road policy in China, we are looking forward to further enhancing our economic bilateral relations.
“This policy will link China with countries historically on the Silk Road, including Bahrain and other countries in the GCC, and will allow for greater cooperation. The MOU signed today, as well as the numerous visits that have been held between Bahrain and China, demonstrate a commitment to further developing this relationship”.
Mr. Xu Xiangping, Director General of Department of Commerce of Hunan Province, said:
“We are proud of the ongoing economic partnership with Bahrain, which is important to Chinese businesses. Through the signing of this MOU and our meetings with our Bahraini counterparts, we will strengthen this relationship, and will encourage even more cooperation between our two nations.
“This visit provided great insight on Bahrain’s investment climate and on the different sectors, and highlighted what Chinese companies can benefit from when investing in Bahrain, particularly when it comes to accessing the neighbouring GCC market”.
During their two-day visit, the delegation met with their business counterparts in the Kingdom at the Bahrain Chamber for Commerce and Industry (BCCI), where more than 20 B2B meetings were held between Bahraini and Chinese businessmen in the sectors; manufacturing, machinery, food and beverages, trade, financial services, textiles and construction among others.
The Hunan Province is known for its top ten industries including steel, electricity, chemicals, nonferrous metals, building materials, transportation equipment, agricultural and sideline processing, specialised equipment manufacturing and petroleum processing industry. Hunan has in the past fifty years maintained its focus on heavy industry, which Bahrain’s private and public sectors can benefit from. The total volume of Hunan’s imports and exports in 2012 reached around 22 billion US dollars, an increase of 15.5% over the previous year.
Last year, Bahrain and China celebrated 25 years of bilateral relations, and in October 2014, a 10 day visit by a high-level Bahraini business delegation to China aimed at strengthening economic and trade ties between the two countries. The trip, which included visits to four of China’s main commercial centres; Beijing, Guangzhou, Shenzhen and Hong Kong and followed on a successful visit by His Majesty King Hamad bin Isa Al-Khalifa to China in September 2013, and led to the signing of 13 agreements with a number of Chinese companies and trade entities.
The EDB established an office in China in 2013 as part of its strategy of attracting FDI into the Kingdom. The office assists with setting up meetings with potential Chinese investors as well as with inviting Chinese delegations to visit the Kingdom to learn more about Bahrain’s economic climate.
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For Further information please contact:
Bahrain Economic Development Board
Tel: +973 17589966
Email: nc@bahrainedb.com

Chinese Businessmen from Hunan Province Begin visit to Bahrain

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April 01, 2015

Manama, Economic Development Board, 1st April 2015: An official business delegation from the Hunan Province in the People’s Republic of China today held meetings with the Economic Development Board (EDB) where they learnt more about Bahrain’s business environment. They were also given a tour at Dragon City site.

Officials from the EDB briefed the visitors on the Kingdom’s investment climate and competitive advantages through a presentation conducted by the EDB, which introduced the benefits of setting up business in the Kingdom and the country’s diversified and free economy. The meeting also discussed the country’s positive international rankings, which are testament to the Kingdom’s policy in addressing economic changes with flexibility. It also showcased Bahrain uniqueness in providing national qualified workforce, and affordable and low cost living environment which contribute to the country being a gateway to the gulf market.
Led by Mr. Xu Xiangping, Director General of Department of Commerce of Hunan Province, the delegation comprises of twenty-three business representatives, and will hold meetings with Tamkeen, the Bahrain International Investment Park (BIIP), and the Bahrain Chamber for Commerce and Industry (BCCI).
The visit aims at strengthening bilateral economic and trade relations between the two countries, and is a result of the visit by a high-level business delegation from Bahrain to the People’s Republic of China last year.
Bahrain and China celebrated 25 years of bilateral relations last year. In October, a 10 day visit by a high-level business delegation from Bahrain aimed at strengthening economic and trade ties between the two countries. The trip, which included visits to four of China’s main commercial centres; Beijing, Guangzhou, Shenzhen and Hong Kong and followed on the successful visit by His Majesty King Hamad bin Isa Al-Khalifa to China in September 2013, led to the signing of 13 agreements with various Chinese companies and trade entities. A NOGA delegation also visited China in December last year, where they met with high level officials from the China National Energy Administration (NEA) as well as leading companies from the oil, gas and petrochemicals sector in the country.
In 2011, total bilateral trade between Bahrain and China, excluding hydrocarbons, reached US$1.7billion. Machinery and mechanical equipment led Chinese imports to Bahrain in 2011 followed by minerals while hydrocarbons led Bahrain’s produce exported to China in the same year.
The EDB established an office in China in 2013 as part of its strategy of attracting FDI into the Kingdom. The office plays a role in inviting Chinese delegations to the Kingdom.

