Latest news with #BD4
Daily Tribune
03-05-2025
- Business
- Daily Tribune
Secret loans, soaring deficit spark alarm in audit report
Ministries and stateowned bodies in Bahrain took out nearly BD4 billion in unrecorded loans last year, as the national budget deficit ballooned to BD774 million — more than four times the previous year — acc o r d i n g to the National Audit Office's 2024 annual report. The findings, set to be debated in Parliament next Tuesday, are part of the 66th report by the Financial and Economic Affairs Committee. The report paints a troubling picture of financial mismanagement, weak oversight, and widespread rule-breaking across government entities. The audit shows Bahrain's public debt rose by 7% to BD17.9 billion in 2023. However, this figure does not include BD3.9 billion in loans taken by ministries and government bodies that were never added to the official debt register. BD47 million unaccounted Other concerns raised include the failure of some agencies to transfer fees and earnings to the state treasury, resulting in nearly BD47 million going unaccounted for. Meanwhile, government spending continued to rise — ordinary expenses climbed 6% to BD3.69 billion, and project spending jumped 19% to BD277 million — while oil revenue fell 16%, dragging total income down to BD3.2 billion. Serious lapses @ Gulf Air The audit reviewed 85 government entities. Gulf Air was singled out for repeated operational losses and failure to meet its targets in 2022 and 2023. On one day alone, it cancelled 178 flights due to low profitability. The committee noted serious lapses in how the airline tracked ticket sales via partners, and failures to list flights online, missing out on potential revenue. Bapco bypasses approval Bapco Energies, the stateowned energy group, was also criticised for bypassing required approvals, altering contract terms mid-way, and skipping key paperwork. One price change added BD95,000 to a deal, while other errors included ordering stock it already had and not cancelling unused orders. Mismanagement @ Sunni Waqf At the Sunni Waqf Directorate, investigators found long-vacant properties, rent arrears left uncollected, and leases not updated in decades. In one case, an idle property cost the state BD159,000 in lost rent. Delayed care @ hospitals The audit also highlighted long waiting times in public hospitals, with some patients waiting three to eight months for specialist care. Meanwhile, annual spending on treatment abroad remained high, averaging BD14 million over the past four years. The National Health Regulatory Authority came under fire for allowing foreign workers into roles reserved for Bahrainis and applying rules inconsistently. Political societies were also under scrutiny. Out of 12 groups, 10 were examined, and one was found to have violated regulations. Just 38% of earlier recommendations in this area were fully followed. 1,010 recommendations The report contains 1,010 recommendations, of which nearly 85% were being acted on or already in progress during the initial review. A later follow-up found that 90.3% had been taken up or were underway. The parliamentary committee, which held 12 meetings and spoke to a wide range of officials, said several government bodies, including the Interior Ministry, the Customs Directorate, the National Ambulance Centre and the National Revenue Office, failed to respond to requests for information.
Arabian Business
16-04-2025
- Business
- Arabian Business
Al Salam Bank announces details of its 2025 Danat Savings Scheme
Bahrain's Al Salam Bank is launching the 2025 Danat Savings Scheme, offering rewards and prizes of more than BD4 million ($10.6 million). The most rewarding edition in the scheme's history will have three grand prizes totalling BD3 million. These include two BD1 million prizes for two individual winners and a third BD1 million prize distributed among 10 winners, each receiving BD100,000 ($265,000). Al Salam Bank rewards The bank said the decision to distribute it to 10 winners was taken in response to client feedback requesting a wider distribution of the grand prizes. For the first time in the scheme's history, a monthly grand prize of BD100,000 ($265,000) will be awarded for one winner. It will also feature 50 monthly cash prizes of BD500, and 50 monthly youth prizes of BD200 for clients aged between 10 to 18 years. Mohammed Buhijji, Head of Retail Banking at Al Salam Bank, commented: 'We are launching the 2025 Danat Savings Scheme at an unprecedented scale, offering the largest prize pool in Bahrain across all savings programs in terms of grand prize value. This initiative is designed to foster a culture of saving and investment while creating real opportunities to transform the lives of our clients. 'We have further expanded our grand prizes – tripling the BD1 million to BD3 million. This year's scheme features a wide variety of prizes that cater to all segments, including youth and loyal Danat Plus clients, as part of our long-term commitment to relationships built on trust and appreciation.' Clients will receive one entry into the draw for every BD50 invested in Danat or Danat Plus account. Young clients will be eligible for the youth draws with every BD5 invested. A monthly loyalty prize of BD1,000 is also being awarded to one winner holding Danat Plus account, who will also enjoy the added benefit of bonus entries, which increases with the duration of their investment. Since its inception, the Danat Savings Scheme has had over 8,000 winners and total prizes exceeding BD15 million ($39.7 million). Among the grand prizes in the past, winners have received luxury villas, gold bars, and annual salary prizes reaching BD20,000 per month.
