Category: Business

Manama, Export Bahrain, in collaboration with the Hong Kong Trade Development Council (HKTDC), has facilitated the participation of Bahraini enterprises in major HKTDC events throughout 2024. This partnership underscores Export Bahrain’s commitment to supporting local businesses and expanding their international footprint.

Through its collaboration with HKTDC, Export Bahrain played a pivotal role in high-profile exhibitions, including the HKTDC Food Expo PRO, the Hong Kong International Tea Fair, and the Hong Kong Watch and Clock Fair. These events highlighted the strength of the partnership and the dedication to broadening market opportunities for Bahraini enterprises across various sectors.

One of the key highlights was CENTRESTAGE (Asia’s Fashion Spotlight), held from September 4-7, at the Hong Kong Convention and Exhibition Centre. This premier international fashion trade show featured runway shows, designer sessions, and industry seminars, providing invaluable insights into emerging trends and substan
tial networking opportunities.

Export Bahrain’s participation in these exhibitions significantly enhanced the visibility of the participating Bahraini brands and demonstrated their global market potential. Over 45 B2B meetings were conducted, further advancing Bahraini enterprises on the global stage.

Rabab Khalaf, Planning and Market Intelligence Manager at Export Bahrain, emphasised the importance of international collaboration in boosting local enterprises’ global standing: “Our dedication to fostering international engagement is central to enhancing the competitiveness and growth of local businesses, positioning Bahrain as a leading global business hub.”

Lulwa Al Mannai, founder of LAM BRAND, said that Bahrain has played a vital role in facilitating the participation in the platform, which is one of the key exhibitions bringing together a curated selection of specialists and enthusiasts in the fashion industry. This has provided us with a valuable opportunity to meet potential buyers and partners from
various global markets, thereby expanding the scope of international business collaboration.

The ongoing partnership between Export Bahrain and HKTDC marks a significant advancement in trade collaboration, fostering an environment that supports small and medium enterprises in Bahrain, driving economic growth, and enhancing local businesses’ ambitions in global markets.

Source: Bahrain News Agency

Manama, Bahrain Bourse received the ‘Best Strategic Partnerships in Capital Markets – Bahrain 2024’ Award from International Finance Magazine.

This recognition underscores Bahrain Bourse’s unwavering commitment to fostering strong and collaborative partnerships within the capital markets industry.

Bahrain Bourse has consistently demonstrated its dedication to initiatives that promote a fair, efficient, and transparent trading environment, recognising the vital role strategic partnerships play in achieving these goals.

A prime example of this commitment is Bahrain Bourse’s collaboration with Abu Dhabi Securities Exchange (ADX). Following its strategic partnership with ADX, BHB and ADX announced the launch of the region’s first digital exchange hub – Tabadul in July 2022 to enable investors to trade directly on both exchanges through licensed brokers in both markets. Additionally, this initiative was expanded to cover additional markets including Muscat Stock Exchange.

Additionally, Bahrain Bourse collabor
ated with the Middle East Investor Relations Association (MEIRA) in 2019 to encourage adoption of best Investor Relations (IR) Practices in the capital market. This partnership was further exemplified through hosting the MEIRA Annual Conference in November 2023, which served as a valuable platform for industry leaders to connect, share best practices, and contribute to the development of a robust investor relations landscape in the region.

In April 2022, Bahrain Bourse hosted the Arab Federation of Capital Markets Annual Conference in Bahrain, highlighting the role of capital markets in supporting and financing strategic projects during the pandemic.

Bahrain Bourse also recently launched the BHB Board Mentorship Program in partnership with the Bahrain Institute of Banking and Finance (BIBF) to equip aspiring senior executives with the specialized training and guidance necessary to excel on corporate boards, ultimately fostering a culture of governance excellence within Bahrain’s companies. Bahrain Bourse ha
s been collaborating with the BIBF on various initiatives, such as the Investment Academy and TradeQuest, all of which aim to empower market participants and contribute to the development of Bahrain’s capital markets.

Shaikh Khalifa bin Ebrahim Al Khalifa, CEO of Bahrain Bourse, expressed his pride in receiving the prestigious award from International Finance Magazine. He emphasised that the recognition reflects the dedication and collaborative efforts of the entire Bahrain Bourse team, as well as the strong partnerships established across the industry, which have been instrumental in achieving this success.

