Latest news with #BD60
Gulf Weekly
08-05-2025
- Entertainment
- Gulf Weekly
Global flavours on Sheraton menu
The Sheraton Bahrain Hotel has lined up a memorable weekend of vibrant flavours and colourful creations. Indulge in delicious dishes and refreshing beverages, all the while enjoying fantastic live entertainment at the Wild Brunch, tomorrow from 12.30pm to 5pm. A soft beverage package costs BD36net per person, while a selected package costs BD46net per person. An extra-special bubbly package is priced at BD186net per person. Guests can enjoy additional beverages, live music and delicious bites from 5pm to 9pm for an extra fee. Enjoy a three-course special lunch menu at Wild. It features vibrant flavours from Spain, England, Peru and more, from Sunday to Thursday, noon to 3pm, at BD10.500net, including homemade iced tea. Visit Golestan Persian Grill, where a delightful array of authentic dishes, from fragrant kebabs to unique house specialities, make for an unforgettable dining experience. It is open everyday, from noon to 3pm and 7pm to 11pm, and on weekends from noon to 4pm and 7pm to 11pm. Free yourself from stress with relaxing packages at the Shine Spa. The first package includes a 60-minute back and shoulder massage or foot and leg massage with an express facial for BD60. The second package is a 90-minute full body massage, inclusive of a body scrub, for BD75. The packages are available until May 30. The hotel is offering a padel court promotion for BD5 per hour from today until June 30, from 7am to 10pm. Racquetball is available at BD2 per person per hour. Host your dream wedding at the Sheraton Bahrain Hotel and celebrate your day in style with exceptional service, tailored packages and exclusive Marriott Bonvoy benefits. Prices start from BD27 per person, including all applicable taxes, for up to 200 guests on Thursdays and Fridays and 150 guests from Saturday to Wednesday. Bookings also include triple Marriot Bonvoy points (300,000 points on eligible bookings), a complimentary one-night stay in a junior suite for the bride and groom, full hotel set-up and personalised professional service and unlimited soft drinks, juices, water, tea and coffee. The booking window is available until May 31 and is valid for weddings held until December 31.
Daily Tribune
30-04-2025
- Business
- Daily Tribune
MPs back investment deal with South Korea
MPs have ratified a new agreement with the Republic of Korea to protect and support investment, tying Bahrain more closely to one of Asia's leading economies as trade between the two countries surges past BD170 million. The move, passed yesterday, is part of Bahrain's push to strengthen its economic ties and build a setting more open to foreign money. Speaking in Parliament, MP Maryam Al Dhaen said the treaty would shield investors and sharpen Bahrain's appeal as a hub for finance and trade. Trust 'Experience shows that such agreements build trust among investors and protect their interests,' she said. 'This, in turn, draws in foreign capital, opens new investment opportunities, and brings jobs for Bahrainis.' The pact sets out a number of safeguards. It bars discrimination between investors, ensures free movement of profits and capital in convertible currencies, and guarantees fair pay in cases where property is taken for public need. Footing Disputes are to be settled either by Bahrain's courts or through international arbitration, offering a stable and open footing for business. Trade figures tell their own story. Bahrain's non-oil trade with South Korea grew to about BD172.5 million in 2024, a marked rise from the BD60 million recorded across 2022 and 2023. Al Dhaen said the agreement deepens ties with 'a country at the forefront of technology, manufacturing, and new ideas' and fits into Bahrain's 2030 economic plans. Question Second Deputy Speaker Ahmed Qarata questioned why the agreement did not clearly spell out which Korea it concerned. He pointed out that Bahrain has no cultural attache in Seoul, nor a commercial one, despite the surge in trade between the two countries. 'We base our remarks on proof drawn from government answers and official numbers,' Qarata said. He urged the authorities to appoint a Bahraini attache to manage trade and economic ties with Korea. Minister for Parliamentary Affairs, His Excellency Ghanim Al Buainain, replied that country names are set by international custom. South Korea, he said, is officially recognised at the United Nations as the 'Republic of Korea', while North Korea is named the 'Democratic People's Republic of Korea'. Doubts 'There is no reason to stir doubts about agreed names,' Al Buainain said. 'The Republic of Korea, a major economic force, would not have signed this agreement if it did not see a true chance to work with Bahrain.'
Daily Tribune
26-04-2025
- Business
- Daily Tribune
Parliamentarians to vote on key investment, tax treaties
Bahrain's Parliament will vote next Tuesday on two significant agreements aimed at bolstering international trade and investment. The first is an investment deal with South Korea, following a surge in non-oil trade between the two countries, which reached BD172.5 million in 2024—almost triple the figures from 2022 and 2023. Bahrain exported BD100.7 million worth of goods to South Korea in 2024 and imported BD71.8 million in return. In the previous two years, trade volumes had remained around BD60 million. The treaty, signed in December 2024, establishes key provisions for investor protection, including property rights, money transfers, and dispute resolution, along with compensation for losses caused by war, unrest, or expropriation. Disputes are to be resolved through negotiations, courts, or international arbitration. The Ministry of Finance supports the agreement, emphasizing its potential to attract foreign investment without placing additional strain on public finances. This is one of 40 such treaties Bahrain has signed globally, aimed at enhancing capital inflows. The second treaty, targeting the removal of double taxation, covers approximately $400 million in Omani investment. Signed in January 2025, it outlines how income from employment, dividends, royalties, and pensions will be taxed, and includes provisions for resolving disputes and sharing information. The Ministry of Finance views this treaty as essential for fostering clearer tax rules and further boosting cross-border business. In 2024, Omani investment in Bahrain was valued at $398 million, with non-oil exports to Oman reaching $350.9 million. Both agreements have received backing from the Financial and Economic Affairs Committee, with support from the Bahrain Chamber of Commerce and Industry. The Legislative and Legal Affairs Committee has confirmed that both treaties comply with Bahrain's constitution. If ratified, the agreements are expected to strengthen Bahrain's economic ties with South Korea and Oman, and attract further foreign investment.
