BizBahrain Magazine Nov-Dec 2017

November-December 2017 

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CONTENTS November - December 2017 

14 | Pioneer in Economic Diversification 

Recognized as a key regional services hub, Bahrain’s progressive 

regulatory framework, educated workforce and significantly lowercost 

environment has continued to attract international and 

regional companies seeking a regional base to engage with the 

wider GCC and beyond. 

FEATURES 

18 | Innovative Real Estate Strategies 

Metropolitan Holdings 

22 | Fintech new Frontier for Islamic Finance 

Interview with Ashar Nazim 

Managing Director, Finocracy Bahrain 

26 | The Mobile App that will make Parking a whole lot Easier 

Interview with Omar Salah Alkhan 

Managing Partner, ParkPoint 

30 | Re-Aligning the Concept of Luxury 

Interview with David McGoldrick 

General Manager, EuroMotors - BMW Group, Rolls Royce, Ferrari & Maserati 

36 | At the Heart of the Operation 

Interview with Narjes Farookh Jamal 

Executive Director of Operations Bahrain Bourse 


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CONTENTS 

November - December 2017 

40 | Innovation by Design 

Interview with Felipe Yofre 

CEO & Senior Architect, INTEC Bahrain 

42 | ONE-STOP-SHOP for Currency and Money Transfer 

Interview with Jacqueline Nosworthy 

General Manager for Bahrain, Travelex 

44 | Improving Profitability Through Asset Optimization 

Interview with Antonio Pietri 

President and CEO, AspenTech 

48 | Bahraini Author Receives the Quilly Award 

Interview with Mohamed Isa 

Author 

50 | Connecting UK and Bahraini Scientists 

Interview with Dr. Hanan Al-Buflasa 

Assistant Professor, University of Bahrain 

52 | Energy Investments for the Region 

Interview with Irina Duisimbekova, President & Founder of Licorne Energy 

Omar Minhaj, President & Founder of Flamingo Oil 

56 | Project Review 

Metropolitan Holdings 



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CONTENTS 

November - December 2017 

58 | Bahrain’s Real Estate Sector Driven by Investment 

and Regulatory Reforms 

OBG Business Report 

60 | Bahrain Bay’s Steady Rise as the New Focal Point of the Capital 

CBRE Real Estate Analysis 

62 | The Death of Rent Control 

ASAR Corporate Law Analysis 

64 | The Next Generation of E-Commerce 

Expert Opinion Information Technology 

70 | The Enduring Appeal of Jewellery Arabia 

Interview with Fawzi Al Shehabi 

Director of Sales and Marketing 

74 | BJC Signature Brand Boutiques 

Interview with Mohammed Shirazi 

Bahrain Jewellery Center (BJC) 

78 | Preserving Bahrain’s Pearl Legacy 

Interview with Vijay Shah 

Al Hashimi Pearls 



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CHAIRMAN'S MESSAGE 

Nearly a decade after the financial crisis brought an era to an end, the global 

economic environment remains challenging. Nonetheless, the efforts that have 

been undertaken by Bahrain to restructure and diversify its economy, while being 

cautiously optimistic about the future, shows how dynamic the kingdom has been 

in its approach. 

In the backdrop of these difficult yet hopeful times, it is with a sense of great pride 

that we celebrate the 46th National Day of the Kingdom of Bahrain and the 18th 

Accession Day anniversary of His Majesty King Hamad bin Isa Al Khalifa. Through 

exemplary effort, the leadership and government has kept us on course, resolute 

that nothing is impossible if we work towards it with unity and a cohesive vision. 

Watch out for our special commemorative bizbahrain National Day Supplement, 

which will celebrate in words and images the history and accomplishments of our 

nation. 

The end of the year is a time when we take a step back in retrospect and hindsight. 

We are proud to look back on some extraordinary moments - we have conducted 

interviews with exemplary leaders and out-of-the-box achievers; we have 

participated in landmark events, like the first Bahrain International Defence 

Exhibition and Conference (BIDEC 2017) as the local media agency; we have had 

the honour of presenting the magazine at the highest offices in the country. It has 

indeed been a year filled with memorable moments. 