Second Phase of Visa Policy Updates Increase Flexibility and Expand Eligibility for Business and Tourism Visitors to Bahrain

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March 31, 2015

Manama, Economic Development Board, 31st March 2015: Following on from the new visa policy announced in September 2014, the government of Bahrain have announced a second phase updates, which will allow business visitors and tourists to spend longer periods of time in the country and also improves ease of access for GCC residents and visa holders.

In October 2014, a new visa policy was implemented which allowed nationals from over 100 countries to obtain a visa either online ahead of travel, via the Bahrain government’s eVisa website (www.evisa.gov.bh), or on arrival. Data from October 2014 to February 2015 shows that over 1,400 visitors from the 32 new countries eligible for visa on arrival and more than 2,300 visitors from the 36 new countries eligible for eVisas benefited from the new policies.

Under the latest developments, from April 1st 2015 both business visitors and tourists will be able to spend longer periods of time in the Kingdom, as the new policy dictates that business visas will be valid for a month and are multi-entry, whilst visitor visas are valid for three months and are also multi-entry.

GCC residents of any nationality will be eligible to receive multi-entry visas on arrival or online making it easier for expatriates living in the region to travel to Bahrain. Furthermore, nationals from countries that are not included in the countries eligible for eVisas or visas on arrival can still apply for eVisas if they have a visit visa for any other GCC country.

Shaikh Ahmed bin Isa Al Khalifa, Assistant Undersecretary for the General Directorate of Nationality, Passports and Residence Affairs at Bahrain’s Ministry of Interior, commented: “We are pleased that the data shows that a significant number of people are already benefiting from a greater ease of access into Bahrain, supporting the business and tourism sectors in the Kingdom. The second phase of updates will lead to further benefits for visitors, with increased flexibility and expanded eligibility.”

Mr. Khalid Al Rumaihi, Chief Executive of the Economic Development Board (EDB), added: “The new visa policy is an important development that places Bahrain among the countries with the most flexible visa policies in the region. It enables expatriates who do business in Bahrain to easily travel in and out of the Kingdom, as well as boosting the tourism industry, and will help contribute to the continuing economic growth and development in Bahrain.”

The new policy is also being accompanied by improvements to the individual screening process, ensuring faster and more effective processing of applications.

Trends in Islamic finance discussed at the Global Islamic Investment Gateway

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March 29, 2015

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Participants and experts from over 80 countries took part in the Global Islamic Investment Gateway (GIIG) conference held in the Kingdom from the 2nd – 3rd of March. The two-day event included participation from more than 30 countries from the Organisation of Islamic Cooperation (OIC) , including from the GCC, MENA, CIS, South East Asia, South Asia, West Africa and Sub-Saharan Africa regions.
The impact of global trends on the OIC markets and investment opportunities, as well as key debates on the economics and investment potential of the Islamic markets were the centre of discussions during the event. It featured several panel sessions and had the participation of experts from both the private and public sectors. Speakers included H.E. Dr. Ahmed Al Madani, president of the Islamic Development Bank Group; H.E. Rasheed Al Maraj, Governor of the Central Bank of Bahrain; Dr. Jarmo Kotilaine, Chief Economist at the Economic Development Board (EDB); and Dr Sayd Farook, Global Head of Islamic Capital Markets, Thomson Reuter, among others.
The event saw the launch of the Thomson Reuters Investment Monitor, an online portal which collates international investment opportunities – opportunities that have been refined with the help of Thomson Reuters’ internal specialists, and which are ready to go to companies’ investment committees for approval.
The Global Islamic Investment Gateway conference was organised by Thomson Reuters, the EDB, and the Islamic Development Bank (IDB).