“Bahrain Bourse will continue to forge new and innovative partnerships that will continue to drive growth and create a more dynamic and efficient capital market landscape in Bahrain, and throughout the region,” Shaikh Khalifa bin Ebrahim added.

The International Finance Awards recognise outstanding achievement in the financial industry, honoring companies for their leadership, talent, and strategic cap
abilities on a global stage. A qualified research team rigorously evaluates nominations, selecting winners based on both submitted applications and their proven track record of success.

Source: Bahrain News Agency

Seoul, South Korea launched the third round of talks for a comprehensive economic partnership with Mongolia on Tuesday that focuses on stronger cooperation on trade and supply chains, Seoul’s industry ministry said.

The third official round of negotiations for the bilateral economic partnership agreement (EPA) began on the day in Ulaanbaatar for a four-day run, as the two sides have agreed to clinch one that aims to boost overall economic cooperation and ensure stable supply chains, according to the Ministry of Trade, Industry and Energy.

The initial round of official talks was launched in December 2023, according to South Korean News Agency (Yonhap).

During the latest meeting, the two sides plan to discuss 13 segments, such as goods, services, investment and digital trade, as well as ways of enhancing cooperation on stable supply chains and joint responses to climate changes.

“Mongolia is a crucial economic partner as it can help South Korea diversify its overseas markets and stabilize supply chains. We
will strive to lay the groundwork for stronger, extensive economic cooperation,” Seoul’s chief negotiator Ryu Peob-min said.

An EPA is meant to establish a mutually beneficial trade network with partner nations beyond a simple market opening, though it covers a smaller scope of areas compared with a traditional free trade agreement.

Source: Bahrain News Agency

The Kuwait Fund for Arab Economic Development (KFAED) has launched numerous initiatives throughout the past 50 years granting and loaning millions of dollars to the UN and international organizations, which contributed to sustainable development in many countries.

The first KFAED cooperation occurred in 1974 through a grant to the World Health Organization (WHO), contributing to the River Blindness Control Program in Africa, a campaign that highlight Kuwait’s role as a beacon of hope and assistance.

Over the past five decades, KFAED has provided numerous UN organizations with multiple grants totaling USD 400 million, with USD 290 million of it going to the International Fund for Agricultural Development (IFAD) to enhance health, food, and water security, and help refugees.

In a statement to KUNA, KFAED’s Acting Director General Waleed Al-Bahar, said that this reflected Kuwait’s foreign policy aimed at providing humanitarian support to people all over the world, especially in Arab countries.

He added that
KFAED works in full coordination with Kuwait’s Foreign Ministry and is considered one of the most prominent official national entities supporting foreign policy.

KFAED has worked with a number of international organizations over the past five decades, among them the UN’s Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), the UN’s Development Program, the Office of the UN’s High Commissioner for Refugees (UNHCR), and the UN’s Children’s Fund (UNICEF) and especially WHO.

Al-Bahar added that KFAED, through the granted it provided to those organizations, executed a great number of humanitarian projects and initiatives that directly contributed to combating diseases and epidemics.

KFAED continuously contributes to supporting the Palestinian cause through its humanitarian aid to the Palestinian people and the grants provided to UNRWA, which amounted to about USD 22.5 million, which focused on developmental and educational aspects and providing water, food, and health security.

The grants t
o UNICEF amounted to about USD 21 million, which aimed to support the organization’s efforts to combat famine and the cholera outbreak in Yemen, South Sudan, Nigeria, and Somalia.

In addition, the KFAED provided clean water to the Gaza Strip, measles vaccines to Syrian and Lebanese children in Lebanon, and supported mothers and newborns in areas affected by conflict in Yemen.

Al-Bahar also added that the grants to UNHCR amounted to about USD 22 million, the last of which was a grant to contribute to financing an infrastructure project for the internally displaced and host communities in Yemen.

KFAED was established on December 31, 1961, with the aim of helping Arab countries and other developing countries develop their economies, its operations focused on contributing to financing infrastructure projects in various sectors.

Source: Kuwait News Agency

German inflation fell on August to its lowest level in three years, as the inflation rate was 1.9 percent on the same month last year, the Federal Statistic office reported, Tuesday. Report by the office shows that in August the decline was due to Germany energy prices dropping to 5.1 percent, services by 3.9 percent, and food prices by 1.5 percent, compared to August 2023. It also reported, inflation rate in July was 2.3 percent and in June 2.2 percent marking it as positive decline in prices.