In the last year, bizbahrain has moved from strength to strength improving our 

content through more incisive interviews, analysis and research. This issue is 

a mega year-end read with an in-depth round up of the economy and a number 

of interviews with key personalities who have made a difference, sharing their 

insights and drawing us into the challenges and high points they have experienced 

in the last year. 

Greetings to His Majesty King Hamad bin Isa al Khalifa, 

His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, 

His Royal Highness Crown Prince Salman bin Hamad Al Khalifa, 

and to the people of Bahrain on the occasion of the 46th National Day. 

Adel Al Safar 

Chairman 

Write to the Publisher: info@bizbahrain.com 


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THE TEAM 

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Printed at 

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Dr. Jassim Haji, Simone Del Nevo, Heather Longden, 

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Farouk Almoayyed 

Honorary Chairman 

Ahmed Sabah Al-Saloom 

Chairman of the Society 

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www.bizbahrain.com 

Read more on: www.bizbahrain.com 

The opinions and views contained in this publication by the journalists, writers and the interviewee are not necessarily those of the publishers. All efforts have been 

made to ensure accuracy of the information contained in this publication. However bizbahrain cannot accept legal responsibility for any error or omission. 



15

Focus Feature | Economy Review 2017 

PIONEER IN ECONOMIC 

DIVERSIFICATION 

by Reena Abraham 

Recognized as a key regional 

services hub, Bahrain’s progressive 

regulatory framework, educated 

workforce and significantly lower-cost 

environment has continued to attract 

international and regional companies 

seeking a regional base to engage with 

the wider GCC and beyond. Bahrain is 

now in the process of overhauling its 

subsidy framework while seeking new 

income streams in a long-standing 

diversification strategy to overcome the 

reliance on hydrocarbon resources for 

revenues - challenging prospects in an 

economy renowned for generous social 

support and low taxation. 

A major focus for the government in 

the past years has been moving the role 

of the public sector from investor and 

operator, to regulator and facilitator. Many 

of the reforms that Bahrain has carried 

out have been focussed on creating 

an environment to allow the private 

sector to become the engine for growth, 

and for the public sector to be a smart 

and focussed enabler of development 

and diversification. The non-oil sector 

expansion has remained the major driver 

of economic expansion and job creation. 

More than 80 percent of GDP already 

comes from non-oil sectors currently, 

with overall non-oil sector growth 

reaching 4.4% in the first quarter of 2017, 

up from 3.7% during 2016, according to the 

Bahrain Economic Quarterly published 

by the Bahrain Economic Development 

Board (EDB). 

This growth was driven by strong 

performance across the non-oil private 

sector, with momentum continuing to be 

supported by large-scale infrastructure 

projects. Overall, during the first three 

months of 2017 the Bahraini economy 

expanded by 2.9%, in line with the 3% 

pace seen in 2016 as a whole. 

The first three months of 2017 saw 

particularly strong growth in the hotels 

and restaurants, financial services and 

transportation and communications 

industries. Hotels and restaurants 

emerged as the fastest growing single 

sector during Q1, posting a 12.3% yearon-year 

real rate of expansion and 

financial services continued along its 

strong growth trajectory reported last 

year, posting an annual expansion of 

8.3% at the end of Q1 compared to 5.2% 

Q on Q in 2016. The transportation and 

communications sector also performed 

strongly, with an annual real growth rate 

of 8.2% in Q1. 

Underpinning the near term 

momentum in Bahrain’s non-oil economy 

is the large amount of investment in 

infrastructure that the Kingdom is 

experiencing. This includes the USD3bn 



Alba Line 6 project - which is set to 

create the world’s largest single-site 

aluminium smelter. USD1.1bn is being 

invested in the airport modernization 

programme and a further USD335m 

earmarked for a new Banagas gas plant. 

Expressions of interest have been 

solicited for the construction of the 

King Hamad Causeway which will add 

to the existing King Fahd Causeway, 

connecting Bahrain to Saudi Arabia 

and serving as a platform for the GCC 

railway. 

