BAHRAIN GROK Daily News – Excerpts from International Media Reports
[Links to full articles were active on the date posted here]
Bahrain Fund Expects Profit This Year [May 31]
“The Bahraini sovereign wealth fund that owns a stake in the car maker McLaren expects to return to profit this year, even as state funds face tighter regulation after the global financial crisis. Bahrain Mumtalakat Holding, the GCC state’s US$10 billion (Dh36.7bn) fund, suffered losses connected to its stake in the national carrier Gulf Air and a reduction in aluminium prices, affecting its investment in the metal maker Aluminium Bahrain (Alba) last year, said Talal al Zain, the chief executive of Mumtalakat. An expansion of the airline’s routes and McLaren’s good growth prospects were among the reasons for expecting a return to the black this year, he said. “The major contributor to our consolidated loss in 2009 was Gulf Air,” Mr al Zain said yesterday. “With new management at the airline, we are already seeing the impact of a turnaround strategy, and the airline is on budget for January to the end of April, so we are targeting a big reduction in losses for Gulf Air this year.”..” [Complete Report]
Bahrain Condemns The Israeli Barbaric Attack [May 31]
“The Kingdom of Bahrain strongly condemns the Israeli navy’s barbaric attack on the aid flotilla in international waters, an attack which caused the deaths of many innocent victims. The Kingdom of Bahrain emphasizes that the Israeli use of force against civilians, including women, children and elders from several countries who sought to provide humanitarian aid to those people besieged in the Gaza Strip, must be condemned, is unacceptable, and is contrary to the basic laws and standards governing international waters. The Kingdom of Bahrain calls for the international community to fulfil its responsibility in light of these acts of unjustified terrorism. It demands a thorough investigation into the matter, and emphasizes the need for the immediate release of all those on board the flotilla’s vessels..” [Complete Report]
GFH to Sell Stake in Bahrain Financial Harbour [May 31]
“Gulf Finance House GFHB.BH (GFHK.KW) will sell its 50 percent stake in Bahrain Financial Harbour Holding to Emar Bahrain, GFH said in a statement on Monday. The sale, which is part of the cash-strapped firm’s strategy of divesting non-core assets, come as Gulf Finance House raises funds to repay the remaining $100 million of a $300 million loan. Analysts have valued GFH’s stake in Bahrain Financial Harbour at about $175 million. Emar Bahrain already owned about 50 percent in Bahrain Financial Harbour, according to Bahrain’s commercial registry. Bankers say Emar Bahrain is linked to the country’s royal family. The asset sale will help assuage investor fears of immediate liquidity concerns. GFH was once one of the bigger investment houses in the Gulf but it was badly hit by the regional property crunch, shrinking its balance sheet to about $1.3 billion..” [Complete Report]