Due to Ukraine-Russia war energy prices began to rise in 2022, which led to cut off energy supplies to Germany, in which the country was dependent on it. With the European Union’s heavily populated countries’ prices have risen by more than 10 percent which was weighing on its consumer.

Source: Kuwait News Agency

Ramallah – Ma’an – The Central Bureau of Statistics said that a sharp decline was recorded in building permits issued in Palestine by 34% during the second quarter of 2024, compared to the corresponding quarter of 2023, as a result of the ongoing Israeli occupation aggression against our people.

The statistics explained in a statement issued today, Tuesday, that the number of licenses issued in Palestine during the second quarter of 2024 decreased by 2% compared to the first quarter of 2024, as no building licenses were issued in the Gaza Strip during the same period.

The number of licenses issued in Palestine also recorded a decrease of 34% compared to the corresponding quarter of 2023, as the number of new building licenses decreased by 1% compared to the first quarter of 2024, and decreased by 39% compared to the corresponding quarter of 2023.

The number of building permits issued for residential and non-residential buildings reached 1,591 permits during the second quarter of 2024, including 895 permits
for new buildings. The total area of ??buildings (residential and non-residential) reached 790 thousand square meters, including 620 thousand square meters for new buildings and 170 thousand square meters for existing buildings.

The number of licensed residential units reached 3,370 residential units with an area of ??569 thousand square meters, including 2,569 new residential units with an area of ??440 thousand square meters, and 801 existing residential units with a total area of ??129 thousand square meters.

The number of new housing units decreased by 6% during the second quarter of 2024 compared to the first quarter of 2024, and by 37% compared to the corresponding quarter of 2023.

Source: Maan News Agency

Amid the escalating tensions in the Middle East, Russian Foreign Minister, Sergey Lavrov warned that the region was on the brink of a major crisis.

His remarks came during the GCC-Russia Joint Ministerial Meeting for Strategic Dialogue on Monday in Riyadh, chaired by Qatari Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdurrahman Al-Thani. Qatar is the Gulf bloc’s current chair. Minister of Foreign Affairs Abdullah Al-Yahya is heading the State of Kuwait delegation in the venue.

The Qatari Prime Minister affirmed his country’s rejection of any demographic or territorial changes in Gaza and praised the ongoing cooperation between the GCC and Russia, emphasizing that such dialogues were critical.

He noted the importance of aligning positions on various issues and advancing strategic cooperation as agreed upon during the 6th GCC-Russia ministerial meeting.

For his part, Lavrov highlighted the urgent need for action in Gaza and criticized the international community for failing to stop
the violence, which has led to a worsening political and military situation across the region, from the Lebanon-Israel border to the Red Sea.

Lavrov emphasized that the current level of violence against Palestinians was unprecedented, surpassing any seen in past Arab-Israeli conflicts and stressed Russia’s commitment to working with all parties to prevent further escalation, urging for a peaceful resolution to the crisis.

On his part, GCC Secretary General Jassim Al-Budaiwi condemned the Israeli occupation’s continued aggression in Gaza, calling for an immediate ceasefire and highlighted the need for unrestricted humanitarian aid to the Palestinians.

He expressed deep concern over the international community’s inability to secure a comprehensive and lasting solution to the conflict, urging for a two-state solution and Palestine’s full UN membership.

On the Russia-Ukraine conflict, the GCC reaffirmed its support for a political resolution through negotiations and dialogue, and Al-Budaiwi emphasized the imp
ortance of ending hostilities, facilitating the export of essential goods, and ensuring global food security.

Al-Budaiwi stressed the importance of cooperating with Russia, given the historical strategic bilateral ties, affirming that efforts were underway to accelerate the implementation of the joint action plan (2023-2027), which was agreed upon at the previous ministerial meeting in Moscow July 2023.

He expressed concern over security in the Red Sea, calling for de-escalation to ensure safe maritime navigation and protect global trade.

The meeting also focused on other key regional issues like the efforts of Saudi Arabia and Oman to facilitate peace in Yemen; urging the Houthi rebels to engage constructively with UN-led peace efforts to alleviate the suffering of the Yemeni people.