Active projects that are part of 

the GCC Development Fund also saw 

a further increase in their aggregate 

value. The cumulative total worth of GCC 

Development Fund projects that had 

broken ground by Q2 of 2017 reached 

around USD3.2bn. This marks a 111.3% 

increase on the active pipeline from Q1 

of 2016. 

From the Bahrain Economic 

Development Board’s perspective, 

the core mandate has been to attract 

investment to Bahrain in order to create 

sustainable economic growth and high 

quality jobs. The EDB has narrowed 

down the focus to five key sectors where 

Bahrain offers particular competitive 

advantages and where there is strong 

potential for growth: financial services; 

information and communications 

technology (ICT); tourism; transportation 

and logistics; and manufacturing. 

What links all of them is that they 

are areas where Bahrain has something 

to offer businesses - areas with a real 

demand and factors underpinning the 

growth in that demand in the coming 

years. Looking to the future, Bahrain is 

focussed on a few key areas to make 

sure it builds on the opportunities 

and maintains a positive economic 

trajectory. There is a strong emphasis 

on regulatory reform to ensure that the 

business environment in the kingdom 

is truly conducive to the formation and 

growth of companies. 

Source: Bahrain Economic Quarterly (EDB) 

Despite increasing regional 

competition, Bahrain maintains 

its position as regional leader for 

conventional and Islamic finance, and the 

fast growing FinTech industry. 

After weathering the tumultuous 

economic environment and changing 

regulatory landscape of the previous year, 

Bahrain’s sharia-compliant financial 

institutions continue to expand in the 

domestic market and beyond, while 

activity in the newly reinforced shariacompliant 

insurance sector is well 

positioned to continue along a trajectory 

of premium growth, outstripping that of 

its conventional counterparts. 

The CBB and the Bahrain Bourse 

(BHB) have recently leveraged the 


17


kingdom’s reliable pipeline of shariacompliant 

debt offerings to broaden the 

range of activity on Manama’s exchange. 

In January 2015 the BHB launched a new 

mechanism, the first of its kind in the 

Middle East, which allows both individual 

retail investors and institutions - 

domestic and foreign - to directly 

subscribe to government issuances of 

sukuk and bonds through registered 

brokers, and thereafter trade them on the 

secondary market at the BHB. 

FinTech businesses got a significant 

boost, when the Central Bank of Bahrain 

(CBB) initiated two new license types 

in 2014- payment services and card 

processing services - marking the entry 

of non-banking companies into banking 

services. To date Bahrain has issued 

14 licenses for these two activities. 

Earlier this year, CBB announced new 

regulations to create a regulatory sandbox 

that will allow startups and FinTech firms 

to test and experiment their banking 

ideas and solutions. The creation of 

the regulatory sandbox provides an 

opportunity for FinTech businesses 

around the world to expand and thrive in 

the Gulf, strengthening Bahrain’s position 

as a hub. The framework provides a 

virtual space for companies to test their 

technology-based innovative solutions, 

and is open to existing CBB licensees 

and other local and foreign firms for a 

testing duration of nine months, with a 

maximum extension of three months. 

The launch of Bahrain FinTech Bay 

(BFB), the largest dedicated FinTech 

hub in the Middle East and Africa 

further substantiated the efforts. 

The new hub launched by Bahrain 

Economic Development Board (EDB) in 

partnership with FinTech Consortium 

(FTC), aims to further the development 

and acceleration of FinTech firms 

as well as the interaction between 

investors, entrepreneurs, government 

bodies and financial institutions. It 

will provide a physical hub to incubate 

insightful, scalable and impactful 

FinTech initiatives through innovation 

labs, acceleration programmes, curated 

activities, educational opportunities and 

collaborative platforms. 

