Arabian Countries with recent economic Activity:

Bahrain | Kuwait | Oman | Qatar | Saudi Arabia | UAE | Other Arab Countries

Bahrain
 
Bahrain progressed cautiously in spite of most of the banks and companies coming out with very satisfactory financial results this month
 
Ithmaar Bank enjoyed a five-fold leap in profits from the USD37.6m earned the previous year while Arab Banking Corporation, Bahrain Saudi Bank, International Investment Bank, Khaleeji Commercial Bank and United Gulf Bank also displayed a success story for 2006.
 
One major highlight was from Aldar Properties which sold the world's third-largest Islamic bond after raising its value by almost 70% to USD2.2b to meet the demands.
 
Celebrating its 25th anniversary Bahrain Telecommunications Company signed a MOU for the development of Satellite Services in the Middle East and North African regions with SpeedCast and also rest aside information about the company reducing its manpower by sacking 400 employees.
 
Most of the industries in the country were moderately active. There were some awards too. HSBC Amanah has been named Best International Islamic Bank, the Best Sukuk House and Best Project Finance House by Euromoney Magazine in its 2007 Islamic Finance Awards.
 
While Al Salam Bank established paid-up capital of BD120m for new real-estate company which will promote a number of property development projects in Bahrain, Albaraka Banking Group plans to list itself on the European or Far East bourse and Gulf Finance House approved a dividend payout of USD159.5m for the fiscal year 2006, which is 75% of the par value of the paid-up capital.
 
Among the significant investments were; Gulf One Investment Bank signing a joint venture with the Gulf Organization for Industrial Consulting to develop and finance three main industrial development projects; International Investment Bank investing USD105m in a portfolio of real estate properties in France’s two largest cities; Bahrain Financial Harbour Holding receiving a final go-ahead for the reclamation and the complete upgrading of the existing North Manama Dhow Harbour.
 And, some investment firms were given licenses. On the other hand airways recorded considerable rise in passengers.

The month of February was predominantly a safe-playing outlook throughout for all the industries in Bahrain. And, none of them suffered any loss either. This could be a solid foundation on which more can be expected from this country in the coming months.