Authentic and open – why there is such potential for tourism in Bahrain

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March 29, 2015

Tourism is an important part of the Bahraini economy –in all, the industry contributed 10.2% of total  GDP in 2013 and this number was forecast to rise by 7.6% in 2014*.  With hundreds of thousands of visitors a week to a country with a relatively small population, it is clear that making Bahrain attractive to tourists, both those within the region and outside it, is an important element in our future prosperity.
Much of what draws people to Bahrain today is its modern culture.  A relaxed sociable atmosphere and a wide range of leisure opportunities – from cinemas, to malls, to world class restaurants – have made the Kingdom a highly popular weekend destination for people in the region.
On top of this, landmark events have helped to increase visitor levels. Prominent festivals such as Bahrain Noor El Ain, which showcases local talent and products throughout the country, provide aspiring artists and entrepreneurs the platform they need to raise their profile.
This year the “Spring of Culture” festival celebrates its 10th anniversary, and its two month programme is packed with performances, art exhibitions, symposia and workshops.  It attracts exclusive international acts to join the best of Bahrain’s own innovators; the 2015 festival hosted Oscar award-winner John Legend, jazz sensation Joss Stone, and renowned Egyptian composer Omar Khairat as well as local Mohammed bin Faris band.
And of course Bahrain’s most famous annual fixture is the Formula 1 Grand Prix.  The race is viewed by in excess of 500 million racing fans and attracts around 100,000 visitors to the Kingdom each year.
Importantly, though, Bahrain’s appeal does not simply lie in its modern amenities but is also rooted in an authentic culture and history that spans millennia.  Dilmun, hailed as the land of plenty and eternity in ancient Sumerian and Mesopotamian literature, is counted among the most sophisticated civilisations of the ancient world.  In its heyday, this hub controlled all the Persian trading routes, stretching to the Indus valley and beyond, and was a meeting point for travellers from every corner of the globe.
It is this combination of heritage and modernity that is at the forefront of the Kingdom’s Tourism Strategy 2015-2018.
Yet it is not enough to be home to grand historical monuments and large sporting events alone.  A prosperous tourism industry needs the appropriate infrastructure to sustain it.  Easily accessible by air, sea or land, Bahrain is perfectly placed to continue its centuries-old tradition of receiving travellers from all over the world and under amendments to the country’s visa policy, visiting has never been easier.  Luxury accommodation such as the recently opened Four Seasons Hotel provides an additional incentive and there are more projects being conducted in the south of Bahrain with the aim of boosting resort tourism in the country.
In Bahrain, we have a heritage to be proud of and given the growth trends of populations and disposable income in the region there is huge potential to develop tourism in the country – and sizeable rewards.
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* World Travel and Tourism Council’s Bahrain 2014 report, available at: http://www.wttc.org/-/media/files/reports/economic%20impact%20research/country%20reports/bahrain2014.pdf

Bahrain GDP Growth Reaches 5.1% in Third Quarter of 2014

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March 29, 2015

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The Kingdom’s Q3 GDP growth reached 5.1% year-on-year (YoY), which continues the momentum from earlier in 2014 and reflects the positive impact of the initiation of a number of significant infrastructure projects. Overall growth for 2014 is forecasted to have been in excess of 4%, the Economic Development Board (EDB) revealed.
 
The latest Bahrain Economic Quarterly (BEQ) also highlighted the resilience of Bahrain’s non-oil growth. This was particularly apparent in the construction sector, which experienced acceleration from 3.6% annual growth in Q2 to 12.3% in Q3, making it the fastest growing sector of the economy. The hotels and restaurants sector also posted strong YoY growth of 7.4%. The hydrocarbons sector in Bahrain has continued to expand throughout the year, with a 4.7% YoY gain in Q3.
 
Looking forward, the BEQ posited that the performance of the Bahraini economy in the near term is likely to benefit from a number of positive drivers, which should translate into robust near-term growth figures. Above all, the build-up in infrastructure spending will continue. Spending from the Gulf Development Fund will be the main driver in this regard, but initiatives are underway also to activate a number of significant priority projects that will draw on a range of funding sources, including private investment.
 
Globally, the structural growth drivers have not yet recovered to the point of strong, broad-based momentum, and the pattern of growth across various countries remains uneven. The BEQ showed that growth dynamics across the GCC region continue to be characterized by strong structural drivers in the non-oil economy alongside modest growth in the oil economy. The resilience of the non-oil economy is further supported by healthy financial sectors along with a firm commitment by GCC governments to support economic activity and priority projects.
 
The Bahrain Economic Quarterly can be viewed directly on: http://www.bahrainedb.com/en/EDBDocuments/BEQ-December-2014.pdf

The EDB Continues its Efforts to Promote the Kingdom’s Business Environment

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March 29, 2015

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EDB visits the US and India

As part of the Bahrain Economic Development Board (EDB) efforts to promote the Kingdom and drive foreign direct investments, a number of visits were conducted to the US and India by EDB officials during the first quarter of 2015.

In the US, EDB representatives met with business leaders from the advanced technology sector in Seattle, Silicon Valley, and Texas to discuss business ties with the Kingdom of Bahrain.
 
EDB officials presented opportunities the Kingdom offers for investors in the technology sector and the ability to access neighbouring markets by utilising the Kingdom’s core benefits of an established ICT infrastructure, low operating costs and an experienced local workforce.
 
