- Iran to appeal seizure of 9/11 compensation money
- Oil producers meet on output cuts, possible rollover
- One killed, 14 wounded in Ohio nightclub shooting
- Cities and monuments switch off for Earth Hour
- Blasts kill six as Bangladesh commandos storm Islamist hideout
- Top honour for Gulf Hotel
- Barbar clinch handball title
- Federer, Wawrinka advance in Miami
- Innovative fabrics bark up Tokyo fashion tree
- GPIC exceeds targets
$489m Saudi fund for Bahrain
By: dt news , Posted on 20-Mar-2017
Manama : The Saudi government will grant $489 million to finance four major projects in the Kingdom of Bahrain. An agreement to this effect was signed by Bahrain government and Saudi Fund for Development yesterday.
Shaikh Ahmed bin Mohammed Al Khalifa, Minister of Finance, and Yousif bin Ebrahim Al Bassam, Vice President and Board Member of the Saudi Fund signed the agreement. The Ministers of Electricity & Water, Works, Municipalities Affairs & Urban Planning, and Housing also attended the ceremony.
The financial assistance is primarily to fund four major projects.
They are: the $ 70-million housing project to construct 582 housing units in Wadi Al Sail and Galali; the $284-million road project to construct four roads; the $91-million electricity and water projects; and King Abdulla Medical City infrastructure works worth $ 44 million.
The signing marks the launch of (Phase III) of the $2.5 billion Saudi grant within the Gulf Development Programme. The signing is an expression of the strong and historical bonds that unite the two countries, said Shaikh Ahmed bin Mohammed Al Khalifa after signing the deal.
Housing, road network set to improve
The minister said the Gulf Development Programme is a clear demonstration of the economic aspect of the joint co-operation between the GCC member states.
He highlighted the advantages of the projects to be financed, such as improving the quality of housing services, reducing traffic congestion, enhancing the efficiency of road network, and a significant development of infrastructure.
The finance minister also expressed his gratitude for the endless support extended to the development process in Bahrain by His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness the Prime Minster Prince Khalifa bin Salman Al Khalifa, and His Royal Highness Prince Salman bin Hamad Al-Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier.
The Fund Vice President said that Phase III represents a successful continuation of the achievements reached during the two previous phases. He also highlighted the contribution of the Gulf Development Programme in providing high quality services to the Bahraini citizens, and stressed that the projects accomplished so far demonstrate the success of this ambitious scheme.
The signing was attended by Aref S. Khamis, MOF Undersecretary and several MOF and Saudi Fund officials. The Saudi Ambassador to Bahrain, Dr. Abdullah bin Abdulmalik Al-Shaik also attended the function.
Manama : With an aim to curb the menace of illegal sale of second-hand cars in the Kingdom, the Capital Municipal Council has decided to open an auto auction centre here.The foundation stone for the centre will be laid in Tubli within the next 18 months, authorities stated yesterday.The auto auction centre...Read More
Manama : The new Isa Town School for Boys is all set to open for the new academic year 2017-18.Education Minister Dr Majid Al Nuaimi announced the inauguration as he visited Isa Town School for Boys, where he met the administrative staff.He was briefed on preparations being undertaken by the authorities to raze...Read More
Manama : Despite orders from Iranian courts, the 30-odd Indian fishermen, who were detained by Iranian cost guards in October 2016, were not as yet released by the Iran port officials, reports said yesterday. They are still languishing in their seized boats, moored somewhere in the port vicinity, said the...Read More
Manama : The bizarre case of two Indian nationals who got their passports stamped with other people’s details on visa pages was solved in two days.Jithin Kumar and Sumith were the passport holders who had wrong details stamped on their passports.Kumar had details of another Indian national pasted on to his...Read More
Manama : The Ministry of Health’s (MoH) decision to hike cigarette licence fees has negatively affected the small and medium businesses in the Kingdom. In the past, MoH had charged only BD25 for small and BD50 for medium businesses as fees for selling cigarettes. But the new rules of the MoH have made it...Read More
Manama : More than 150 driving instructors were issued licenses in the past two years in a bid to enhance the driving learning process in Bahrain, Captain Khalid Bugais, Legal Affairs Head at the General Directorate of Traffic, has said. The number of Bahraini instructors at the country’s only driving school in...Read More
Manama : Bahraini parliamentarians are “crippled” as they are unaware of the financial status of the country, an MP claimed yesterday. Demanding Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa to “open-up” about the economic and financial challenges the Kingdom is witnessing, MP Isa Al Kooheji called...Read More
Manama : A legislator’s comments on Bahrain’s diplomacy in the global arena as “weak” and “helpless”, sparked a heated debate in the House of Representatives’ weekly meeting yesterday. While discussing a proposal to establish more embassies in different countries,...Read More
Manama : The Representatives Council yesterday held a coordination meeting under the chairmanship of MP Abdulrahman Bumjid to discuss the visit of the Bahraini-French Friendship Society delegation from the French National Assembly, led by Secretary General of the Friendship Group and Mayor of Altkirch MP...Read More
Manama: The United Arab Emirates has summoned the Swiss ambassador over remarks made by Switzerland to the UN over the human rights situation in Bahrain. Dr. Abdul Rahim Al Awadhi, UAE Assistant Minister of Foreign Affairs and International Co-operation for Legal Affairs, summoned Maya Tissafi, Ambassador of...Read More