Thursday 27 April 2017

New Bahrain hotels to draw $10bn investment

Fifteen new five and four-star hotels and beachfront resorts with a combined investment of more than $10 billion will be established in Bahrain over the next five years, a report said. The list includes world-renowned hotel brands including: The One&Only Resort, Wyndham Grand


IIB, Al Shiddi to co-invest in Swissôtel, Sarajevo

Swissôtel, part of AccorHotels, world-leading travel & lifestyle group, today announced that it has entered into a franchise agreement with Bahrain’s International Investment Bank (IIB) and Al Shiddi International for the development of a new 218-room urban resort in Sarajevo, B


GCC framework ‘provides roadmap for VAT in Bahrain’

The release of the unified agreement for value-added tax (VAT) for the Gulf Cooperation Council (GCC) countries by Saudi Arabia paves the way for the implementation of VAT in 2018, said an expert. It also provides companies in Bahrain with a sufficiently detailed framework to start pre


Bahrain's credit rating ‘backed by wealth values’

Bahrain's Ba2 credit rating with a negative outlook is supported by the country's high wealth levels, a diversified economy and the positive net international investment position, Moody's Investors Service said in a report. However, the sovereign also faces credit con


Mashreq Bank marks 50 years in business

Mashreq Bank, the oldest privately owned bank in the UAE, marked its 50 years in business with its senior executives planting 50 national trees in association with Goumbook, a top social enterprise promoting sustainability. Abdul Aziz Al Ghurair, chief executive officer of Mashre


ENBD becomes banking partner for Expo 2020

Emirates NBD (ENBD), a leading banking group in the region, has signed a premier partnership agreement with Expo 2020 Dubai to become its official banking partner. The partnership agreement was signed by Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Expo 2020 Dubai Higher Co


FinTech ‘key to achieving Saudi Vision 2030’

Financial technology could play an important role in achieving the goals of the Saudi Vision 2030 but will require strong cybersecurity protection, according to experts set to speak at The Euromoney Saudi Arabia Conference in May. Saudi Arabia has prioritised technological develo


Swicorp advises Delta in closing bottled water deal

Swicorp, a leading investment banking group, acted as the exclusive financial advisor to advise Jeddah-based Delta Marketing in the divestment of its bottled water activity to Agthia Group, a top Abu Dhabi based F&B company. Daniel Schencker, CEO of Swicorp, said: “It i


Citi wins Saudi CMA licence; to start operation

Saudi Arabia's Capital Market Authority (CMA) has granted a licence to Citi, a financial services major, to provide services in the kingdom. The business will be branded Citigroup Saudi Arabia and will provide a full range of investment banking, debt and equity capital market


QIC reports 15pc growth in Q1 premiums

Qatar Insurance, a top insurance house in the Mena region, recorded 15 per cent growth in Gross Written Premium (GWP) to QR3.09 billion ($848 million) in Q1 2017 when compared to the same reporting period in 2016. Key contributors to the reported growth in GWP can be attributed t

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