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January 13, 2019 8:59 AM Bahrain eyes 5% renewable contribution in energy mix by 2025

Mubasher: Bahrain is seeking to boost the contribution of renewables in its energy mix to 5% by 2025, the electricity and water affairs minister said. The Gulf nation has launched tenders for the construction of a 100 MW solar power plant, Abdulhussain Mirza told the Emirates News Agency (WAM) during Abu Dhabi Sustainability Week. “We have already received 4

January 9, 2019 12:59 PM Bahrain’s GMG settles $143,500 debt for Kuwait’s Osoul Investment

Mubasher: Osoul Investment on Wednesday announced the settlement of some of its due debts owed by the Bahraini unlisted Gulf Monetary Group (GMG). The debt settlement amounted to about KWD 43,400 ($143,500), the company said in a statement to Boursa Kuwait. The impact of the debt collection process will be reflected in the financial results of the first 4

January 7, 2019 12:29 PM Gulf Air launches new boutique carrier business scheme

Mubasher: Bahrain’s Gulf Air announced plans to become a boutique carrier and focus on customer experience over volume as part of its new business plan for 2019. The new business model will give the Bahraini airline “a competitive advantage that will translate in its new fleet, new Falcon Gold class offering, new exclusive products, new destinations 1

January 7, 2019 11:32 AM Kuwait’s foreign investments hit $25.2bn in 2017 – Survey

Mubasher: Foreign investments in Kuwait grew 2.6% year-on-year in 2017, according to a survey issued by Kuwait’s Central Statistical Bureau on Monday. The Gulf nation’s foreign investments surged by KWD 195.4 million to KWD 7.65 billion ($25.2 billion) in 2017, marking the highest level in five years, up from KWD 7.455 billion a year earlier, the state-run 2

January 7, 2019 10:10 AM Investcorp’s technology arm closes $185m deal with HarbourVest

Mubasher: Investcorp Technology Partners (ITP) on Monday announced closing the transfer of its remaining two portfolio companies in ITP Fund III, with a total enterprise value of $185 million to Investcorp Secondary Fund 2018 L.P., a continuation vehicle supported by HarbourVest. ITP, which is the technology private equity arm of Bahrain-based private 2

January 6, 2019 12:12 PM No conflict of interest in KFH-AUB Bahrain merger –KIA

With the Kuwaiti finance minister chairing KIA, which is the largest shareholder in KFH, and the Public Institution for Social Security (PIFSS) acting as the largest shareholder in AUB-Bahrain, KIA said that this did not constitute a conflict of interest, Al Qabas newspaper reported. KIA currently owns a 24.079% stake in KFH, but does not hold a stake 2

January 1, 2019 12:22 PM Three GCC countries cut oil prices in January – Mubasher Report

Dubai – Mubasher: Three GCC countries have reduced fuel prices in January including the UAE, Qatar, and Oman as a result of the drop in oil prices seen last year. In the UAE, Super 98 now costs AED 2 per litre from AED 2.25 in December, while Special 95 falls from AED 2.15 to AED 1.89 per litre and diesel is down to AED2.30 against AED2.61, according 5

December 29, 2018 11:41 AM CBB confirms VAT exemptions for banking, financial services

MANAMA: The Central Bank of Bahrain (CBB) has confirmed exemption of Value Added Tax for the Financial Sector and Banking Services ahead of VAT kick off on January 1st, 2019. The Central Bank said the banking transactions will not be subject to VAT either on loan interests, deposits or withdrawals from accounts either cash or cheques, including withdrawal 9

December 24, 2018 12:44 PM Digital startup ecosystem in MENA raises $650m

Mubasher: The recent Global Entrepreneurship Week 2018 in Bahrain showed that the Middle East and North Africa’s (MENA) startup market has registered funding valued at $650 million from 270 deals in 2017, according to a recent report by ArabNet and Dubai SME. Global social entrepreneurship organisation Ashoka, global technology company SAP, and members 16

December 23, 2018 5:57 PM Kanoo Machinery hosts Hitachi Open Day

Manama: Kanoo Machinery a fully owned business division of Yusuf bin Ahmed Kanoo (YBA Kanoo) Group hosted Hitachi’s Open day in its Sitra premises. Hitachi a Japanese manufacturer of heavy – duty construction products displayed its latest excavators, trucks and construction machinery which are currently available in the Gulf Region. The event was attended 21