Wego to work with Bahrain Tourism and Exhibitions Authority

Wego, the travel app and the online travel marketplace, has partnered with Bahrain Tourism and Exhibitions Authority (BTEA) to spotlight the Kingdom of Bahrain as a premier travel destination, highlighting its unique cultural heritage, top attractions, and tourism innovations to global travellers. This partnership comes as Bahrain is investing in its tourism infrastructure with the launch of new luxury resorts, event venues, and expanded cultural festivals.

Bahrain, known as the Pearl of the Gulf, is an archipelago offering history, luxury, and modernity. Wego will leverage its platform to highlight Bahrain's landmarks, including the UNESCO-listed Qal'at al-Bahrain (قلعة البحرين, Bahrain Fort), the Bab Al Bahrain Souq (باب البحرين), the Al Dar Islands (الجزر الدار), and the world-famous Bahrain International Circuit, home of Formula 1 racing.

Source: Wego. View of Bahrain.

Mamoun Hmidan, Chief Business Officer at Wego said: "We are thrilled to collaborate with the Bahrain Tourism and Exhibitions Authority to showcase the Kingdom's unique offerings to our global audience. Bahrain is a treasure trove of cultural, natural, and modern attractions, and through this partnership, we aim to inspire travellers to explore this dynamic destination."

Travellers will also be introduced to Bahrain's tourism initiatives, such as virtual tours and smart city solutions enhancing visitor convenience. Additionally, Bahrain's commitment to ecotourism is evident in its focus on preserving natural habitats like the unique Hawar Islands (جزر حوار) and offering experiences such as pearl diving and marine conservation tours.

Maryam Toorani Director, Marketing and Promotion at Bahrain Tourism and Exhibitions Authority added: "This partnership with Wego allows us to reach thousands of travellers and highlight Bahrain as a must-visit destination. From its historical landmarks to its forward-thinking tourism innovations, Bahrain has something to offer every type of traveller."

1442 has arrived

The Omani Ministry of Awqaf and Religious Affairs has announced that 21 August 2020, is the first day of the Islamic new year 1442.

The Oman News Agency reported that the new moon marking the month of Muharram had not been sighted on the 19th, making 20 August the last day of the month Dhulhijjah, and the last day of the year 1441.

The Saudi Press Agency reported that 20 August was 1 Muharram, 1442 in KSA according to the Umm Al-Qura calendar as the crescent for Muharram had been sighted on the 19th.

The Bahrain News Agency announced on the 19th that in line with directives from HM King Hamad bin Isa Al Khalifa, the Royal Court of Bahrain will start distributing the annual donation marking 1442. This will be done through the Sunni and Jafari Endowments Directorates to charities and Hussaini community centres.

Salam Air flies to Bahrain now

Source: Salam Air Facebook. Announcing Bahrain flights.

Muscat, Oman to Bahrain for RO39.That's what Salam Air, Oman's low-cost carrier, will be charging for flights between Oman and Bahrain.

There will be flights thrice a week starting from November 14, on Tuesdays, Thursdays and Saturdays.

Flights from Muscat to Bahrain leave 7.05pm and arrive 7.50pm. Flights from Bahrain to Muscat leave 8.35pm and arrive 11.10pm. Oman is one hour ahead of Bahrain.

The airline started flying to Abu Dhabi in the UAE only in September. Salam Air launched in 2016 and also flies to Dubai in UAE, Doha in Qatar, Jeddah and Riyadh, KSA, and Kuwait, as well as to Iran, and South Asian destinations. The airline also operates domestic routes to Muscat, Salalah, and Sohar within Oman.

Details:

Book at salamair.com or call +968 2427 2222.

Hashtags: #SalamAir

AM Best analyses Solidarity Bahrain

AM Best has affirmed the financial strength rating (FSR) of B++ (good) and the long-term issuer credit rating (ICR) of “bbb” for Solidarity Bahrain.The outlook of the FSR is stable, while the outlook of the long-term ICR is positive, the ratings agency said.

