Latest news with #Kanoo
Biz Bahrain
26-05-2025
- Business
- Biz Bahrain
MADA Brokers Sets a New Standard: Bahrain's First Online Insurance Aggregator Now Live!
MADA Brokers licensed by Central Bank of Bahrain (CBB), has announced the launch of the first insurance aggregator in the Kingdom of Bahrain, accompanied by the introduction of the mobile application, 'Shamil by MADA.' This groundbreaking initiative marks a significant milestone with the support and guidance of Central Bank of Bahrain (CBB), as MADA becomes the first company in Bahrain to provide clients with instant quotations for a variety of insurance products, including motor, home, and travel insurance. This advancement underscores MADA's commitment to harnessing technology to enhance customer experience and address the evolving needs of its clients. In addition to the mobile application, the aggregator is also accessible via the company's website: In a statement on the occasion, Mr. Khaled Fuad Kanoo – Chairman of the Board of MADA Insurance, commented: 'The launch of Mada's comprehensive digital application marks a major milestone in the Kingdom of Bahrain, as it introduces the first insurance aggregation platform of its kind. The platform serves as a unified marketplace that streamlines the insurance purchasing process—empowering users to compare multiple products and choose the option that best aligns with their needs.' Mr. Kanoo further added, 'At Mada Brokers, our mission is to drive the expansion of Bahrain's online insurance aggregator ecosystem—a model that has matured globally to become the primary channel for distributing personal and commercial insurance products. Our goal is to offer a user-friendly platform that equips consumers with the tools and knowledge necessary to make confident, informed decisions about their insurance coverage.' Mr. Kanoo affirmed that Shamil by Mada is a key milestone in the company's journey, developed with the support and regulatory oversight of the Central Bank of Bahrain. It reflects MADA ongoing commitment to using digital innovation to create transparent, accessible, and seamless insurance solutions for all clients. Mada Brokers currently offers three core insurance lines—Motor, Home, and Travel—through strategic partnerships with GIG Gulf, GIG Bahrain, and Solidarity. The platform is designed to simplify the insurance process, offering side-by-side comparisons of policies from leading providers. In addition, Mada provides a range of corporate insurance solutions, offering coverage against a spectrum of risks such as property damage, business interruption, operational incidents, financial losses, employee benefits, and theft. For individuals, Mada's personal insurance lines cover losses arising from death, injury, or property damage, ensuring financial protection and peace of mind. As part of its roadmap for continued expansion, Mada plans to introduce Medical Malpractice Insurance and Medical Insurance in the coming months—reinforcing its role in enhancing the insurance sector and addressing the evolving needs of Bahrain's diverse customer base.
Daily Tribune
22-04-2025
- Business
- Daily Tribune
Kanoo: Arab economies must innovate to face global challenges
Vice Treasurer and Head of the Steering Committee of the Bahrain Chamber, Waleed Kanoo, has called on Arab economies to enhance their adaptability and resilience to meet the demands of a rapidly evolving global landscape. He stressed that transitioning from traditional economic models to more diverse and innovation-driven frameworks is no longer optional, but an urgent necessity. Speaking on behalf of Bahrain Chamber Chairman Sameer Nass during the second day of the 51st Arab Labor Conference, Kanoo referenced the outcomes of the 33rd Ordinary Session of the Arab League Summit held in Bahrain. He highlighted the summit's emphasis on joint Arab action to safeguard regional security and promote deeper cooperation and integration across sectors. In alignment with this vision, Kanoo reaffirmed the Bahrain Chamber's commitment to strengthening ties among Arab private sectors and fostering robust regional economic partnerships. He underlined the pivotal role of public-private collaboration in overcoming shared economic challenges and achieving sustainable growth. Kanoo also extended his congratulations to the Arab Labor Organization on its 60th anniversary, praising its efforts in promoting social justice, sustainable development, and balanced labor relations. He described the conference as a timely platform to boost coordination across the region and unify efforts to address critical economic issues—particularly those related to sustainable development and job creation.