GLOBAL REVIEW 

In the World Bank’s 2017 “Doing 

Business” Report, Bahrain ranked 63rd 

Bahrain Business 

Confidence Index, 2-3Q17 

Q2 

Optimistic Neutral Pessimistic 

Q3 

Source: Information & eGovernment Authority 

in the world for ease of doing business 

and 4th for paying taxes. In the World 

Economic Forum’s 2016-17 Global 

Competitiveness Index, it again ranked 

48th globally for its strong institutions, 

infrastructure, market efficiencies, and 

business sophistication. 

EDB reports reveal that more than 

US$200million worth of investment was 

brought into Bahrain’s manufacturing 

and logistics sector in the first half of 

2017. The investments are expected to 

create approximately 1,000 jobs over the 

next three years. The growth follows a 

substantial increase in the number of 

international businesses looking to use 

Bahrain as a hub to access and seize the 

regional opportunities offered in the GCC 

market and beyond. 

HIGH PERFORMANCE SECTORS 

Logistics sector is a key sector thanks 

to the country’s strategic location and 

connectivity to key markets. The Khalifa 

bin Salman Port is the most efficient in 

the region according to the EDB, with an 

efficient and speedy container clearance 

lag. The key logistics processing zones 

Bahrain International Airport, Khalifa Bin 

Salman Port, Bahrain Investment Park 

and Bahrain Logistics Zone are all within 

easy reach of the vital international 

link, which is the Eastern Province of 

Saudi Arabia through the King Fahd 

Causeway. The growing logistics and 

transport sector have also facilitated 

growing manufacturing activity. Trade 

and economic agreements with over 60 

countries, a steady supply of specialist, 

skilled and semi skilled labour, and 

tax free and duty free incentives have 

increased the pull of Bahrain as a 

manufacturing option. 

Mondelez International, one of the 

world’s largest snacks companies, is 

building one of its global manufacturing 

and distribution hubs in Bahrain - a 

state-of-the-art biscuit production plant 

that will produce the famous brands 

Oreo, Ritz and TUC - in order to meet the 

growing demand in the Middle East and 

Africa. The plant will generate 200 jobs 

in its initial phase. This is the second 

investment by Mondelez in Bahrain in 

less than 10 years where in 2008 they 

have launched a 60,000-ton production 

facility for Kraft cheese and Tang 

products that exports to 47 countries 

including the United States. Both 

investments by Mondelez are located at 

Bahrain International Investment Park 

(BIIP), one of the most developed and 

modern industrial parks in the region. 

The trend continued with leading GCC 

textile and fashion distribution company 

Armada Group starting construction of 

its regional distribution centre in the 

Bahrain Logistics Zone (BLZ), investing 

over $50 million and creating 400 

direct jobs over the next three years 

for Bahrainis. The BLZ is strategically 

located close to the Khalifa bin Salman 

Port, allowing Bahrain to have the 

shortest travel time in the region between 

its export hubs and logistics zones. The 

Kingdom’s strong regional transport links 

and its strategic geographical position 

provides easy access to the $1.5 trillion 

GCC economy, proving an attractive 

location for international logistics 

companies. 

Other important investments this 

year include ECU Worldwide, SMSA 

Express, Elsewedy Electric, Mennekes, 

Sonmez Metal, Tsinx Environment 

Technology, Almajdouie Holding, Lals 

Group, as well as expansion investments 

by several companies including Kuehne + 

Nagel, Sandvik, and Agility Logistics. 

The recent investments are also 

supported by a significant programme of 

infrastructure investment and reforms 

across a number of sectors, which have 

served to enhance Bahrain’s reputation 

as a ‘Gateway to the Gulf’. In the World 

Bank’s Doing Business 2017 report, 

Bahrain was also named as one of ten 



Sectoral Composition of Growth 

Source: Information & e-Government Authority 

2015 2016 2017 

YoY growth, % Annual Annual Q1 Q2 H1 

Crude Pet. & Nat. 

