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Zawya
36 minutes ago
- Zawya
Bahrain Bourse announces election of Yousif Abdullah Al Yousif as Chairman of the Board during first meeting held following the board reformation
Bahrain Bourse (BHB), a licensed exchange by the Central Bank of Bahrain, held its first Board Meeting on Sunday, 1st June 2025 and elected Yousif Abdullah Al Yousif as the new Chairman of its Board of Directors, following the issuance of Edict (1) of 2025 regarding the reformation of the Board of Directors of Bahrain Bourse B.S.C., which was issued on 29th April 2025 by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Prime Minister, and Chairman of the Bahrain Economic Development Board (EDB). During the meeting, Yousif Abdullah Ali Reza was also elected as Vice Chairman, and the Board Committees were formed in accordance with the Corporate Governance Code of Bahrain Bourse. The newly appointed Board of Directors comprises Yousif Abdullah Al Yousif, Yousif Abdullah Ali Reza, Nabeel Saleh Abdulaal, Raed Abdulla Fakhri, Eman Jawad Al Asfoor, Habib Jawad Habib, Fatema Hamad Abul, Abdulla Abdulrazzaq Bukhowa, and Aisha Mohammed Abdulmalik. The newly appointed Board of Directors expressed their sincere appreciation and deep gratitude during the meeting to His Royal Highness Prince Salman bin Hamad Al Khalifa for the trust and confidence placed in them through their appointment. The Board affirmed its full commitment to supporting His Royal Highness's vision by dedicating all necessary efforts towards advancing the development of Bahrain Bourse and reinforcing its strategic role, as a key driver in the capital market, in supporting the Kingdom's ongoing economic growth. The Board also underscored its intent to enhance the competitiveness of the Bourse, ensuring that it remains an attractive and trusted destination for both local and international investment. Commenting on the occasion, Yousif Abdullah Al Yousif, Chairman of Bahrain Bourse, stated: 'It is a privilege to be entrusted with the responsibility of leading the Board of Bahrain Bourse at such a pivotal time. Together with my fellow Board Members and the Bourse's executive management, we aim to strengthen the Bourse's position as a dynamic and resilient financial market that continues to create opportunities for growth and investment in the Kingdom of Bahrain.' Shaikh Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse, added: 'We are pleased to welcome the newly appointed Board of Directors and extend our heartfelt congratulations to the Chairman and Vice Chairman. Their collective and diverse expertise will play an instrumental role in steering Bahrain Bourse's long-term strategy, further enhancing investor's confidence, transparency, and efficiency.' The appointment of the new Board marks an important chapter in Bahrain Bourse's evolution, as it continues to contribute to the national economic agenda and strengthen its position as a vital pillar of Bahrain's capital market sector.
Zawya
36 minutes ago
- Zawya
Flyadeal airline CEO blasts Airbus over 'inexcusable' delivery delays
NEW DELHI - The head of Saudi budget carrier flyadeal criticised Airbus' handling of delays of narrow-body jets and voiced concerns that disruption could spread to freshly ordered wide-body A330neos. CEO Steven Greenway spoke out about delays on the sidelines of an IATA airline industry summit in New Delhi, just weeks after unveiling an order for 10 A330neo long-haul planes. "Delays are becoming inexcusable. Transparency, to be frank, is lacking, and we're getting agitated. How else can we plan? I mean it is just going beyond a joke now," Greenway told Reuters. A non-excusable delay is a term used in aircraft contracts to trigger specific penalties to airlines, but these are rare. Jetmakers have consistently argued that any delays caused by supply chain problems are "excusable," industry sources say. Airbus faces some internal industrial problems, he said. Airbus declined to comment on the narrow-body delays. It has previously reported some improvement in supply chains and has said it is working to soften the impact on customers, while sticking to a target for 820 deliveries this year. Flyadeal is also among several carriers affected by a separate slowdown in arrivals of engines from CFM on the Airbus assembly line. "I have got two (narrow-body jets) sitting on the ground in Toulouse at the moment that have been there for a couple of months and I don't have any resolution in sight," Greenway said. "We were meant to have four aircraft in the first half of the year. We've only had two, and even those two were delayed." The sister airline to Saudia is now due to have one A321neo delivered in the third quarter and three in the fourth quarter. "But I'm very three in the last quarter are going to get across the line," he said, adding: "Don't forget, this is delays on top of delays." Safran, which co-owns CFM with GE Aerospace, said in April that CFM had seen improvements in supply chains and was poised to recover a slow start to 2025. Greenway's comments reflect mounting private frustration about widespread supply problems among airline CEOs gathering for their annual industry meeting. He acknowledged that aerospace had been hit by a broad exodus of labour from the manufacturing sector after COVID-19, but added: "I do think it's inexcusable that here we are three, four years later, and we still haven't got over that hump." A330NEO UNCERTAINTY Reuters reported last week that Airbus had warned airlines a pattern of delays would persist for another three years. Lessors have spoken of supply tensions for the rest of the decade. Greenway raised concerns that similar problems could spread to the wide-body A330neo, after flyadeal unveiled an order for 10 of the upgraded long-haul jets in April. So far there have been no reports of delivery delays to the aircraft. "Our (first) aircraft was meant to be on the final production line in December of next year. I don't know if we're going to see that or not," he said. Airbus said it was not aware of any A330neo delays. Airlines say delays disrupt decisions that must be taken well ahead like pilot and crew training and adding routes. "You can't you take the wide-bodies, I'm now assuming there is going to be a delay. I'm having to go out and work with wet-lease operators to plug that gap," Greenway said, referring to rentals of planes with crews. Philippine budget airline Cebu Pacific said last week it would wet-lease two crewed A320s to flyadeal during its lean months in July and August, a busy period for the Saudi carrier. (Reporting by Tim Hepher; Editing by Jamie Freed)
Zawya
36 minutes ago
- Zawya
Dubai's Emaar has sufficient liquidity to cover $1.3bln debt maturities by 2026: Moody's
DEBT Solid demand expected over next 12 months to balance expected residential property deliveries PHOTO Dubai-listed Emaar Properties has sufficient liquidity to cover debt maturities of 4.8 billion UAE dirhams ($1.3 billion) through June 2026, according to a report by Moody's Ratings. The company's liquidity is excellent, with a cash balance of 25.4 billion UAE dirhams ($7 billion) as of 31 March 2025 (excluding restricted cash in escrow accounts) and undrawn revolving credit facilities of AED 7.4 billion ($ 2 billion), the rating agency said. However, a material portion of Emaar's cash is restricted as a regulatory requirement to deposit customer installments linked to development projects in escrow accounts (AED 32.9 billion out of AED 58.3 billion as of March 2025). Emaar's cash profit is released from these accounts as contractors get paid through the escrow accounts and projects get delivered, the report said. Moody's expects Dubai's real estate market to remain stable over the next 12 to 18 months, following a period of significant growth. Average residential property prices rose by approximately 78 percent, driven by robust housing demand between September 2020 and April 2025. The surge has been supported by a steady influx of expatriates contributing to population growth, positive investor and high-net-worth individual sentiment and strong local consumption amid improved economic conditions. "We expect solid demand over the next 12 months to balance expected residential property deliveries, resulting in a more normalised average residential property price growth rate," Moody's said. The rating agency has upgraded Emaar's long-term issuer ratings to Baa1 from Baa2. It has also upgraded Emaar Sukuk Limited's backed senior unsecured bonds to Baa1 from Baa2 and backed senior unsecured medium-term note programme to (P)Baa1 from (P)Baa2. The outlook remains stable for both entities, the report said. (Writing by P Deol; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa. Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
