• The GCC Financial Forum 2019
Bahrain, Saudi Fund ink two $25m financing deal

Bahrain, Saudi Fund ink two $25m financing deal

Two US$25 million Financing Grant Agreements were signed yesterday between the Government of Bahrain and the Saudi Fund for Development. The amount came within the implementation of Phase III of the share of Saudi Arabia (US$2.5 billion) in the Gulf Development Programme.

The agreements were signed by Shaikh Ahmed bin Mohammed Al Khalifa, the Minister of Finance, and Khalid bin Sulaiman Al Khudairi, Vice President and Board Member, on the sidelines of the annual meetings of the World Bank Group and the International Monetary Fund in Bali, Indonesia. The first agreement provides US$14.4 million to finance a new 2.8 km access road to ‘Lawzi Housing Scheme’ along with developing 4 intersections. More than 30 thousand residents will benefit from the project, which will reduce traffic congestion and enhance the efficiency of the intersections.

The second agreement is basically an amendment to the previous one signed between the two sides on 24th March 2014, on the financing of the project for the establishment of the Long Stay Care Centre, Muharraq, raising the amount of funding for the project by US$10.6 million to a total value of US$47.6 million. With a capacity of 100 beds, the project involves the construction of a fully equipped health centre for long-term conditions.




Expat dies after suicide attempt

Expat dies after suicide attempt

A 28-year-old expatriate passed away at Salmaniya Medical Complex yesterday after being admitted there following a suicide attempt two days ago. The deceased, Sachin, hailing from the Indian state of Kerala had arrived in the Kingdom only a month ago to work as a salesman. Sources said he swallow

Asian ‘drugged people in attempt to rob them’

Asian ‘drugged people in attempt to rob them’

An Asian man attempted to drug travellers in an effort to steal their belongings, it was revealed. According to a statement issued by the Bahrain National Airport Police Station, the accused, who visited the Kingdom for transit, drugged hot drinks, which he offered to the travellers at the airpor

Rare diseases awareness campaign launched

Rare diseases awareness campaign launched

  For the seventh consecutive year, Al Jawhara Centre for Molecular Medicine, affiliated to the Arabian Gulf University (AGU), is launching a national awareness campaign on rare diseases.   This is in conjunction with World Rare Disease Day to be observed on February 2

Kidnappers’ jail term upheld

Kidnappers’ jail term upheld

The High Criminal Appeals Court has upheld the sentences issued against 10 men convicted of kidnapping a man and forcing him to confess that he was a police informer. The defendants are said to have been abducted from Buri village. They allegedly pushed him inside their car after telling him that

Innovation fest Unbound returns to the Kingdom

Innovation fest Unbound returns to the Kingdom

World-renowned innovation festival Unbound will return to Bahrain on March 6 and 7 to showcase some of the most inventive brands, start-ups, and government initiatives seen in Bahrain and across the Middle East and North Africa (MENA). Expecting to double in size from last year, Unbound Bahrain m

Lending a helping hand

Lending a helping hand

The Bahrain Red Crescent Society (BRCS) has intensified its humanitarian efforts to help refugees in winter through distributing winter aid to around 350 refugee families from Syria residing in North Lebanon camps. The aid included winter essentials, such as blankets, clothes, heaters and food pa

Egypt hangs nine

Egypt hangs nine

Egypt hanged nine men yesterday for the 2015 assassination of the prosecutor general, judicial sources said, bringing to 15 the number of executions it has carried out this month. Hisham Barakat was killed in June 2015 when a car bomb struck his convoy in Cairo following militant calls for attack

Saudi orders release of 850 Indian prisoners

Saudi orders release of 850 Indian prisoners

Coinciding with the visit of Crown Prince Mohammed bin Salman to India, Saudi Arabia yesterday ordered release of 850 Indian prisoners lodged in its jails. External Affairs Ministry spokesperson Raveesh Kumar said the decision was taken on the request of Prime Minister Narendra Modi. “Anoth


Khloe breaks up with Tristan

Khloe breaks up with Tristan

American reality star Khloe Kardashian has called it quits with NBA player Tristan Thompson, just 10 months after the two welcomed their daughter. E! News confirmed recently that the couple has split up. This comes right around the sam

Palladium tops $1,500

Palladium tops $1,500

Precious metal palladium yesterday reached above $1,500 per ounce for the first time in trading thanks to supply deficit worries, according to analysts. Palladium hit $1,504.52 per ounce from $1,480.15 late on Tuesday. It later yesterd

ABG reports profit of US $129 million

ABG reports profit of US $129 million

Al Baraka Banking Group (ABG) reported increases in income, with a 4 per cent increase in net operating income, a 5pc rise in total net income, as net income attributable of shareholders remained unchanged compared to the year 2017. Th