Category: Business & Finance

Baghdad, Oil prices rose today, Tuesday, after falling in the previous session, as investors continued to evaluate the risks resulting from geopolitical concerns in the Middle East.

Brent crude futures, the global standard, were trading up 27 cents to $87.27 per barrel by 0308 GMT, and US West Texas Intermediate crude futures rose 26 cents to $82.16 per barrel.

The two benchmarks fell by 29 cents in the previous session due to indications that the recent escalation of tensions between Israel and Iran had little impact on oil supplies from the region in the near term.

US crude oil inventories are expected to increase last week while refined product inventories are likely to decline, which will affect the monetary policy assessment, according to analysts’ opinions.

Source: National Iraqi News Agency

Manama, Bahrain Economic Development Board (Bahrain EDB) is set to host a high-level delegation from the Principality of Monaco, led by Frédéric Genta, the Secretary of Attractiveness, Development and Digital at the Government of Monaco on a two-day visit to the Kingdom of Bahrain on April 24 and April 25, 2024.

This strategic visit aims to foster collaboration, exchange best practices, and explore potential cross-investment opportunities between the two nations.

During the visit, the Monaco delegation, which is composed of key government officials and influential C-suite executives from the business community, will engage in a series of high-level meetings with key counterparts and stakeholders from both the private and public sectors.

Designed to provide the visiting delegation with deeper insights into Bahrain’s economic landscape and investment potential, the curated meetings aim to facilitate meaningful discussions on potential areas of collaboration, with a focus on shared synergies namely financial
services, digital transformation, and tourism.

Both the Kingdom of Bahrain and the Principality of Monaco are renowned for their commitment to fostering digital innovation and creating business-friendly environments that encourage foreign investment. By promoting increased knowledge sharing of economic strengths and respective experiences, the two nations strive to build a solid foundation to pave the way for long-term cooperation and increased cross-investment.

Source: Bahrain News Agency

Manama, Aluminium Bahrain B.S.C. (Alba) announced a significant milestone towards the commercial operation of its Power Station 5 (PS 5) Block 4 Project with the First Fire of the Mitsubishi Power M701JAC Gas Turbine (GT).

This achievement marks a key step towards the project’s on-schedule completion in Q4 2024. Notably, it also comes just six months after the GT unit’s delivery to site in October 2023.

A celebratory ceremony was held at the Block 4 Project site, attended by high-level officials from Alba, including the Chairman of the Board Khalid Al Rumaihi, Chief Executive Officer Ali Al Baqali, Chief Power Officer Amin Sultan, and Alba’s Executive Management Team.

Mitsubishi Heavy Industries (MHI)’s Senior Vice President, Vice President, Energy Systems Takashi Tozawa, and SEPCOIII’s Vice President, Kong Lingfeng, and senior officials from ESBI were also present.

In his remarks, Khalid Al Rumaihi, Alba’s Chairman, highlighted the significance of the First Fire milestone and stated, “This achievement ma
rks the commencement of commissioning activities for Block 4 which upon completion, will set a new standard for sustainable and efficient power generation within the aluminium industry.”

Al Rumaihi further emphasised Alba’s commitment to environmental responsibility, stating, “The Block 4 Project translates our proactive approach to integrating energy operational efficiency with environmental standards to align with Bahrain’s Net Zero Emissions target by 2060.”

Adding to the celebration, Ali Al Baqali, Alba’s CEO, expressed his pride in achieving this milestone safely with more than 3.8 million safe working hours. He then emphasised the project’s direct alignment with Alba’s ESG Roadmap: “With the successful First Fire of the advanced Gas Turbine, Alba is now closer to achieving its goals of reducing its environmental footprint and ensuring a sustainable future for the aluminium industry.

He also commended the collaborative efforts of the owner teams from Alba, MHI, SEPCOIII, and ESBI, reiterating confiden
ce in delivering the project on schedule.”