In addition, the delegation participated at the annual HighTech Roadshow in Texas, which was organised by the National US-Arab Chamber of Commerce, during which they joined a number of business forums and seminars about enhancing US-Arab trade, and met with business leaders in the cities of Austin, Houston, and Dallas, where they were able to shed light on the numerous cooperation opportunities between the US and the Arab region.
 
In India, an EDB delegation attended the “Vibrant Gujarat” Global Business Summit in Ahmedabad and the Confederation of Indian Industry (CII) annual summit in Jaipur, where the EDB was an event sponsor. EDB representatives met with Indian businesses looking to access Bahrain and the fast-growing GCC market during both events.
 
The EDB has established offices in a number of international markets including the United States, India, Germany, China, and Japan among others. The EDB’s efforts have led to the launch of a number of companies including US companies Olayan Kimberly-Clark and American Express as well as Indian companies Tata Consultancy Services and Tech Mahindra among others.
 
EDB hosts international media to the Kingdom
 
In the past three months, the EDB hosted four separate media groups who visited the Kingdom, experienced Bahrain and learned more about its business environment and hospitality.
 
A delegation of journalists from a number of international markets covering the insurance sector were invited to the Kingdom on the sidelines of the 2015 Middle East Insurance Forum (MEIF), which was hosted with the strategic partnership of the Central Bank of Bahrain (CBB). This came as part of the EDB’s efforts to promote investment opportunities in the Kingdom and highlight the Kingdom’s key competitive advantages and long running history in its financial services sector.
 
The journalists represented a number of high profile international publications including UK publications, Reinsurance and Life Insurance International, Singapore publication, Middle East Insurance Review, and GCC based Premium ME. The visit followed on a previous media delegation visit hosted by the EDB during the 2014 MEIF.
 
In line with promoting the financial sector in the region, the EDB later hosted a delegation of journalists which covered the financial and Islamic finance sectors. The FAM trips coincided with the two international events the 4th Euromoney GCC Financial Forum, cohosted by the EDB and Euromoney Conferences, and the Global Islamic Investment Gateway (GIIG), which was organised by the EDB, Thomson Reuters and the Islamic Development Bank (IDB).
 
The journalists in both trips represented a number of high profile international publications, where publications Funds Global MENA, Euromoney Institutional Investor, and Gulf Business were represented at the Euromoney GCC Financial Forum while various publications were hosted for the GIIG event including  MENA FM; German publication Focus Money; Korean publication The Korea Times; Indian publication Hindu Business Line; and GCC publications, Banking and Finance and Islamic Business and Finance; as well as CNN Arabic.A Russian media delegation also followed this, as part of EDB efforts to promote investment opportunities and further strengthen bilateral ties between the two countries. The journalists represented a number of high profile Russian publications including Kommersant, Lenta Ru, and Expert.
 
In addition, the EDB hosted three journalists representing publications in South Korea. The publications represented were Chosun IIbo, the Korea Economic Daily, and Economist. The trip followed a number of business delegation visits between the two countries in 2012 and 2014, and reiterated the longstanding bilateral relations between Bahrain and South Korea.
 
EDB Briefs Chinese businessmen on Bahrain’s investment opportunities
 
A Chinese business delegation met with officials from the EDB as part of a visit to the Kingdom. The delegation, including representatives from Chinese companies in the oil and gas sector, also held talks with their counterparts in the National Oil and Gas Authority (NOGA), Bapco as well as Tamkeen.
 
As part of the visit, the members were briefed on the Kingdom’s investment climate and competitive advantages through a presentation conducted by the EDB, which introduced the benefits of setting up business in the Kingdom and the country’s diversified and free economy. The meeting also discussed the country’s positive international rankings, which are testament to the Kingdom’s policy in addressing economic changes with flexibility. It also showcased Bahrain uniqueness in providing national qualified workforce, and affordable and low cost living environment which contribute to the country being a gateway to the gulf market.
 
In October last year, a high-level business delegation from Bahrain conducted a 10 day visit to the People’s Republic of China, which aimed to strengthen economic and trade ties between the two countries. The visit included four of China’s main commercial centres; Beijing, Guangzhou, Shenzhen and Hong Kong and resulted in the signing of 13 agreements with various Chinese companies and trade entities. A delegation from NOGA have also visited China in December last year, where the members met with high level officials from the China National Energy Administration (NEA) as well as leading companies from the oil, gas and petrochemicals sector in the country.