Zawya
27-03-2025
- Business
- Zawya
Bahrain's Basrec shareholders approve dividend
Bahrain Ship Repairing and Engineering Company (Basrec) shareholders yesterday approved a 50 fils per share cash dividend, amounting to BD989,622, after the company reported a net profit of BD2.4 million for the fiscal year ending December 31, 2024. The decision was made at the company's annual general meeting (AGM) held at the Gulf Hotel Bahrain Convention and Spa. The meeting, which met legal attendance requirements, was chaired by Fawzi Kanoo, chairman of the board, and attended by shareholders, board members, executive management, representatives from KPMG Fakhro, and officials from the Central Bank of Bahrain, the Industry and Commerce Ministry, and Bahrain Bourse. Mr Kanoo highlighted the company's strong performance despite 'challenges and strong competition,' attributing the success to customer trust and regulatory support. He also emphasised a key achievement: the launch of the new floating dock (Basrec 2), which he described as a 'significant engineering achievement' bolstering Bahrain's marine industry. 'We are pleased to announce that the company achieved a net profit of BD2.4m despite challenges and strong competition,' said Mr Kanoo. The AGM also saw the approval of the board of directors' report, audited financial statements, auditors' report, and corporate governance report. On the sidelines of the AGM, Basrec chief executive John Robson noted the company has made a $20m investment in recent years. He stated that the new floating dock has effectively doubled operational capacity. 'We have installed a new floating dock, something we've sought for over 20 years, effectively doubling our operational capacity,' said Mr Robson. The company is also focusing on increasing local workforce participation. 'We are actively working to increase local workforce participation, having hired 200 new Bahraini employees and planning to hire another 200,' Mr Robson added. Furthermore, Basrec is pursuing new contracts and aiming to diversify through strategic partnerships and acquisitions. 'We anticipate new contracts with the BDF, the US Navy, and local partners, further solidifying our position,' Mr Robson explained. The company is investing in staff training, including sending Bahraini employees to the UK for advanced skills development, and has promoted several long-term employees to senior management. 'Basrec is also committed to reinvesting in the local community, aiming to become the leading provider of ship repair, maintenance, and engineering in the Gulf,' he added. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
25-03-2025
- Business
- Zawya
Gulf Hotels Group approves 25% cash dividends
Gulf Hotels Group shareholders approved the distribution of 25 per cent of the company's capital for the financial year ended December 31, 2024, reflecting the group's strong financial performance and commitment to shareholder value. The dividend, set at 25 fils per share, underscores the company's continued growth as a leading hospitality management group in the kingdom. The annual general meeting (AGM) and extraordinary general meeting )EGM) took place at the Gulf Hotel Bahrain Convention and Spa yesterday, under the supervision of Bahrain Clear representatives. The AGM was chaired by Gulf Hotels Group Chairman Fawzi Kanoo and attended by board members, executive management, and representatives from the Industry and Commerce Ministry, the Central Bank of Bahrain, Bahrain Bourse, Bahrain Clear and the group's auditors, EY. The board recommendation for dividend distribution was driven by robust financial results, with the group reporting total income of BD36.7m, reflecting an 11 per cent year-on-year increase, and a net profit of BD8.9m, marking a 31pc growth compared to the previous year. During the meeting, Mr Kanoo emphasised the group's commitment to sustainable financial growth and operational excellence. Shareholders approved the directors' report, auditors' report, balance sheet, profit and loss accounts for 2024, and the corporate governance report, in addition to discharging the board for the same period. The AGM also appointed the auditors for the upcoming financial year and authorised the board to determine their fees. Further, shareholders approved the repurchase of treasury shares of up to 10pc of the issued and paid-up capital. In addition, shareholders approved the appointment of a liquidity provider to support market making activities for up to 3pc, following the repurchase of treasury shares. This decision aims to enhance market liquidity and support share price stability in compliance with regulatory guidelines. Immediately following the AGM, an extraordinary general meeting was convened, during which shareholders ratified updates to the company's commercial activities and approved related amendments to the Memorandum and Articles of Association, pending regulatory approvals. Commenting on the full-year financial results, Mr Kanoo said: 'We are proud to have achieved this strong financial performance for the year ending December 31, 2024, which reflects strength of our operations, and the success of our strategic initiatives in delivering sustained profitability. The group remains well-positioned to drive continued expansion and deliver sustained value to our shareholders.' The group's chief executive Ahmed Janahi said, 'The group achieved an exceptional financial performance in 2024, reporting strong growth in revenue and net profit. With a firm commitment to sustained growth, we remain confident in our ability to create long-term value for our shareholders. As we move forward, we will continue to build on this momentum to drive growth and reinforce our position as a leading hospitality group in Bahrain and the Gulf region.'