Takashi Tozawa, Senior Vice President, Vice President, Energy Systems at MHI added: “Mitsubishi Power is honoured to support Alba and the Kingdom of Bahrain as we celebrate the successful achievement of first firing for gas turbine ahead of the schedule and the start of the hot commissioning of Alba’s new CCGT Block 4 in Power Station 5 with our partners SEPCOIII. Today’s success is testament to our unwavering commitment to using the latest innovation to deliver industry-leading and reliable solutions to our partners. Our advanced, hydrogen-ready M701 JAC gas turbine technology provided for this project also underscores Mitsubishi Power’s dedication to advancing low carbon power generation worldwide. As Bahrain progresses towards its ambitious growth targets outlined in the Economic Vision 2030, we take great pride in working together with Alba to provide uninterrupted and efficient power to support the country on its journey to sustainable growth.”

Kong Lingfeng S
EPCOIII’s Vice President said: “As SEPCOIII, we proudly celebrate the successful first firing of the gas turbine and the start of hot commissioning for Alba’s new CCGT Block 4 at Power Station 5 in Bahrain.”

“This milestone showcases our dedication to innovative solutions, reflecting our commitment to global low-carbon power generation. Collaborating with Alba, we deliver reliable, sustainable power, supporting Bahrain’s Economic Vision 2030,” he added.

Alba’s PS5 Block 4 Expansion Project is the addition of a fourth Block of similar combined cycle configuration with 680.9 megawatts (MW) M701JAC Gas Turbine Combined Cycle and includes tie into the existing 220kV Substation. Once operational in Q4 2024, Block 4 will increase the nameplate capacity of PS5 Complex from 1,800 MW to 2,481 MW and reduce its overall GHG emissions intensity ratio by 0.5 tonnes of CO2 per 1 tonne of aluminium produced.

Source: Bahrain News Agency

Abu Dhabi, ADQ, an Abu Dhabi-based investment and holding company, today announced the launch of a US$180 million technology-focused fund, Jasoor Fund (the Fund), with Oman Investment Authority (OIA) represented by ITHCA Group. This commitment is part of a broader framework agreement signed between both parties in 2022.

According to Emirates News Agwency (WAM), the Fund aims to bolster the digital economy in the Sultanate and the wider MENA region by supporting high-growth technology companies in sectors such as FinTech, EdTech, HealthTech, cleantech, food and agriculture, and logistics. Its core focus will be on innovative technology companies established in the Sultanate, in addition to technology startups in other countries in the region. It will undertake investments high-growth technology companies at various stages of development that have established business models.

In 2022, ADQ and OIA identified investment opportunities worth over $8 billion in key sectors of Oman’s economy. The partnership aims t
o contribute to increased economic cooperation and trade between both nations.

Source: Bahrain News Agency

Manama, The Labour Fund, Tamkeen, has announced its support for the establishment of PwC Middle East’s Regional Service Delivery Centre in Bahrain, which will provide advisory and operational services across sectors. This initiative aligns with the goals of Tamkeen’s National Employment Programme and aims to offer up to 250 employment opportunities for Bahraini nationals, enhancing local economic contributions.

The initiative strengthens Bahrain’s position from which local and international institutions can support the Kingdom and neighbouring countries, while working closely with other PwC delivery centres in the region.

Recruitment has begun for the first wave of Bahraini professionals, with an initial intake of 50 hires. The centre aims to reach its operational potential in the coming years and will provide valuable training opportunities to enhance the technical expertise of its employees.

The project aligns with Tamkeen’s recently launched programmes to support the career development and employment of
50,000 Bahrainis annually. Tamkeen is playing a pivotal role by providing a comprehensive package to promote the employment of Bahraini nationals, which includes training and wages support.

Expressing her enthusiasm regarding the partnership, Her Excellency Ms. Maha Abdulhameed Mofeez, Chief Executive of Tamkeen said: “This partnership aligns with our mission to promote sustainable economic growth, enhance the competitive edge of national talent, and empower Bahraini graduates through employment and training. This service centre will provide valuable experience to Bahrainis and contribute to the growth and development of sectors such as financial services, which contributed 18.1% to GDP during Q3 of last year.

Upskilling in sectors such as these provides rewarding opportunities for Bahrainis, while contributing to the Kingdom’s growth ambitions. The sector is considered the highest in terms of remunerative wages for Bahrainis, as it contributed to the annual wage growth by 4.2% in the private sector during
the same period. This initiative comes in line with Tamkeen’s mandate to stimulate the economy and develop local talent to make them the first choice of employment in the labour market. This collaboration also confirms Tamkeen’s commitment to providing quality employment, and training opportunities for young Bahraini talent.”