Gas 

-0.1 -0.1 -3.3 -0.5 -1.9 

Manufacturing 3.2 1.3 0.4 -1.9 -0.8 

Construction 5.9 5.7 4.6 -0.1 2.2 

Trade 2.1 3.0 3.6 5.6 4.6 

Hotels & 

Restaurants 

3.0 2.0 12.3 13.4 23.9 

Transp. & Comm’s 6.8 3.2 8.2 5.9 7.0 

Social & Pers. Serv. 3.5 9.1 10.1 9.8 9.9 

Real Est. & Bus. Act. 1.7 2.8 4.5 5.3 4.9 

Finance 4.5 5.2 8.3 7.6 7.9 

Government 2.2 2.5 2.6 3.6 3.1 

Other 7.9 3.6 6.6 5.6 6.1 

GDP 2.9 3.2 3.5 3.3 3.4 

countries improving the most in three 

or more areas, one of which was “trading 

across borders,” a critical factor for 

manufacturing companies exporting 

their goods to the regional market. This 

is in large part due to the consistent work 

to improve infrastructure and streamline 

procedures at the King Fahd Causeway. 

Bahrain’s manufacturing, 

transportation and logistics sector is 

currently one of the largest contributors 

to the country’s GDP, and accounted 

for 20.3% of 2016 GDP, and the sector 

continues to grow at a significant 

rate. Further investments, such as the 

ongoing modernization and expansion 

of Bahrain International Airport, the 

building of a second causeway to 

Saudi Arabia and additional regulatory 

reforms are expected to further increase 

regional and global connectivity, while 

making the economy more efficient and 

productive, and more competitive at a 

global level. 

NEW ARRIVALS 

AWS, part of Amazon, providing 

cloud data storage to more than a million 

customers in 190 countries, announced 

plans to create cloud infrastructure in 

Bahrain to serve the Middle East that 

will be operational by early 2019. The 

new AWS Middle East (Bahrain) Region 

will incorporate three Availability Zones, 

a means to ensure greater speed and 

reliability than through a single data 

centre. Gulf businesses will now find it 

easier to take on the world. Via AWS’s 

cloud infrastructure, they will be able to 

run serious workloads (data processing, 

storage and sharing) in ways that weren’t 

previously possible. 

His Royal Highness Prince Salman 

bin Hamad Al Khalifa, Crown Prince of 

Bahrain, First Deputy Prime Minister, 

and Chairman of the Bahrain Economic 

Development Board, commented on the 

occasion, “Today’s announcement is a 

significant moment for Bahrain and the 

region. For the Kingdom, the expansion 

of regional cloud capacity builds upon 

a business environment that is already 

driving innovation and entrepreneurship, 

using technology to accelerate economic 

diversification in Bahrain. Through 

improved efficiencies, access to new 

career opportunities, and helping to 

enhance the delivery of government 

services, this marks further realization of 

the principles of sustainability, fairness, 

and competitiveness that form the core 

of Bahrain’s 2030 Vision.” 

Economic forums such as the 

Italian-Arab Business Forum to which 

Bahrain sent a delegation for the 

first time, have proved to be effective 

platforms to promote Bahrain’s 

proposition internationally and invite 

the international community to invest 

in Bahrain, while also discussing further 

policies the country can take in order to 

boost foreign investments. 

“Bahrain was a pioneer in 

recognizing the importance of economic 

diversification in the region. The oil 

sector now comprises less than 20% of 

total GDP, evidence that Bahrain today 

enjoys a business-friendly environment 

to investors across a multitude of 

economic sectors,” said Khalid Al 

Rumaihi, CEO of Bahrain Economic 

Development Board. 

In a world characterized by rapid 

and often disruptive change the creation 

of a strong, technology-led start-up 

ecosystem has helped prepare for the 

economy of the future, capitalizing on 

key competitive advantages, like the 

qualified human capital available in the 

kingdom. 


19

Focus Feature | Metropolitan Holdings 

INNOVATIVE 

REAL ESTATE 

STRATEGIES 

Metropolitan Holdings is a dynamic company 

involved in property development, international 

real estate investment, property & facility 

management, civil construction, interior design/fit-out, 

infrastructure, MEP and related services. 

Metropolitan Holdings is known for its innovative 

approach to the real estate sector where it strives to 

differentiate itself through iconic developments across 

the Kingdom of Bahrain together with unique and 

exclusive investment opportunities in the UK offering 

various premier developments with unbeatable returns. 