Zawya
20-03-2025
- Business
- Zawya
Solidarity Bahrain shareholders to get 27.5% stock dividend
Bahrain - Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, yesterday held its annual general assembly meeting (AGM), for the financial year ended December 31, 2024. The meeting was chaired by board of directors chairman Shaikh Khalid bin Mustahil Al Mashani and attended by the shareholders, representatives from the Industry and Commerce Ministry, Central Bank of Bahrain, Bahrain Bourse, and external auditors. The agenda of the AGM commenced with reviewing and approving the minutes of the previous meeting, along with the financial statements for the year ended December 31, 2024. The shareholders also approved the board of directors' recommendation on the distribution 27.5 per cent of stock dividends, of paid-up capital amounting to BD3,666,667, equivalent to 1 share for every 3.636 shares. It is worth noting that above-mentioned stock distribution has been approved by the Central Bank of Bahrain. Shaikh Khalid remarked on the occasion: 'Solidarity Bahrain continues to demonstrate a robust performance throughout the year, evident in its strong financial results. Our commitment to ongoing development over the past year reflects the enduring dedication of our stakeholders and our ambition to establish ourselves as leaders in the industry.' He further noted: 'We are optimistic that Solidarity Bahrain will sustain its growth trajectory, supported by our continuous achievements in the kingdom's insurance sector.' Solidarity Bahrain chief executive Jawad Mohammed said: 'Solidarity Bahrain experienced a successful 2024 across all areas, marked by strong profitability, significant contributions, and strategic expansion beyond Bahrain's borders. Financially, the company achieved a topline of BD60 million and a profit of BD8 million, demonstrating substantial growth compared to the previous year.' Mr Mohammed He added: 'A key milestone in our expansion strategy was the acquisition of nearly 30pc stake in Alliance Insurance, a Dubai-based composite insurer, with plans to secure an additional 20pc in the coming quarter. Furthermore, progress was made in the acquisition of bni and bnl, with updated SPAs signed between Solidarity Bahrain, Solidarity Holding, and BNH. The acquisition, expected to be finalised by the second week of April, will be followed by the merger of bni and bnl with Solidarity Bahrain, positioning the company as the market leader. Overall, the company's outlook is highly positive, surpassing the expectations of the previous year.' Mr Mohammed concluded: 'We are delighted to have successfully wrapped up the year, having launched several initiatives and reached numerous milestones thanks to the relentless efforts of our Solidarity Bahrain team. Alongside our strong financial performance, we have experienced significant internal and external growth, and we are confident in our continued advancement in the upcoming year.' Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Gulf Insider
17-03-2025
- Business
- Gulf Insider
MPs to Discuss 20% Housing Loan Interest Cut
Lawmakers will discuss on Tuesday cutting housing loan costs, with some borrowers paying up to BD30,000 in interest on a BD60,000 loan. The proposal seeks to trim rates on Eskan Bank loans by 20 per cent, aiming to ease the weight on borrowers caught in a market where home prices have surged. The MPs supporting the plan say many borrowers end up paying back nearly double their original loan, stretching repayments over three decades. With property prices at their highest, they argue that lowering borrowing costs is long overdue. The plan calls on the Ministry of Housing and Urban Planning to work with Eskan Bank to reduce what borrowers owe in interest. It has been tabled by MPs Iman Shuwaiter, First Deputy Speaker Abdulnabi Salman, Second Deputy Ahmed Qarata, Zainab AbdulAmeer, and Dr Mahdi Al Shuwaikh. The MPs say the bank was set up to support low- and middle-income families, not to rake in profits. 'Eskan Bank was created to offer affordable housing loans, not to make money off people trying to put a roof over their heads,' said Shuwaiter. 'Yet last year alone, it pulled in BD35.7 million in profit. The government should be helping people buy homes, not cashing in on them.' The Public Utilities and Environment Committee reviewed the plan and has recommended its approval, saying the cut would take some strain off borrowers. The Ministry of Housing and Urban Planning, however, says Eskan Bank doesn't charge interest as such, but applies an 'administrative fee' of up to 3 per cent on a reducing balance. It says loan repayments are already kept in check by capping them at 25 per cent of a borrower's income, with anything left unpaid after the repayment period covered by state funds. 'The ministry remains committed to providing housing services that fit people's needs,' it said in a written response. 'Eskan Bank also gives borrowers a six-month grace period before their first payment is due, and allows instalments to be deferred for up to two years without extra charges.' MPs backing the cut say that even with these measures, borrowers are still weighed down by hefty repayments. 'The Constitution makes it clear that the government has a duty to help people get housing,' said Shuwaiter. 'The way things are now, people are being saddled with massive debt just to own a home. A 20 per cent reduction is a necessity.' Also read: BD322m Housing Push To Deliver 4,321 Homes By 2028