Source: Bahrain News Agency

Baghdad, Iraq will host next Saturday, the 50th session of the Arab Labor Organization conference in the capital, Baghdad, in the presence of the Director-General of the International Labor Organization, the Secretary-General of the League of Arab States, Arab Ministers, heads of delegations, including agents, managers, representatives of employers and workers, and all diplomatic figures,

The conference includes the three social partners of governments, employers and workers, and the points that will be discussed by the three events will be presented and the decisions taken by the organization will be implemented.

Labor and Social Affairs announced the completion of all logistical aspects and requirements for holding the Arab Labor Conference in the capital, Baghdad, in its 50th session, in addition to coordination with the Ministry of Foreign Affairs and the Prime Minister’s Office, as they are among the supporting departments in this work.

Source: National Iraqi News Agency

Bethlehem – Maan – Currency exchange rates against the shekel, today, Tuesday, were as follows:

Dollar- Buy 3.76 Sell: 3.80

Dinar – Buy: 5.29 Sell: 5.36

EUR- Buy: 3.99. Sale:4.04

Metals: Gold: Buy 2303 Sell 2310

Source: Maan News Agency

Istanbul, The Head of the International Association of Turkish Transport and Logistics Services Producers, Bilge Han Engin, confirmed that the ‘Development Path’ project is a lifeline for the logistics sector in view of the multiple crises that the world is going through.

Engin said in a press statement today: The project affects a wide area, starting from Europe all the way to the Arab Gulf countries. It results in joint benefits.

He added: ‘The Development Path’ is a promising transportation project that extends over a land and railway road from Iraq to Turkey and its ports, and aims to transport goods between Europe and the Arab Gulf countries. The project is an important opportunity to meet history, culture, and common gains in addition to the economy.

He pointed out that the project will link Turkey to the large port of Al-Faw in the Arab Gulf, and the project can be defined as the new Silk Road.

He stressed that the recent events and disturbances that occurred around the world directly affected the
situation of the logistics sector.

He said: ‘The Corona pandemic, the Russian-Ukrainian war, the Israeli aggression against the Gaza Strip, the closure of the Suez Canal, and the hot developments in the Middle East have prompted workers in this sector to search for alternatives and find solutions.’

He added: “Given the crises that the world is experiencing, the Development Path Project can be described as a lifeline for the logistics sector, stressing that the project will be the beginning of an important step towards ensuring regional development and strengthening trade, social and cultural relations.

Source: National Iraqi News Agency

Baghdad, The Ministry of Industry and Minerals announced the signing of a contract with a Saudi company to implement a project to manufacture modern irrigation systems.

It said in a statement, ‘The conclusion of the contract came under the direct guidance and supervision of the Minister of Industry and Minerals, Khaled Battal Al-Najm, to implement the Ministry’s plans drawn up in light of the axes of the government program to support the agricultural sector and enhance national production.’

It explained that “the contract stipulates the establishment of an integrated project to produce modern irrigation systems with a capacity of (1,500) sprinklers annually and two work shifts per day, which will contribute to supporting the agricultural sector and improving the efficiency of water consumption and will reflect on raising the efficiency of the country’s water resources, in addition to contributing to combating desertification and improving the environment.”

It pointed out that “the project also aims to tran
sfer knowledge and industrial experience, localize the irrigation device industry and address water scarcity, as well as maximizing financial resources and employing the workforce.”

Source: National Iraqi News Agency

Manama, Bahrain All Share Index has closed at 2,016.40 points, marking a decrease of 0.54 points below the previous closing.

This decrease was due to the drop in the Financial Sector and Industrials Sector.

Bahrain Islamic Index has closed at 762.93 points, marking a decrease of 1.42 points below the previous closing.

Results indicated that 135 equity transactions took place with a volume of 1,765,371 worth BD 1,382,525.

Investors traded mainly in the Material Sector, representing 77.49% of the total value of securities traded.

Source: Bahrain News Agency