Gulf Insider
15-04-2025
- Gulf Insider
Man To Face Trial Today Over Deadly Boat Crash
The Minor Criminal Court will open the trial today of a man accused of causing a fatal boat crash, sources have confirmed to The Daily Tribune. He is charged with manslaughter, failing to switch on navigation lights while at sea, shrimp fishing during the seasonal ban, and using a trawling net known locally as Koofa. The crash took place on the morning of 25 December in Bahrain's western waters. Two men, aged 55 and 61, one from Karzakan and the other from Manama, died after their boat collided with another. Three others were taken to hospital. Also read: Investor Wins BD4,600 Over Business Deal Scam
Zawya
25-03-2025
- Business
- Zawya
Bahrain: BMMI approves 35% dividend distribution for 2024
Shareholders of BMMI have approved the distribution of dividends (excluding treasury shares) of 35 per cent of the nominal value of the share, which is equivalent to 35 fils per share, amounting to a total of BD4,982,626 for the fiscal year ended December 31, 2024. The announcement follows the annual and extraordinary general assembly meetings held yesterday at the Downtown Rotana, with BMMI's board of directors, senior management, shareholders, members of the business community and local media in attendance. During the annual general meeting (AGM), the minutes of the previous AGM held on March 28, 2024 were approved, and the Board of Directors Report and External Auditors Report for the year ended December 31, 2024 were reviewed. The Board of Directors' Corporate Governance Report was approved, and the Related Parties Transactions were disclosed and approved. The Consolidated Financial Statements for 2024 were also approved. Additionally, the transfer of BD1,491,060 to the retained earnings was approved. During the extraordinary general meeting, the minutes of the previous meeting held on March 30, 2023 were approved. Furthermore, an amendment to Article 5 – Objects of the company in the company's Articles of Association and Memorandum of Association to include 'Sale/Trade of Food and Beverages – Health Food, warehousing and storage and being an authorised distributor, was approved subject to regulatory approvals. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Daily Tribune
23-03-2025
- Business
- Daily Tribune
Upbeat BTEA Offers Tourism Plot at Bahrain Bay Beach for 12-Year Lease
Email : This initiative is part of BTEA's efforts to draw new projects and improve leisure offerings in the kingdom. The Bahrain Tourism and Exhibitions Authority (BTEA) is offering up Parcel D of the Bahrain Bay Beach for lease, with hopes of bringing in a company well-versed in running tourism ventures. The successful bidder will be expected to manage the site, put up the needed facilities, and keep the beach running, all as set out in the tender documents. The lease will run for 12 years. To take part, firms must lodge a BD4,000 bid bond and pay a BD100 entry fee. Bids must be in by 20 April 2025, with the envelopes to be opened the following day. Only firms that meet certain conditions will be in the running. These include having a valid tourism licence and at least five years' hands-on experience in running beaches or other tourism-based sites. Any firm whose business falls outside the scope of the project will be excluded. Leisure The activity must fall under food and drink, head office operations, or something in that line within tourism and leisure. This move is part of the Authority's efforts to draw new projects and improve leisure offerings in the kingdom. Bahrain Bay Beach covers over 170,000 square metres and stretches 600 metres along the shore. The land is split into five parcels. Public Beach One of them — a 200-metre public beach — makes up just over a quarter of the site and is being developed by the Authority itself. The rest will be home to private beach projects, each with a 100-metre stretch of waterfront. There is also space set aside for service buildings and 425 public parking bays.
