Currently under implementation, the project will see five megawatts (MW) of electricity being generated through solar power, reported the Gulf Daily News, our sister publication.

The project is a collaboration involving the National Oil and Gas Authority, Bapco, the Electricity and Water Authority and the University of Bahrain.

A technical team has been assigned to manage and implement the project.

A $25,000 engineering, procurement and construction contract was awarded to US-firm Petra Solar.

The contract entails engineering design, provision of all materials and equipment, as well as the construction and installation of solar energy systems.

Bapco’s technical team has contributed to the project in a big way by preparing engineering and technical specifications, reviewing all engineering designs and overseeing the implementation of the project in Awali, the refinery and the University of Bahrain, where a solar field was created with a capacity of 500 kilowatts.

Besides being a demonstrator in the drive to generate clean energy, the project will contribute to the creation of renewable energy industries in the foreseeable future, which will in turn contribute to the creation of jobs and new industries in the market and to the reduction of national expenditure on energy.

The project demonstrates Bahrain’s commitment to solve the challenges of energy security, climate change, and economic development through global partnerships and collaboration.

The kingdom is the first in the Gulf to implement a project of this kind, demonstrating a serious commitment to long-term solutions.

Source: TradeArabia News Service

e-Government Authority (eGA) chief executive Mohammed Al Qaed revealed the figure after opening the sixth Bahrain International e-Government Forum and Exhibition, according to a report in the Gulf Daily News, our sister publication.

More than 800 delegates from around the world are attending the three-day event, taking place at the Ritz-Carlton Bahrain Hotel and Spa.

Al Qaed also announced the launch of an e-services search engine which he said would be a “major addition” to eGA services.

“Such a search engine would normally cost around $1 million (BD377,000) to build and set up and take six months but we have done it in-house in two months,” he said.

Deputy Prime Minister and Supreme Committee for Information and Communication Technology chairman Shaikh Mohammed bin Mubarak Al Khalifa said Bahrain’s expertise in e-Government has been recognised around the world.

“We have had this forum for the sixth year in a row and have attracted the maximum number of 800 delegates this year,” he said.

“This shows the popularity of the event, which is seen as a chance by experts in the field to gain from the experience of participants.”

Shaikh Mohammed also inaugurated the Bahrain IT Expo and honoured recipients of the e-Government Excellence Awards.

Information technology expert from the US Robert Tercek, who is one of the creators of interactive entertainment content in the area of television, telecommunications and software, spoke at the event.

It has been organised by the eGA in collaboration with Bahrain Internet Society and Project Management Institute – Arabian Gulf Chapter.

Source:  TradeArabia News Service

Being developed by Ithmaar Development Company (IDC) at a cost of $1.6 billion, the mixed-use project is coming up on a 125-hectare man-made island off Muharraq.

Health and wellness is the anchor theme of Dilmunia with precincts dedicated for residential, commercial, hospitality and leisure areas.

Shaikh Khalid unveiled a commemorative sculpture to mark the formal start of the first phase of infrastructure work on Dilmunia at Bahrain.

He said the positive indices witnessed by the real estate sector in the kingdom – including the inauguration of new mega projects – reflect investors’ confidence in the sector.

It testifies the soundness of the government’s approach and its effectiveness in encouraging the private sector to take initiative and establish itself as a partner in enhancing the real estate industry, providing housing solutions and pushing economic growth forward.

Describing the real estate industry as an important pioneering sector, Shaikh Khalid said the government is interested in creating all the required conditions for the sector to thrive and attract more domestic and foreign capitals and investments so as to strengthen the national economy.

He added that the government’s efforts to enhance urban development will continue through the setting up of infrastructure projects and provision of basic services. This will motivate investors to start new projects that back the government’s plans to provide housing solutions and meet the needs of all social segments.

He pledged that urban development in the kingdom will continue with more projects to be set up in the future, which will consolidate the comprehensive renaissance process in the country.

“The government is making tremendous efforts to develop mechanisms and solutions to support real estate developers, so as to enable them to overcome the difficulties they have gone through over the past period,” Shaikh Khalid added.

The first phase of the project will see highways, roads and a distributor bridge crossing on top of Dilmunia’s Grand Canal which is being built, landscaping, and installation of power, water, sewerage, drainage and telecommunications networks.

The contract, valued at $22.5million, has been awarded to Cebarco Bahrain and will take 24 months to completion.

The contractor will be working closely with infrastructure designers Mott MacDonald and cost consultants DG Jones & Partners to deliver the services.