The ratings reflect Solidarity Bahrain’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also factor in rating enhancement, reflecting Solidarity Bahrain’s strategic importance to its ultimate parent company, Solidarity Group Holding, a provider of Islamic insurance solutions in Bahrain and Jordan.

The positive outlook reflects the potential benefits of an enhanced business profile for the Solidarity group following the integration of Al Ahlia Insurance Company (AAIC) into its operations.

AM Best expects Solidarity Bahrain’s operating performance to remain adequate, benefitting from corrective actions taken by management to improve the profitability of AAIC’s legacy operations through strengthened underwriting practices and more stringent risk selection. Furthermore, de-risking of Solidarity Bahrain’s investment portfolio is expected to result in greater earnings stability over the medium term.

Solidarity Bahrain was formed following the merger between AAIC and Solidarity General Takaful  on 3 December 2017, creating a leading insurer in the Bahraini insurance market by gross written contribution. However, Solidarity Bahrain’s business profile remains limited by its concentration in Bahrain’s insurance market, which is relatively small and highly competitive, AM Best said.

Details:

Read AM Best's financial strength rating guide (PDF)

August Sukuk Al-Salam 100% subscribed in Bahrain

The Central Bank of Bahrain (CBB) has announced that the monthly issue of the Sukuk Al-Salam Islamic securities were fully subscribed at 100%. This is issue 208 (BH00012B7P87) of the short-term Sukuk Al-Salam series.

Subscriptions worth BD43 million were received for the issue, which carries a maturity of 91 days. The expected return on the issue, which begins on 22 August 2018 and matures on 21 November 2018, is 4.02% compared to 3.94% for the previous issue on 18 July 2018.

Sukuk Al-Salam are issued by the CBB on behalf of the Bahrain government.

The Ritz-Carlton, Bahrain launches Eid al-Fitr offerings

Source: The Ritz-Carlton, Bahrain website. Building facade.

The Ritz-Carlton, Bahrain gears up for a weekend of special events celebrating the Eid al-Fitr holiday, June 14 to 17.

The new 2 Together holiday package offers up to 15% savings, use of The Royal Beach Club facilities, including a private beach with wraparound lagoon, use of the outdoor and indoor pools, and daily wellness classes. Children will also enjoy daily fun at Ritz Kids, offering activities from sandcastle building and crab hunting to art and crafts from 9 am to 6 pm. The overnight package starts at BHD136++, and is available for bookings on Deluxe, Club, Suites and Villas.

Resuming on the second day of Eid al-Fitr is the seasonal grand buffet brunch at the La Med restaurant. The feast includes musical entertainment and spreads of brunch favourites, along with freshly-made baked items, braised meats, seafood dishes, traditional Arabic dishes and mezzes.

The Ritz-Carlton also offers an Eid-weekend treatment at The Ritz-Carlton Spa, including a full-body Vitamin C exfoliation and mask, which follows a nourishing hair mask and full-body relaxation massage.

Over at The Ritz Gourmet Lounge, Executive Pastry Chef Jonathan Challenor and his team have whipped up a new Eid cake. Available in the shape of a half-moon or in a rounded version, the almond sponge cake incorporates rose water, saffron, raspberry compote and white chocolate, and is topped with festive decorations to reflect the Eid Al-Fitr holiday.

The 245-room five-star city resort features 31 suites and 42 Club Level rooms as well as 23 seafront villas, each with three bedrooms, a private infinity pool, private beach access and 24-hour butler service. The resort also features more than 18,000 sq m of indoor and outdoor event spaces.

Seven restaurants are available: Cantina Kahlo (Mexican), Nirvana (Indian), Plums (steakhouse), La Plage (beach cafe), Thai (Asian fusion and sushi), La Med (Mediterranean) and Primavera (Italian). For leisurely dining moments or for afternoon tea, The Lobby Lounge and the Ritz Gourmet Lounge offer guests àla carte café and dessert options, while both Burlington Club and Kahlo Club entertain a more sophisticated ambience.
Details:

The Ritz-Carlton, Bahrain is located in the Al Seef district in Manama, Bahrain. For additional information, or to reserve a stay, call 800 00 995 in Bahrain or +973 1758 0000 internationally.
Make dining reservations, including for the Eid Brunch at La Med through +973 1758 6499.