The company provides broad range of services to 

the real estate and construction sector through its 

subsidiaries and business partners under its umbrella. 

METROPOLITAN PROJECTS 

DEVELOPMENT 

Established with a view to provide a comprehensive 

property development service which is delivered 

through our team and sister companies across a wide range 

of markets. Whether it is a completely new development or 

a renovation of an existing development, our team has the 

expertise to deliver and excel to ensure the project will be 

completed on time, on budget and in exceeding expectations. 

The combination of local knowledge and international 

presence gives us a unique strength and flexibility to offer 

an integrated capability - including construction, Design 

and Build, the securing of finance as 

well as early contract involvement. Our creative approach 

and ability to deliver a consistently high standard of service 

underpins the durability of our customer relationships. 

Experienced in managing a wide range of projects, we have 

the expertise to deliver all kinds of sustainable projects, 

from residential, commercial to industrial projects. 

www.mhcwll.com | 

20 November-December 2017 

mhcwll 

SUBSIDIARIES

METROPOLITAN PROPERTY & 

FACILITY MANAGEMENT 

Metropolitan Property & facility Management utilises 

directly employed staff and have the ability to selfperform 

a wide range of specialist disciplines. We operate 

with a strong focus on building, mechanical and electrical 

services, as well as self-delivery of specialist activities 

such as fire & security systems, heating, ventilation, air 

conditioning and door/gate automation. 

We provide and manage a wide range of facilities 

management services including planned and reactive 

maintenance, minor works, security, reception and 

back office support such as payments processing and 

procurement. 

We also carry outplanned maintenance tasks, 

including: infrastructure, mechanical, electrical and HVAC 

assets, across a diverse range of clients and operational 

environments. 

Our provided services are robust and reliable 24/7- 

365 response maintenance service across all trades and 

geographical locations in the Kingdom of Bahrain. With 

response times to suit each contract, our in-house, multiskilled 

and specialist maintenance engineers, together with 

a network of locally based service providers ensure that our 

clients business and operational needs are fully supported 

through our efficient and reliable service. 

METROPOLITAN REAL ESTATE 

INVESTMENTS-UK 

Our team in Metropolitan Real Estate Investments Ltd, 

based out of London, is focused on bringing the best 

international property developments for our clients. We 

work closely with developers internationally on a diverse 

range of global residential and commercial properties to 

provide lucrative opportunities to our network of clients 

and investors. Once an opportunity in identified and 

well studied by our team of consultants and specialists. 

Metropolitan becomes the sole authorized agent in the 

Arabian Gulf and the Kingdom of Bahrain in specific to sell 

these developments. 

Metropolitan representatives will provide our clients 

with full assistance throughout the sales process and may 

offer after sale services, such as leasing or management of 

their international property, if required. 


mhcwll 


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METROPOLITAN BUILDERS 

At Metropolitan Builders, the management services 

provide assurance to the owner/developer of a well-run, 

problem-free job site. The team of experienced construction 

professionals provides cost control, scheduling coordination, 

in-design/build projects with the assistance of our sister 

companies. 

The client will contract directly with a single entity 

“Metropolitan Builders” to provide all the construction 

services for any project. Design/build services may be 

provided by Metropolitan Builders and its sister companies. 

The management’s knowledge of the Kingdom of Bahrain 

local building codes, safety requirements, permit issuance 

and other local nuances in the construction process is 

critical in the project's on-time and on-budget completion 

according to plan. The owner / developer’s interest is 

represented throughout the project, from start to finish, to 

ensure schedule compliance, coordinate proper document 

control and optimize the investment in the project. 

Our business is driven by the needs of our clients and 

our people are motivated by providing very higher levels of 

expertise. Working with public and private sector clients in our 

chosen markets across Bahrain has earned us a reputation for 

quality and delivering what we promise. 

We are proud of our success and of our people whose 

skills, dedication and expertise have ensured recognition 

from our clients. 

