Bahrain Financial News

Mumbai: Bahrain Steel, producer and global supplier of high-grade iron ore pellets, on Thursday said that it has signed a Letter of Intent (LoI) with Essar Group to supply 4 million tonne of DR-grade pellets per annum (mtpa) to Green Steel Arabia (GSA) project in Saudi Arabia. “Essar is looking at investing about $4.5 billion in setting up an integrated steel plant in Ras Al Khair, Saudi Arabia," said Naushad Ansari, country kead for Essar Group in KSA.

₹25.75 lakhs, according to officials. The gold was discovered to be concealed beneath the inner soles of the passenger's shoes. The incident involved a passenger traveling from Bahrain to Cochin, Kerala, as reported by officials.

Indigo crossed a significant milestone in its history by reaching 1,900 flights per day on its 17th anniversary. IndiGo's 17th anniversary is a testament to the unwavering support and trust our customers have placed in us, said Pieter Elbers, CEO of IndiGo. “These achievements over the years have been made possible by the unwavering dedication and professionalism of our 6E stars for which I would like to sincerely thank each and every one of them,” he added. The airline has come a long way from launching its inaugural flight in 2006 to etching its name in history on June 19 this year by bagging the largest order in aviation history of 500 A320 aircraft. The order solidified the company’s position as the airline with the biggest order in the industry. IndiGo had unveiled its first A321, a longer version of A320 aircrafts on December 27, 2018. Just a month before this deal, the airline had set a new record with the maximum number of 3 lac customers per day in May.

Mint has learnt. This would enable New Delhi to pitch its ‘India Stack’— digital solutions implemented at population-scale to deliver social benefits—to the developing world. New Delhi hopes that this in turn will make Indian platforms the benchmark for the global development of DPIs and cement its place as a key technology-partner amid a worldwide move toward digitalization.

General Pension and Social Security Authority (GPSSA) of the UAE has launched a unified campaign aimed at raising awareness on the insurance protection extension system for registered GCC or Gulf Cooperation Council nationals employed in the UAE. GCC is an economic alliance of six Gulf countries — Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and UAE.

Talabat has clarified after a video of a delivery rider went viral in the UAE. In the video, the delivery person as seen parking his bike on the side of a road and taking a bite from a food packet that appears to be a customer's order. A Talabat spokesperson told Khaleej Times that the event happened in Bahrain, not UAE.

Gulf central banks increased their key interest rates on Wednesday after the Federal Reserve raised rates by an expected quarter of a percentage point, citing still-elevated inflation as a rationale for the latest hike. The Fed raised its rate by 25 basis points (bps) on Wednesday and left the door open to another increase.

The Bahrain-headquartered Rain, backed by Coinbase, said its entity based in the Abu Dhabi Global Market financial freezone will now offer institutional clients and some retail clients in the UAE the ability to buy, sell and store virtual assets. Rain will also be able to open a bank account in the UAE, and allow clients in the country to fund their own accounts when using the local payment network, co-founder Yehia Badawy said in an interview on Tuesday. Local asset managers have been hesitant to work with crypto firms without a domestic licence, he continued, adding they will now feel more comfortable after it obtained regulatory approval.

The Abu Dhabi Global Market Financial Services Regulatory Authority has granted its Financial Services Permission for cryptocurrency firm Rain to offer brokerage and custody services to residents. 

COVID pandemic, but the virus continues to infect people in different parts of the world. A new case of MERS-CoV has been reported by the WHO in Abu Dhabi on Monday. According to the World Health Organisation, an adult in his twenties was diagnosed with potentially fatal Middle East Respidatory Syndrome Coronavirus (MERS-CoV) after he was admitted in hospital last month.

Cryptocurrency exchange Bitget is set to expand its operations to the Middle East, with plans to hire up to 60 new staff members in the region.

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Stage 16 of the Tour de France took place on Tuesday, covering a distance of 22.4 km from Passy to Combloux. It was an individual time trial for the men's elite category. The wind was blowing from the east at a speed of 3 km/h. The route and finish profiles were semi-mountainous. Here are the top finishers: Jonas Vingegaard from Denmark, riding for Jumbo — Visma, is first with a time of 32 minutes and 36 seconds. Tadej Pogacar from Slovenia, representing UAE Team Emirates, is at second, 1 minute and 38 seconds behind the leader. Wout van Aert from Belgium, riding for Jumbo — Visma, is in third position, with a time gap of 2 minutes and 51 seconds. Pello Bilbao from Spain, representing Bahrain Victorious, is fourth, 2 minutes and 55 seconds behind the leader. Simon Yates from Great Britain, riding for Team Jayco — AlUla, is in fifth position, with a time gap of 2 minutes and 58 seconds.

Ahead of Prime Minister Narendra Modi’s visit to the UAE later this week, India’s engagement with the Gulf Cooperation Council (GCC) has gained momentum as discussions on the Free Trade Agreement (FTA) between the two parties resume.

Gulf Cooperation Council have resumed talks for concluding a free trade agreement which is expected to bring new business opportunities for both sides, a top Indian official said on Wednesday as he expressed hope that the deal would soon become a reality. Secretary (Consular, Passport & Visa and Overseas Indian Affairs) in the Ministry of External Affairs Ausaf Sayeed also shared that India is in discussion with its bilateral partners with regard to alternate payment mechanisms like rupee trading and barter trading «especially under the new circumstances where most countries are facing challenges of foreign currency».

China’s fast expanding economic footprint across the Arab world, with a focus on opportunities in various sectors, including healthcare, retail and infrastructure. The sixth edition of the conference is also aimed at promoting a multidirectional flow of investment and facilitating investment in areas of new opportunities, officials said.

NEW DELHI : The leaders’ summit of the Shanghai Cooperation Organization (SCO) takes places on Tuesday under the chairmanship of India, with a likely push for inducting Iran and possibly Belarus as new members. Apart from Prime Minister Narendra Modi, the virtual summit is set to be attended by President Xi Jinping of China, Prime Minister Shehbaz Sharif of Pakistan, President Vladimir Putin of Russia and the leaders of a number of Central Asian countries. The previous summit took place in Samarkand, Uzbekistan, in September last year.

The founders of collapsed cryptocurrency hedge fund, Three Arrows Capital, have been living the high life in Bali after their company's failure last year. 

The Whampoa Group, a family office based in Singapore, will open a digital bank in Bahrain, the kingdom’s Economic Development Board said on May 18. The Group expects to open the bank by the end of the year and is aiming for a global client base.

Shawn Chan, CEO of Whampoa Group, comments: "We were impressed by Bahrain’s solid reputation in the financial services sector, transparent regulatory framework, and ongoing pledge to collaborate and innovate. We are committed to providing innovative digital financial solutions in line with global best practices and are confident that our digital bank will set a new benchmark for the industry.Bahrain was among the first Gulf Cooperation Council (GCC) countries to issue crypto-asset licenses.Khalid Humaidan, chief executive of the Bahrain Economic Development Board, says: "The establishment of these types of institutions are vital to further strengthening the existing digital assets industry.

Singapore-based investment firm Whampoa Group aims to open a digital bank in Bahrain to offer payment and settlement services for crypto firms.