The GCC-Russia strategic dialogue, first held in 2011, continues to serve as a critical platform for addressing mutual concerns, with both sides committed to advancing their joint action plan and fostering greater cooperatio
n across various sectors.

Source: Kuwait News Agency

The Kuwait Chamber of Commerce and Industry (KCCI) reaffirmed on Monday deep-rooted economic relationship with India, noting that non-oil trade between the two countries exceeded USD 2 billion in 2022.

A KCCI press release said this came during a meeting with an Indian economic delegation, headed by Israr Ahmad, President of the Federation of Indian Exports Organization (FIEO) and representatives from 30 Indian companies in food and agriculture sectors.

The meeting was attended by Indian Ambassador to Kuwait, Dr. Adarsh Swaika, along with representatives from Kuwaiti companies and the Public Authority for Food and Nutrition.

The Chamber emphasized that the relationship between Kuwait and India goes beyond mere business partnerships due to the historical bilateral relations.

In the statement, the Chamber highlighted the importance of food security and the role of Kuwaiti companies in contributing to this sector.

It stressed the need to encourage these companies by providing suitable investment opportunit
ies, which would help bolster Kuwait’s food security framework.

On his part, Israr Ahmad highlighted Kuwait’s importance as a key trade partner for India, stating that hard work with the Indian government to create a favorable environment for business and effective partnerships has contributed to a 7-percent growth in trade between the two countries in 2023.

Indian Ambassador Dr. Adarsh Swaika expressed pleasure with the presence of the Indian delegation in Kuwait, reflecting the mutual interest in enhancing existing bilateral relations. He added that the leadership of both countries encourages further development of their historic and strategic ties.

Swaika extended an invitation to Kuwaiti businesspeople to visit India and explore available investment opportunities.

During the visit, an exhibition of Indian products was inaugurated at the Chamber’s headquarters. The two-day event aims to showcase a wide range of Indian products and provide a platform for partnerships, particularly in the food and agricu
lture sectors.

Source: Kuwait News Agency

China announced Monday the launch of an anti-dumping investigation into Canola oil imported from Canada, amid trade tensions between Beijing and Ottawa, after the latter imposed a 100 percent tariff on Chinese electric cars.

According to the Chinese Ministry of Commerce, the investigation is targeting the amount of dumped imports between January 1 and December 31, 2023, as well as damage to the local sector between January 1, 2021 and December 31, 2023.

There is information and preliminary evidence that Canadian made canola oil was exported to China at a price lower than its normal value, which indicates dumping, said the ministry in a statement published on its website.

The amount of canola oil entering the Chinese market increased sharply with the decline in its price, which led to a decrease in the prices of similar local products and caused damage to the local sector.

According to China’s Xinhua News Agency, Canada’s canola oil imports into China reached USD 3.47 billion last year, with a 170 percent
year-on-year increase.

Source: Kuwait News Agency

Manama, Bahrain All Share Index has closed at 1,937.96 points, marking a decrease of 11.59 points below the previous closing.

This decrease was due to the drop in the financial sector.

Bahrain Islamic Index has closed at 810.95 points, marking a decrease of 4.63 points below the previous closing.

Results indicated that 63 equity transactions took place with a volume of 2,091,034 worth BD 919,100.

Investors traded mainly in the financial sector representing 93.43% of the total value of securities traded.

Source: Bahrain News Agency

Manama, Bahrain All Share Index has closed at 1,937.96 points, marking a decrease of 11.59 points below the previous closing.

This decrease was due to the drop in the financial sector.

Bahrain Islamic Index has closed at 810.95 points, marking a decrease of 4.63 points below the previous closing.

Results indicated that 63 equity transactions took place with a volume of 2,091,034 worth BD 919,100.

Investors traded mainly in the financial sector representing 93.43% of the total value of securities traded.

Source: Bahrain News Agency

Manama, The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al Salam Islamic securities, has been oversubscribed by 185%.

Subscriptions worth BD 79.572 million were received for the BD 43 million issue, which carries a maturity of 91 days.

The expected return on the issue, which begins on September 11 and matures on December 11, is 6.13% compared to 6.15% of the previous issue on August 14.

The Sukuk Al Salam are issued by the CBB on behalf of the Government of the Kingdom of Bahrain.

This is issue No.281 (BH0003Y45421) of the short-term Sukuk Al Salam series.

Source: Bahrain News Agency