Finance Minister: Basic Food Items, Medicines & Medical Supplies Excluded from VAT
Finance Minister Ahmed bin Mohammed Al Khalifa replied to a question raised by MP about the details of unified GCC VAT agreement that will be reviewed by the House of Representatives in its next session on Tuesday (May 23, 2017) that "the basic food items, medicines and medical supplies will be excluded from the VAT that will be imposed by Bahrain along with the other GCC states."
Bahrain Pays Over $1B in Interest on Public Debt Last Year, Reports Suggest
Information reported that the Bahraini government paid about 395 million dinars (more than $1 billion) in 2016 as interests to lending banks.
Bloomberg: Bahrain Foreign Reserves Tumble 11% amid Risks of Exchange-Rate Policy Change
Bahrain’s foreign-currency reserves tumbled 11 percent in February, extending a decline that has fueled speculation that the island kingdom would either tap international bond markets soon or seek financial support from other Gulf Arab monarchies, Bloomberg revealed.
GCC Islamic Banks’ Growth Expected to Moderate in 2017-18, Standard & Poor’s Report Suggests
The economic slowdown experienced by the GCC countries following the oil price decline and consequent fiscal tightening will continue to apply pressure on asset growth and profitability of Islamic banks in 2017 and 2018.
Bahrain Lists $2B of Debts in Bourse
The Bahraini government announced on Sunday listing BD 741 Billion of short-term debts on stock exchange market.
Future Generation Reserves Decrease by BD 11M in 2015
Figures presented by the Minister of Finance, Ahmad bin Mohammad Al Khalifa to MP Ahmad Karata, showed a decrease in the future generation reserves in 2015, by more than 10 million Bahraini Dinars.
Bahrain’s Trade Unions Federation Says Hundreds of Workers Haven’t Received Wages since Months
General Federation of Workers Trade Unions in Bahrain expressed concern over the continued deprivation of hundreds of Bahraini and non-Bahraini workers of their wages.
10% of Bahraini Families Receive Social Aid
Official numbers showed that around 15 thousand Bahraini families receive social aid from the Ministry of Labor and Social Development in 2016.
Minister of Commerce: Saudis Own 5% of Bahrain’s Commercial Records
Bahraini Minister of Industry and Commerce Zayed Al-Zayani said that “The Saudi market is a priority for us. The Saudi investor center was announced during the visit of the Saudi Crown Prince. This will facilitate the establishment of Saudi investor companies who owns 5% of Bahrain’s records.”
KSA to Carry Out $533M worth Projects, Two Housing Projects in Wadi Al Sail, Galali
Saudi Ambassador to Bahrain Abdullah bin Abdulmalik Al Sheikh said nine agreements will be signed by both countries on March 19 to carry out projects worth SR 1 billion ($ 533 million) in Bahrain.
US Acting Assistant State Secretary Says US Company Named Contractor for Alba’s sixth potline in $3.5bn Project
US Acting Assistant State Secretary at Bureau for Near Eastern Affairs announced that Bechtel has been selected as EPCM contractor for sixth potline for the Alba aluminium smelter in Bahrain.
Bahrain Inflation Augments by 0.8% last January
Bahrain’s Muslim Brotherhood-affiliated Naba weekly newspaper said official figures issued last week suggest a record high augmentation in consumer prices (inflation) in the Kingdom of Bahrain during January 2017.
Bahrain’s Public Debt Rises to 8.68 Billion BD at the End of November
Bahrain’s public debt continued to rise reaching 8.68 billion BD in November 2016, which constitutes 72% of the Gross domestic product (GDP).
Fitch Affirms Bahrain at 'BB+'; Outlook Stable
Fitch Ratings has affirmed Bahrain's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB+' with a Stable Outlook. The Country Ceiling has been affirmed at 'BBB+' and the Short-Term Foreign and Local Currency IDRs at 'B'.
Bahrain's Sugar Refinery Stopped Production in October
Bahrain's Arabian Sugar Refinery stopped production in October and is preparing for a change of ownership, a source close to the matter told Reuters on Sunday.
Ibrahim Sharif: Bahrain Debts Exceed BD 23B, SIO to go Bankrupt in 2020
Bahrain’s prominent opposition figure and economist, Ibrahim Sharif, said that Bahrain is living in a state of real bankruptcy, and that it has debts amounting to more than 21 billion Bahraini Dinars.
Bahrain's Investcorp Targets U.S. Service Sector, UK Property
Bahrain-based Investcorp is responding to the election of U.S. President Donald Trump and Brexit by seeking investments in U.S. business services and British real estate, the private equity firm's Co-Chief Executive Rishi Kapoor said.
Parliament Grants CBB Authority of Selling Assets, Puts BIBF under Bank’s Power
The Parliament passed a bill in its session held on Tuesday (February 7, 2017) expanding the authorities of Bahrain Central Bank, allowing it to perform its role more effectively and putting Bahrain Institute of Banking and Finance under its control.
Bahrain Faces Sensitive Economic Conditions, Electricity Authority in Dire Need for Revenue Increase
Bahraini daily newspaper Al-Wasat, said that the government had expressed reservations on two proposals presented by the Council of Representatives, suggesting a reduction in electricity and water bills, reminding them of the country’s sensitive economic conditions.
VAT to Include 90 Commodities, New Taxation Apparatus to Take Over
Information Affairs Minister Ali bin Mohammed Al-Romaihi today held a press attended by Finance Undersecretary Arif Khamis, to cast light on the Gulf Cooperation Council’s (GCC) unified VAT agreement and the GCC’s unified agreement on selective taxation.