Dilmunia aims to tap into the fast-growing health and wellness industry, which, as reported by Deloitte Centre for Health Solutions, is estimated to have exceeded $100bn globally by the end of 2012.

In addition to this, Dilmunia’s location in close proximity to Bahrain International Airport, and its easy access to Saudi Arabia via the King Fahad Causeway, gives it further appeal to international investors.

The ceremony was attended by ministers, senior government officials, IDC and Ithmaar Bank executives, project partners, high net worth individuals and both current and potential investors.

IDC is a wholly owned subsidiary of Ithmaar Bank and acts as its developer and manager of major real estate projects spanning residential, commercial, hospitality, wellness/healthcare facilities, and infrastructure sub-sectors.

Source:  Gulf Daily News.

To start with, the MoU formalises an understanding between both parties to explore co-operation including research, development and production.

Focusing on 5-aminolaevulinic acid (5-ALA), SBI Pharmaceuticals develops pharmaceutical, cosmetic and health food products that contain the acid as the main active ingredient. Applications of 5-ALA include food supplements, cosmetics, cancer detection, diagnoses and screening, prevention and treatment of metabolic disorders and agricultural purposes.

The signing of the agreement took place during the ongoing visit to Japan by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander, First Deputy Prime Minister and the Economic Development Board chairman.

“We adopt a sector-focussed approach to investment, built on value creation initiatives that we believe will contribute to the sustainable development of the Bahraini economy,” Mumtalakat chief executive Mahmood Al Kooheji said.

“This MoU is in line with our new strategic direction that focuses primarily on Bahrain, and supports our plans to develop new projects in existing and new sectors in the kingdom.”

He added, “Mumtalakat is the partner of choice for companies looking to do business in Bahrain and the wider GCC region. We look forward to exploring these areas of potential collaboration with SBI, and look forward to raising Bahrain’s professional expertise and manufacturing capacity in this rapidly growing sector.”

“We are greatly pleased to work with Mumtalakat and other governmental, academic and business partners in Bahrain for this innovative project,” SBI chief executive Yoshitaka Kitao said.

“The 5-ALA project will benefit Bahrain and the GCC by fulfilling unmet preventive and therapeutic needs. “It will also lead to the creation of high-skilled jobs, help develop the country’s research capabilities, attract investment from international pharmaceutical and medical industry and reduce the medical expenditure of the government.

Source:  Gulf Daily News.

The Muharraq Municipal Council approved new designs for the Muharraq Grand Garden after it drastically changed the original blueprint and cut its budget, reported the Gulf Daily News (GDN), our sister publication..

It backed a decision by Municipalities and Urban Planning Affairs Minister Dr Juma Al Ka’abi to scrap the inclusion of furnished apartments and spa suites and reduce the number of commercial outlets, which saved BD6 million from the original cost.

The contract is set to be signed later this month after Bahraini investor Faoud Shuwaitar agreed to pay six per cent of the project’s value as a guarantee of implementation.

Located near Bahrain International Airport, the park will include Bahrain’s first full-size ice arena, which will cost BD4 million, an aquarium and aquamarine centre, a major karting track and spectacular amusement rides.

It has an area of 93,000 sq m, which will also include large green areas, restaurants, a fitness club and gym, an elderly centre and family resting areas.

It will also feature a commercial complex on the side of the airport which will be leased to airlines, car rental companies and cargo providers, and will include a business centre, banks and insurance offices.

The Bahraini investor signed an initial contract with the ministry last August, but councillors threatened to have it revoked unless modifications to the designs were carried out.

However, councillors later made a U-turn and agreed to give the project the go-ahead at the end of last year.

“It is true that we fought hard to get the furnished apartments and spa suites in, but we managed to convince him (investor) otherwise after resistance from Muharraq residents and besides that he has agreed to reduce commercialisation to allow more family facilities in,” said council chairman Abdulnasser Al Mahmeed.

“Since all our demands were fulfilled we completed procedures for the project to proceed with the ministry and we are awaiting the contract ceremony.”

Muharraq Muni-cipality director-general Saleh Al Fadhala said the contract was already drawn up, but they were waiting for a date to be set for the agreement to be signed with the investor.

“The minister has already accepted the deal between the council and the investor and now it just awaits to be inked,” he said.

Shuwaitar told the GDN the designs were changed after he received objection from councillors.

“I wanted to turn the place into a proper tourist facility, but there were concerns so I respected them and made changes,” he said. “This dropped the amount from BD24 million to BD18 million.”