Hashtag: #RCMemories

Sukuk Al-Salam fully subscribed in Bahrain

The Central Bank of Bahrain (CBB) has announced that issue No.205 (BH00074U7R28) of the Sukuk Al-Salam Islamic securities was fully subscribed.

Subscriptions worth BD43 million were received for the ssue, which carries a maturity of 91 days.

The expected return on the issue, which begins on 23 May 2018 and matures on 22 August 2018, is 3.4% compared to 3.32% for the previous issue on 18 April 2018.

Earlier in May, the CBB announced that issue No.153 (BH000275W671) of the short-term Islamic leasing bonds, Sukuk Al-Ijara, were subscribed by 100%.

Subscriptions worth BD26 million were received for the issue, which matures in 182 days.

The expected return on the issue, which began on 10 May and matures on 8 November 2018, is 3.61% compared to 3.6% for the previous issue on 12 April 2018.

Sukuk Al-Ijara and Sukuk Al-Salam are issued by the CBB on behalf of the government of Bahrain.

Bahrain Royal Charity Organisation and Bahrain Flour Mills donate Ramadhan baskets to needy

The Bahrain Royal Charity Organisation (RCO), in collaboration with the Bahrain Flour Mills Company, has distributed Ramadhan baskets to the beneficiaries of its services to ease expenses ahead of Ramadhan, the Bahrain News Agency has reported.

RCO Secretary General Mustafa Al-Sayed said the move is in line with the RCO’s commitment to provide comprehensive care for citizens. The RCO is keen to support needy families on various occasions, chiefly in Ramadhan. 

The Bahrain Flour Mills Company has partnered the RCO for many years in the project.

Gulf Air adds Dreamliner to Jeddah route

Source: Gulf Air. Bahrain's national carrier launches state-of-the-art Boeing 787-9 Dreamliner on Jeddah, KSA route.

Gulf Air, the national carrier of Bahrain, has launched its new Boeing 787-9 Dreamliner on the airline’s Jeddah, KSA route. Gulf Air’s Boeing 787-9 Dreamliner will service a number of regional routes over the coming weeks, including Jeddah and Dubai, UAE.

Gulf Air CEO Krešimir Kučko commented: “Gulf Air’s Boeing 787-9 Dreamliner service to and from Jeddah over the coming weeks will give our Saudi-based travellers the chance to experience our new and enhanced offering, which is in addition to Gulf Air’s attractive flight schedule, flexible and convenient travel proposition. The coming weeks will see us expanding further in the kingdom of Saudi Arabia with new routes to the cities of Abha and Tabuk, from 15 June 2018 which will complement our current service to Dammam, Riyadh, Madinah Al Munawarah, Jeddah and Gassim.

"Having served the kingdom of Saudi Arabia since 1950 Gulf Air recognises this is a critical market and accordingly we are delighted to provide superior travel solutions that cater to the travel needs of our Saudi passengers.”

Gulf Air’s Boeing 787-9 Dreamliners will offer 282 seats in a two-class configuration, with 26 Falcon Gold Class seats and 256 Economy Class seats – a 32% increase in capacity on the airline’s previous wide body offering. The new aircraft will facilitate the national carrier’s expansion plans to eight new routes this year, while maintaining one of the youngest fleets in the region, building upon its award-winning reliability, on time performance and product and service standards.

In 2018, Gulf Air’s network will serve 49 cities in 26 countries. Gulf Air is committed to being an industry leader, continually enhancing its services and tailoring a product offering that best fits its passengers’ needs.

IIRA now a licensed credit rating agency in Oman

The Capital Market Authority (CMA) of Oman has authorised the Islamic International Rating Agency (IIRA) as an official credit rating agency.

IIRA intends to strengthen the financial sector and promote the sukuk market locally, applying the same rigourous rating standards derived from its rating methodologies.

IIRA is also recognised as an external credit assessment institution (ECM) by the Central Bank of Bahrain (CBB), Banking Regulation and Supervision Agency (BRSA), Turkey and the Central Bank of Jordan (CBJ). IIRA has been also recognised as external credit rating agency (ECRA) by the Astana Financial Services Authority (AFSA), Kazakhstan.

