BizBahrain April 2016

More documents

Recommendations

Info

Banking & Finance Loan Facility arranged for Bahrain Commercial Facilities Company Ahli United Bank B.S.C. (AUB”), Arab Banking Corporation (B.S.C.) (Bank ABC) and Gulf International Bank B.S.C. (GIB), acting as the Mandated Lead Arrangers and Book Runners (MLABs), successfully closed a US$125 million 5-year Term Loan Facility (Facility) on behalf of Bahrain Commercial Facilities Company (BCFC). The purpose of the Facility, which was signed on 14th December 2015, is for refinancing and general corporate purposes. The MLABs were joined by Arab Bank and National Bank of Bahrain as The MLABs were joined by Arab Bank and National Bank of Bahrain as Arrangers. Chief Executive Officer of BCFC, Dr. Adel Hubail, thanked all the participating banks for their support in successfully closing this syndication. He mentioned that “The successful closing of this Facility is a testament of BCFC’s solid and stable financial standing in the capital markets as well as sound business model, strong management expertise, prudent risk management and overall growth strategy adopted by the Company.” The MLABs expressed their delight with the closure of the transaction and wished the borrower continued growth and prosperity in the future. Legal & General Gulf is now Al Hilal Life Legal & General Gulf announced that its name have changed to ‘Al Hilal Life’ effective from 1st April 2016. The name change follows the change in company’s ownership in October 2015 with Ahli United Bank B.S.C. acquiring Legal & General Group’s 50% stake in Legal & General Gulf. Ahli United Bank now holds 100% of the company’s shares. Commenting on the rebranding initiative, Sanjeev Baijal, Chairman of the company, said “The change in name reflects the new ownership structure and is a step towards realigning the company more closely to its current and prospective customers while maintaining its own identity.” He added that “Life insurance business is an integral part of AUB Group’s product offering and AUB remains committed to develop the same”. According to Mr. Baijal, the plan for Al Hilal Life is to develop from being primarily a bancassurer in Bahrain into a more rounded life insurer. AUB has been a shareholder in the company since its incorporation in 2009 and has also experienced success through its bancassurance arrangement. The name of Legal & General Gulf Takaful, a wholly owned subsidiary, will also be changed to ‘Al Hilal Takaful’ effective 1st April 2016. “The company will continue to offer Takaful products through its subsidiary which focuses on Family Takaful based product offerings and that will be further expanded through introduction of new and enhanced products,” said Mr Abdulla Al Raeesi, Deputy Chairman. VC Bank & Seera Investment Bank announce acquisition of a real estate portfolio in the US Venture Capital Bank BSC (c) and Seera Investment Bank BSC (c) (The Consortium) announced the successful acquisition and completion of the subscription of a real estate portfolio consisting of two multifamily residential assets in Atlanta, Georgia, USA, consisting of 866 units. This investment marks the Consortium's first investment in the US Multifamily sector and has been in cooperation with a US partner that has extensive experience in the management and operation of multifamily residential assets. After closely screening and reviewing many investment opportunities in various major US metropolitan areas, the Consortium chose the city of Atlanta, due to its robust economic factors which are expected to continue during the investment holding period. It's well-known that a large number of the Fortune 500 companies are headquartered in Atlanta making it the fourth most city with headquartered Fortune 500 companies behind New York City, Houston, and Dallas. Atlanta is witnessing strong population and job growth and represents an attractive real estate market with high potential for further rental growth and value appreciation, which will positively enhance the value of the investment. Bridgewater property sits on a 260,000 square meters gated land and consists of 532 residential units spread over 36 residential buildings, while Preston Creek property sits on a 206,000 square meters gated land consists of 334 residential units spread over 19 residential buildings. Both properties have excellent locations in Atlanta and feature a wide range of recreational facilities within its lush garden-style community. The Consortium announced that the portfolio's attractive returns enabled the full successful placement with their investors in the GCC. Furthermore, the performance of the properties in the portfolio for the first quarter has been consistent with the projections and therefore, it was able to distribute the projected yield amounting to an annual cash on cash return of 8.5%, to investors participating in this investment opportunity. 62 May 2016
artner Sub-Saharan Africa Islamic Finance Conven on Kampala Serena Hotel, Uganda Africa’s New Momentum Islamic Finance as the new paradigm for sustaining growth in Sub-Saharan Africa Islamic Banking Technology P artner Financial T artner Training and Knowledge Partner Affiliate Partner Media Partner To become a Partner at this major International Conference, please contact our Strategic Partnerships team Yasmeen Shah on Created in collaboration between E: yasmeenshah@ethicolive.com T: +91 124 418 2794/95 M: +91 9899000538 www.ethicolive.com/events/uganda/ Ethico Live Limited is a UK registered company with its corporate headquarters at 2-4 Blythswood Square, Glasgow G2 4AD, UK. Through our on-the-ground presence in key centres 63 across the world we are able to serve our clients in the global financial markets with high-profile international conferences in Europe, the Middle East, Africa May and 2016 Asia.
Page 1 and 2:
May 2016 1
Page 3 and 4:
May 2016 3
Page 5 and 6:
May 2016 CONTENTS 34 | Empowering L
Page 7 and 8:
Enterprise Support New online servi
Page 9 and 10:
May 2016 9
Page 11 and 12: www.riffaviews.com May 2016 11
Page 13 and 14: According to the recently published
Page 15 and 16: If you ask Ahmed AlQaed, Founder an
Page 17 and 18: Interview | Ahmed AlQaed Group exte
Page 19 and 20: Interview | Riffa Views football ac
Page 21 and 22: May 2016 21
Page 23 and 24: Interview | Arab Architects Mashrab
Page 25 and 26: Interview | Faisal Jawad The Art of
Page 27 and 28: May 2016 27
Page 29 and 30: Interview | Kamal Tabaja COO Kamal
Page 31 and 32: May 2016 31
Page 33 and 34: Interview | Dr. Farid Al-Mulla Ther
Page 35 and 36: demand the best all inclusive offer
Page 37 and 38: Interview | Bayt.com the region to
Page 39 and 40: Bahrain Financial Harbour Levels 22
Page 41 and 42: CBRE | Real Estate Analysis For exa
Page 43 and 44: ASAR | Finance Law Analysis the par
Page 45 and 46: May 2016 45
Page 47 and 48: Opinion | Business Strategy and not
Page 49 and 50: May 2016 49
Page 51 and 52: May 2016 51
Page 53 and 54: BENTLEY BENTAYGA Speedsters Ladies
Page 55 and 56: Tender No. Tender Type Opening Date
Page 57 and 58: Government Nogaholding Signs US$570
Page 59 and 60: June 2016 Open Invitation Time: 10A
Page 61: Banking & Finance Changing Patterns
Page 65 and 66: Telecom VIVA introduces ‘Connecte
Page 67 and 68: ✑✍❚❁❐❆✿❄❉■❇
Page 69 and 70: Real Estate SSH awarded Diyar Al Mu
Page 71 and 72: eeling our heritage into tomorrow p
Page 73 and 74: Technology Highest number of intern
Page 75 and 76: May 2016 75
Page 77 and 78: Other Business Miles Redemption off
Page 79 and 80: Other Business May 2016 79
Page 81 and 82: May 2016 81
Page 83 and 84: May 2016 83
Page 85 and 86: Retail - Clothing and Footwear Pric
Page 87 and 88: DOWNLOAD THE APP A leader in what i
Page 89 and 90: Behbehani Brothers W.L.L. launch ne
Page 91 and 92: May 2016 91
show all

BizBahrain April 2016

Create successful ePaper yourself

Delete template?

Save as template?