The park was originally going to be turned into a “miniature Disneyland”, but the plan was scrapped three years ago.

Councillors later tried to revive it but the then Kuwaiti investor faced financial difficulties and had the project withdrawn from him.

Source: Trade Arabia

The figures were released by the Central Bank of Bahrain on Wednesday.

According to Ernst and Young’s ‘World Islamic Banking Competitiveness Report 2013′ released last year on the sidelines of the World Islamic Banking Conference, the Kingdom’s Islamic asset market share amounted to 26.9 per cent with $13 billion assets.

The global Islamic banking assets are poised to cross $1.8 trillion next year, up from $1.3 trillion last year, the E&Y had forecast in its report.

The CBB in 2008 had reported that the total assets for the Islamic banking industry stood at $15.9 billion.

Source:  Trade Arabia

The company expects to garner a substantial share of the growing market with its vehicles priced 10 to 20 per cent cheaper than those of competitors, officials said during a launch event at the Royal Golf Club, Riffa.

A A Bin Hindi brand manager John Joseph said Higer has established a strong market presence the world over, and ranks among the top three brands in China’s bus industry.

“Higer shipped close to 5,000 units to the GCC region last year and the number is expected to go up this year.

“Reliable and safe, Higer also finds favour with both drivers and passengers because of its driver-friendly and passenger-comfort features.

“Higer is also an excellent deal from the perspective of being an affordable and low maintenance bus,” he added.

Established in 1998 in China’s Singapore-Suzhou Industrial Park, Higer quickly became the fastest growing bus company in China’s industry.

Awarded the ‘National Vehicle Export Base Enterprise’, ‘Class A Exporter’, and ‘Model Company of Management Advancement of Machinery’ in China, Higer is among the top 100 companies of the Chinese machinery industry. The manufacturer exports its products to 85 countries in South Asia, Middle East, Africa, Russia, East Europe and the Americas.

Source:  Gulf Daily News.

Opening the second day of the annual Euromoney Bahrain conference at the Ritz-Carlton Bahrain Hotel and Spa, chief executive of the sovereign wealth fund Mahmood Al Kooheji officially launched the new strategic direction which places renewed emphasis on development of the domestic asset portfolio.

The new direction is built on two strategic pillars with a focus on developing the existing portfolio of Mumtalakat, and new projects in existing and new sectors in Bahrain and the regional markets.

“Euromoney Bahrain is the perfect platform to tell the industry what we are doing, and how we are planning on doing it.

“The calibre of delegates, the topics covered and the focus of the event provide us with a captive audience composed of our key target stakeholders, allowing us to really drive our objectives home with them,” said Mr Al Kooheji.

The Mumtalakat CEO said a number of high growth potential sectors such as real estate, aluminium downstream, and tourism and events, had been earmarked for investment.

“We are also open to exploring international investment opportunities that benefit our portfolio and the Bahraini economy,” he said, adding, “though we will look at each on an individual basis and assess them according to their merits before making any final decisions.

“We believe that we are the partner of choice for companies and investors looking to tap into the growth markets of Bahrain and the wider GCC region, and welcome all opportunities in this regard.

“Though we are wholly owned by the government of Bahrain, we operate our business according to the highest international private sector standards, which has allowed us to achieve headway on a number of projects, a trend we will maintain going forward,” said Mr Al Kooheji.

Source:  Gulf Daily News.

Finance Minister and Minister in charge of Oil and Gas Affairs Shaikh Ahmed bin Mohammed Al Khalifa will inaugurate the project, the company’s deputy chief executive Ebrahim Talib told the GDN on the sidelines of the 18th Society of Petroleum Engineers Middle East Oil & Gas Show and Conference (MEOS 2013).

“The two STGs developed over the last two years have a capacity of 14 megawatts each and are now fully operational.

“The project marks a significant step towards improving the reliability and operability of the power generation system in the refinery and other facilities,” Mr Talib said.

“The project will result in significant maintainability improvement and hence cost savings, and most importantly will further enhance the safety within the power plant,” he said.

Another key project being developed is a wastewater treatment facility, with an investment of $120m.

“This new facility is a first-of-its-kind, using a combination of bio and membrane technology enabling us to treat the process water to the highest standards.

“We believe this is the future of waste water treatment in refinery applications, and therefore it is being constructed even though Bapco already meets waste water discharge legislation, to take these specifications to the next generation,” Mr Talib said.

Source:  Gulf Daily News.