Founded by the Islamic Development Bank in 2002, the Bahrain-based Islamic International Rating Agency assigns ratings to institutions in several countries and provides regular sovereign tating coverage to countries including Turkey, Bahrain and Malaysia.

Bahrain issues US$1 billion seven-year sukuk tranche

On 28 March 2018, Bahrain successfully priced an international US$1 billion sukuk offering. 

The financing exercise forms part of the kingdom’s prudent approach in managing its funding requirements. The transaction received strong global investor interest, with the order book peaking at around US$2.1 billion (2.1x of the total amount raised) from more than 100 investors.

Based on investor feedback, Bahrain elected to pursue the optimal cost-efficient debt capital markets format, issuing a single tranche sukuk offering with a yield of 6.875% that matures October 2025. The offering attracted a globally diversified order book from both Islamic and conventional investors, with 59% of the notes distributed in MENA, 16% in Europe, 14% in UK, 9% in the US and 2% into Asia. Distribution by investor type comprised 63% of banks/private banks, 33% of fund managers, 3% of pensions and insurance, and 1% classed as "others".

“Bahrain has fostered a long-term relationship with debt capital markets investors, and we are pleased to see strong appetite to the transaction despite the volatile market conditions,” said Salman Al-Khalifa, Executive Director of Banking Operations at the Central Bank of Bahrain.

The kingdom is expected to raise funds through other sources of financing, including local debt capital markets and potentially could seek to come back to the international debt capital markets at a later stage in 2018.

Bahrain's Al-Salam and Al-Ijara sukuk both 100% subscribed

The Central Bank of Bahrain (CBB) has announced that the monthly issue of the Sukuk Al-Salam Islamic securities has been fully subscribed. Subscriptions worth BD43 million were received for the BD43 million issue, which carries a maturity of 91 days.

The expected return on the issue, which begins on 21 March 2018 and matures on 20 June 2018, is 3.17% compared to 3.13% for the previous month's issue on 21 February 2018.

The monthly issue of the short-term Islamic leasing bonds Sukuk Al-Ijara, have also seen 100% subscription, CBB said. Subscriptions worth BD26 million were received for the BD26 million issue, which carries a maturity of 182 days.

The expected return on the issue, which begins on 15 March 2018 and matures on 13 September 2018, is 3.39% compared to 3.27% for the previous issue on 8 February 2018.

Sukuk Al-Salam and Sukuk Al-Ijara are issued by the CBB on behalf of the government of Bahrain. 

Arcapita, Mumtalakat acquire NAS United Healthcare Services

- NAS is a GCC provider of outsourced health insurance processing services

- Most GCC governments have either implemented mandatory healthcare insurance coverage or plan to launch initiatives in the next two to three years

Arcapita, the global alternative investment firm, and Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of Bahrain, have partnered to acquire an approximately 90% stake in NAS United Healthcare Services (NAS), a leading GCC provider of outsourced health insurance processing services.

Established in 2002 in Abu Dhabi, NAS is a regional leader in the provision of third-party administrator (TPA) services to more than 40 health insurance and takaful companies in the Arabian Gulf (GCC) region. NAS provides its customers a comprehensive network of more than 7,200 healthcare providers across the GCC region, the Middle East and India, as well as a complete suite of outsourcing and state-of-the art IT solutions in the field of healthcare benefits administration. 

NAS services a pool of more than 500,000 insured members and processes in excess of 3 million medical claims per year. The market for outsourced medical claims management in the GCC region is expected to grow significantly as more countries are expected to introduce compulsory health insurance for their expatriate populations as well as higher healthcare spending resulting from the general improvement in the quality of healthcare treatments available in the region.

Atif A. Abdulmalik, Arcapita's CEO said, "The global wellness and healthcare sectors are core focus areas for us; Arcapita's management has made a number of successful investments in these sectors in the past. NAS is a regional market leader with a strong technology backbone and highly scalable business model. The company is well-positioned to take advantage of the growth in the market for outsourced medical claims management in the GCC region. The demand for quality services such as those provided by NAS is expected to grow in line with the growth of the healthcare insurance market in the GCC region. We are pleased to collaborate with Mumtalakat and look forward to growing NAS together."