Zawya
02-03-2025
- Business
- Zawya
MALT Congress 2025: Resounding success for incentive, business and luxury travel from the Middle East
Abu Dhabi, UAE – The 13th Annual Meetings Arabia & Luxury Travel (MALT) Congress, organized by QnA International in partnership with the Abu Dhabi Convention & Exhibition Bureau (ADCEB), concluded on February 19-20, 2025, marking another milestone in the Middle East's Business, Incentive and Luxury Travel industry. Held over two dynamic days, the event solidified its position as the region's premier platform for high-level carefully curated networking, strategic collaborations, and industry innovations. The MALT Congress 2025 attracted top-level travel and hospitality stakeholders, including global travel suppliers, top-tier travel agencies, corporate travel heads, and luxury concierge services. The event's meticulously curated one-on-one meetings fostered meaningful business connections and delivered tangible outcomes for participants, in addition to sharing the latest insights on the dynamic travel landscape from the region. Speaking on the emerging trends in the GCC travel market, Mr. Kanoo – Chairman of Advisory Board emphasized the rapid transformation taking place in the region: "The travel industry in the GCC is undergoing significant change, driven by dynamic growth in markets such as Saudi Arabia, Qatar, Kuwait, Oman, and the UAE. Travelers today are seeking more personalized engagement, luxury experiences, and immediate service delivery. From resorts and airlines to ground transportation, the entire ecosystem must adapt to meet these evolving expectations. The demand for luxury is clear, customers want to feel valued and attended to, and they expect convenience at every step. The challenge and opportunity for the industry lie in not only meeting these expectations but exceeding them, creating experiences that keep travelers coming back for more." Board member Anil Chandirani who is Group President of Satguru Travels and on the MALT, Board remarked on the growing interest in travel. The Founder of the 35-year-old travel conglomerate with operations across 80 countries said, 'Travel has changed and grown. People are exploring more and more. They are being adventurous with travel destinations, looking for upgrades ', Satguru Travels is a full-fledged agency that owns the travel portal Travel Wings and has recently acquired Orient Tours as well as Trav Trips, a pure holiday organizing company. Mr. Chandirani said the market has grown for both economy and luxury travel. Demand in all segments of the market has increased, even for business travel related to MICE. With over a decade of experience in the travel and tourism industry, Mr. Nasir Jamal Khan, CEO of Al Naboodah Travel & Tourism Agencies LLC and MALT Board members emphasized the value of networking at key events, saying, "I consider myself lucky that I never missed all these events; this is my 13th year." He highlighted the rapid recovery post-COVID in the region, noting, "We recovered the business volumes at the level of 2019 much earlier than expected." Mr. Nasir also observed the rise of online bookings in markets like Saudi Arabia and the UAE, stating, "Online business has grown tremendously: Saudi Arabia has 75% penetration, and UAE has almost the same trend." Despite this, he stressed the continued importance of travel agents for personalized support, especially for cancellations and refunds: "People are now coming back to the travel agent to buy services - they appreciate having a responsible person who can address their queries and concerns." He noted the increasing popularity of luxury travel and shorter holiday durations, with travelers seeking more control over their plans: "Luxury travel has picked up a lot after COVID. People are booking shorter holidays." Lastly, he commented on rising costs in the industry, adding, "Airline fares are going up, hotel rates are up, but the occupancy rate is 95%.". Travel is here to stay despite higher costs. Mohamed Islam Salama, Senior Regional Director Client Executive EMEA, CWT from Egypt and Board member, MALT highlighted the increasing role of technology in travel and tourism. ' In our company we have lots of training on how to generate savings by using AI and it's a very sensitive subject, managed as such. As an American company we are very aware about protecting passenger information and not exposing it to an open environment like AI. We are also focused on sustainability and developing sophisticated techniques to measure the carbon footprint of travelers to meetings and events. ' The discussions flourished under the guidance of some of the most influential and visionary leaders in the industry, whose expertise and forward-thinking perspectives continue to shape the future of travel. Advisory Board members shared invaluable insights on evolving travel trends, market recovery, technological advancements, and sustainability, offering a roadmap for innovation and growth in the ever-changing landscape. Chris Flynn Executive Chairman of World Tourism Association for Culture & Heritage had a varied perspective on luxury travel. He said, ' We work with governments on how to build a better policy. Success of a destination should not be based on volume but on attracting the right type of tourist who will value the experience and respect your culture. When the right profile of traveler is attracted for the right reasons in optimum numbers, the impact on the industry and host country are excellent. ' The Congress concluded with the 8th Annual MALT Excellence Awards, celebrating industry visionaries and recognizing excellence across various categories: Best Corporate Travel Strategy of the Year: Caesars Travel Group MICE Innovator of the Year: Luxotic Events Best Incentive Program in an International Destination (Shared): Ali Bin Ali International Travel & Tourism W.L.L Mice Minds (an ITL World Company) MICE & Travel Team of the Year: Al Hashar Tourism and Travels LLC TMC of the Year - MICE: CWT Meetings & Events TMC of the Year – Luxury: Travel Counsellors UAE TMC of the Year: Cozmo Travel Industry Icon Award: Alaa Al Ali from Nirvana Rising Star of the Year Award: Kamal Kabsha from NAS, Kuwait Corporate Event of the Year: MCI Middle East LLC Women Leader of the Year: Aga Al Khatib Travel Procurement Leader of the Year: Eng. Saud Al Namshan Elite Luxury Travel Designer/Planner of the Year: Royal Class Travel & Tourism Outstanding Destination Wedding of the Year: TA Weddings and Events Hall of Fame Award (Lifetime Achievement Award): Mr. Mishal Kanoo Wrapping up the remarkable success of the 13th Annual Meetings Arabia & Luxury Travel (MALT) Congress, Mr. Sidh N.C., Director of QnA International reiterated the location of the MALT 2025 Congress. ' Abu Dhabi is a perfect location for this Congress. We are overwhelmed with the response.' ' The whole concept of MICE and Meetings and Luxury Travel is evolving in the Middle East. Middle Eastern travellers used to have a standard pattern of traveling to certain specific location and not go anywhere else. But it's changing because luxury is no longer about glitz and glam. Or VIP service, it's about connecting with nature. It's about sustainability. It's about all they want is just to unwind. It's different things to different people. We are looking forward to setting the trend year after year.' he added.