Khalid Al Rumaihi Named Chief Executive Officer of the Economic Development Board

Posted on by edbclient
March 29, 2015

 
His Royal Highness Prince Salman bin Hamad Al-Khalifa, Deputy King, Crown Prince, Deputy Supreme Commander, First Deputy Prime Minister and Chairman of the Economic Development Board, has appointed Mr. Khalid Al Rumaihi as the new Chief Executive Officer of the Economic Development Board (EDB), effective from 1 March 2015.
 
HE Kamal bin Ahmed, Minister of Transportation and Telecommunications was appointed board member of the EDB.
 
Mr. Al Rumaihi will undertake leadership of the EDB’s management and the targets set by its Board of Directors. Mr. Al Rumaihi will also lead the EDB’s efforts to attract inward investment into Bahrain, with a focus on targeting economic sectors in which the Kingdom offers significant strengths.
 
HRH the Crown Prince met with HE Kamal bin Ahmed and Mr. Al Rumaihi at Gudaibiya Palace on the occasion of the appointment, highlighting the EDB’s role in supporting the Kingdom’s status in the region as an investment hub, as well as the EDB’s role in further developing economic sectors and fostering investment opportunities.
 
His Royal Highness noted that the forthcoming period will witness the launch of a new phase of important EDB initiatives and projects that further develop the national infrastructure and investment environment in the Kingdom.
 
His Royal Highness also commended the outstanding contribution made by His Excellency the Minister of Transportation and Telecommunications during his tenure as acting Chief Executive of the EDB. His Royal Highness went on to extend his best wishes to the new Chief Executive as he undertakes his new role.
 
For their part, HE Kamal bin Ahmed Mohammed and Mr. Al Rumaihi expressed their appreciation and gratitude to His Royal Highness and stressed that they will continue their efforts to further support the EDB’s strategies.
 
Mr. Al Rumaihi previously spent more than 10 years at Investcorp as a Managing Director, a member of the Management Committee and Head of the Institutional Placement Team covering Investcorp’s clients in the Gulf. Before joining Investcorp, Mr. Al Rumaihi’s last 9 years were served at J.P. Morgan as head of J.P. Morgan’s private client group in the Gulf. He has held previous Board positions at Gulf Air and SICO.
 
He holds a Masters degree in Public Policy, specialising in Economic Development, from Harvard University, and a Bachelor of Science degree in Foreign Service from Georgetown University.

EDB hosts Chinese Business Delegation to explore Bahrain’s economic opportunities

Posted on by edbclient
March 29, 2015

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Manama: The Economic Development Board (EDB) is hosting businessmen and trade officials from Hunan Province in the People’s Republic of China this week, who will meet officials and private sector counterparts during a two day visit to the Kingdom. The visit aims  at strengthening bilateral economic and trade relations between the two countries.
 
The trip includes meetings with Bahraini businessmen and government officials including Tamkeen, the Bahrain International Investment Park (BIIP), and the Bahrain Chamber for Commerce and Industry (BCCI), along with visits to a number of cultural sites. The delegation is led by Mr. Xu Xiangping, Director General of Department of Commerce of Hunan Province, and includes  twenty-three business representatives.
 
The Hunan Province is known for its top ten industries including steel, electricity, chemicals, nonferrous metals, building materials, transportation equipment, agricultural and sideline processing, specialised equipment manufacturing and petroleum processing industry. Hunan has in the past fifty years maintained its focus on heavy industry, which Bahrain’s private and public sectors can benefit from. The total volume of Hunan’s imports and exports in 2012 reached around 22 billion US dollars, an increase of 15.5% over the previous year.
 
In October last year, a high-level business delegation from Bahrain conducted a 10 day visit to the People’s Republic of China, which aimed at strengthening economic and trade ties between the two countries. The trip which included visits to four of China’s main commercial centres; Beijing, Guangzhou, Shenzhen and Hong Kong and followed on the successful visit by His Majesty King Hamad bin Isa Al-Khalifa to China in September 2013, led to the signing of 13 agreements with various Chinese companies and trade entities. A NOGA delegation also visited China in December last year, where they met with high level officials from the China National Energy Administration (NEA) as well as leading companies from the oil, gas and petrochemicals sector in the country.
The two nations celebrated 25 years of bilateral relations last year.
In 2011, total bilateral trade between Bahrain and China, excluding hydrocarbons, reached US$1.7billion. Machinery and mechanical equipment led Chinese imports to Bahrain in 2011 followed by minerals while hydrocarbons led Bahrain’s produce exported to China in the same year.
The EDB established an office in China in 2013 as part of its strategy of attracting FDI into the Kingdom.  
 
 
–ENDS–
 
 
For Further information please contact:
Bahrain Economic Development Board
Tel: +973 17589966
Email: nc@bahrainedb.com
 
 
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