Mahmood Hashem Alkooheji, Mumtalakat's CEO, added, "Global population trends indicate the importance of increased healthcare solutions and by extension, health insurance services. In fact, between 2015 and 2050, the proportion of the world's population aged over 60 years will nearly double from 12% to 22% and global annual healthcare spending is projected to rise at a rate of 6% per year, reaching US$10 trillion by 2020. 

"As a result, the majority of GCC governments have either implemented mandatory healthcare insurance coverage or plan to launch initiatives in the coming two to three years. For example, the government of Bahrain is working on rolling-out a new mandatory health insurance law for Bahrainis and expatriates in the next one to two years. We believe NAS has significant potential to expand into regional countries and secure large contracts and we are delighted to partner with Arcapita to invest in NAS."

This joint investment between Mumtalakat and Arcapita is in line with Mumtalakat's financial services and healthcare investment strategies. With a growing global demand for healthcare services, rising health insurance penetration and an ageing global population, this acquisition represents an important investment designed to support a reduction in personal healthcare costs and support universal health coverage, both of which are in line with the United Nations' Global Development Agenda.

Arcapita is a global shari'ah-compliant alternative investment manager, with offices in Bahrain and Singapore. Arcapita's principal lines of business are private equity and real estate, and its management has a 19-year track record of over 70 investments with total transaction value in excess of US$30 billion.

Medical team from Bahrain on standby in Makkah

Bahrain has deployed a dedicated medical team to serve pilgrims during the Hajj season for 2017, the Bahrain News Agency has reported.

Bahrain Haj Medical Committee Chairman Dr Ibrahim Obaid was cited as stressing the readiness of the Makkah, KSA-based delegation. “The 32-strong medical team is sparing no efforts to serve pilgrims, working as one team round the clock,” he stated in the report.

Etihad Holidays sets up operations in KSA, Kuwait, Oman and Bahrain

Etihad Holidays has launched operations in KSA, Kuwait, Oman and Bahrain to provide a wide choice of package holiday options to travellers in the four countries.

Launched in 2004, Etihad Holidays offers dynamically packaged holidays at exceptional rates at many of the world’s leading hotel brands. Guests can now book their flights with Etihad Airways and its partner airlines together with their hotel, rental car, transfers, tours and activities, with real time availability, at the best available prices.

The move follows the successful introduction of Etihad Airways’ holiday division in the UAE and India among other countries.

Darren Peisley, MD of Etihad Holidays’ parent Hala Group, said: “We continue our growth across the region, ensuring a new wave of customers have access to the great range of packages and hotels on offer through Etihad Holidays. We are excited to bring to residents of Saudi Arabia, Kuwait, Oman and Bahrain access to great rates for over 150 destinations around the world.”

The Etihad Airways Abu Dhabi Stopover Programme can be combined with any Etihad Holidays package, allowing guests to break their journey in Abu Dhabi, and take advantage of the special two-for-one night accommodation offers in the capital of the UAE.

Iftar and gabgha at the Le Meridien Bahrain City Centre

Le Méridien Bahrain City Centre offers live entertainment with iftar and gabgha this Ramadhan.

Source: Le Meridien Bahrain City Centre website. Ramadhan greeting featuring a lit lantern at sunset.

FURN Bistro

Live Arabic entertainment
Iftar buffet: Sunset to 8:30pm
Gabgha*: Ala carte from 9pm to 1am

Book for iftar

Nasmat

An outdoor area serving tea and coffee with shisha from sunset to midnight

Call +973 1717 1441 to book

Interested?

Le Méridien Bahrain City Centre
Sheikh Khalifa Bin Salman Highway
Al Seef, Manama
Bahrain

*Gabgha refers to evening activities and gatherings.

Gulf Air distributes iftar meals in Manama over Ramadhan

Source: Gulf Air. Gulf Air's workforce is distributing iftar meals in Manama.

Bahrain's national carrier Gulf Air has begun its annual Ramadhan iftar meal box distribution. Airline staff are helping ensure the safety of drivers on the road and facilitating the breaking of drivers' fasts by distributing iftar meal boxes at major traffic junctions in Manama, Bahrain prior to the maghrib prayer time.

The Ramadhan initiative, in its fourth year, is in line with Gulf Air’s commitment to delivering on a variety of corporate social responsibility initiatives throughout the year.

posted from Bloggeroid

Gulf International Bank supports Bahrain Down Syndrome Society

GIB, the Gulf’s international bank, has supported the Bahrain Down Syndrome Society (BDSS) on World Down Syndrome Day, March 21. 

A full-day public awareness event at Seef Mall in Seef, Bahrain was attended by children from the BDSS Care Centre, their families, the centre director Dr Mohammed Almannai along with some of the BDSS Board members and the centre’s staff, as well as GIB’s employees. The event included distribution of awareness leaflets to the public, interactive games and an information session.

GIB CEO Abdulaziz Al-Helaissi said: “We are honoured to support the Bahrain Down Syndrome Society. The society does wonderful work in assisting children with Down syndrome and their families. Their effort in promoting public awareness of the condition in the local community is commendable.”

This activity is in line with the bank’s corporate social responsibility programme, WAGIB, which is committed to supporting local communities in which it operates with a range of sustainable development programmes and local initiatives. WAGIB emphasises themes with long-term positive results in the fields of youth and career development, women’s empowerment, health awareness and economic development.

GIB is owned by the governments of the six Gulf Cooperation Council countries, with Saudi Arabia’s Public Investment Fund being the primary shareholder.

Islamic Development Bank finalises funding for new development projects in Middle East

The Board of Executive Directors of the Jeddah-based Islamic Development Bank (IsDB), in its 316th meeting, has approved funding of US$863 million for new financing development projects in a number of member countries, including the UAE, Bahrain, and Jordan. 

Financing approvals for the Middle East included: 

- US$170 million for the “non-sovereign project financing participation in the Dewa 800 MW Photo-voltaic Solar Power Plant – Phase III” in Dubai, UAE

- US$105 million for the “aluminum Bahrain BSC (Alba) 1,350 MW Power Plant (PS5) under Line 6 expansion project” in Bahrain 

- US$5 million for the “solar power plant – King Hussein Cancer Center expansion project” in Jordan 

The meeting also approved to a number of programmes, including a proposed three-year action plan (from 2017 to 2019) totalling US$16 billion. It further approved a US$5.2 billion budget for the new fiscal year 2017 and reviewed the major components of the IsDB President’s programme for the next five years. 

IIRA rates Bank ABC Islamic at A-/A2

Bahrain-based Islamic International Rating Agency (IIRA) has rated Bank ABC Islamic (ABCI) of Bahrain at A- /A2 (Single A Minus /A Two) on the international scale and at A+(bh) / A1(bh) (Single A Plus /A One) on the national scale, with a stable outlook. Corporate and shari'ah governance practices at ABCI continue to derive strength from regulatory guidance and strong self-regulatory infrastructure, with no departure from shari'ah guidance noted in the last three years, IIRA adds.

The ratings on ABCI primarily reflect the bank's ability to consistently improve its profitability and maintain its asset quality indicators amidst a tough macroeconomic environment in its core markets, particularly in the GCC. The bank has been able to build up its business portfolio without any new incidence of impairment over the last couple of years, IIRA notes. However, fiscal pressure in ABCI's core market economies has intensified due to subdued oil prices. A potential financial stress scenario in ABCI's key end markets could challenge the bank's future growth and income generation potential, the ratings agency says. 

On the plus side, the bank has sound capitalisation levels and adequate liquidity, especially with ABCI's increasing role in sukuk activities and investments. In addition, the bank's ratings are also driven by the ongoing financial and operational support from its parent Bank ABC Group in terms of providing a stable funding source and operational synergies, IIRA said. Bank ABC Group (Arab Banking Corporation) is one of the leading conventional wholesale banks in the MENA region with a diversified franchise spread across 17 locations globally.