Metropolitan Builders team has worked on a wide range 

of projects, of all sizes, for a diverse client base. Each project 

encompasses both the high quality and value to the 

respective client. These projects include mega projects, 

commercial/residential projects, industrial projects, 

building renovations and upgrades. 

Our project success is accomplished by applying 

a comprehensive project team management delivery 

system. The Metropolitan Builders team's experience 

covers a broad range of professional services, from 

consulting and feasibility analysing, to the complete 

design, implementation expertise to fully execute a 

construction project. The planners and execution teams 

work together throughout the entire project towards 

the common goal of providing a quality product at a 

competitive price. 

METROPOLITAN INTERIOR DESIGN 

& DECOR CONTRACT 

We operate nationally with expansion plans throughout 

the GCC. We offer a comprehensive range of services 

focusing on the delivery of high quality interiors and 

specialist restoration services. 

Our unified belief is the desire for effective partnership, 

developing a collaborative approach and successful project 

delivery all in order to build long-term relationships. 

Our expertise is project management and design - 

combined with our construction knowledge, innovative 

approach and operational know-how - enable us to deliver 

safe, reliable and cost effective solutions. 


22 November-December 2017 

mhcwll

METROPOLITAN CONSTRUCTION 

SUPPORT SERVICES 

When you hire from Metropolitan, you get solutions for a 

range of sectors including construction, infrastructure 

& industrial. 

At Metropolitan, we enable you to focus on what you do 

best. We hire out the equipment you need when you need it, 

and we make sure it’s fully maintained, serviced and ready 

to work immediately, efficiently and safely. 

Our complete range of equipment, from the smallest 

hand-held tool to the largest powered access machine, is 

available to hire from our network in Bahrain. 

METROPOLITAN MEP CONTRACTING 

Metropolitan MEP provides a full design and installation 

service with packages of work covering all Mechanical, 

HVAC & electrical installations. We pride ourselves on 

achieving targets on time and within budget. 

We offer a complete one-stop shop for all aspects 

of mechanical and electrical services. Our engineers 

have expertise in various sectors including commercial, 

industrial, retail, public sector and residential. 

To make life simple for clients, each MEP project is headed 

by a Metropolitan project manager, who is responsible for all 

aspects of the mechanical and electrical works involved in 

that project. This allows for one point of contact to see the 

project through to completion. 

All aspects of mechanical and electrical work can be 

undertaken by our experienced team of engineers, including 

Ventilation and Pipework installations, heating and cooling 

systems and of course air conditioning. 

METROPOLITAN INFRASTRUCTURE 

CONTRACTING 

Providing high quality foundation and infrastructure 

solutions for projects of all sizes and complexity - 

from major civil engineering schemes to large commercial 

contracts and one-off residential developments. 

Operating throughout the Kingdom, we work in 

partnership with clients to deliver a professional service. 

We continually focus on developing the most innovative 

infrastructure schemes and technologies, supported by 

industry knowledge and experience gained. 


mhcwll 


23

Interview | Finocracy Bahrain 

FINTECH 

NEW FRONTIER 

FOR ISLAMIC 

FINANCE 

Ashar Nazim 

Managing Director, Finocracy Bahrain 

Islamic finance players are pushing 

new frontiers, challenging the 

boundaries of finance and technology 

to enter the Golden Age of fintech. While 

Goldman Sachs predicts that the fintech 

industry will hit the USD 4.7 trillion 

mark, the billion-dollar valuations 

achieved by unicorn fintechs up till now, 

have already brought it into the realms 

of possibility. Though still at a nascent 

stage, the application of fintech within 

the Islamic finance space is now set to 

take off across the GCC region. 

For years Bahrain has been 

pioneering innovation in Islamic finance. 

Earlier this year the Central Bank of 

Bahrain (CBB) adopted a new program 

that facilitates a regulatory sandbox for 

fintech start-ups, enabling them to have 

access to work with banking tools and 

solutions. Just last month, the Bahrain 

Economic Development Board (EDB) 

and Singapore’s Fintech Consortium 

announced the launch of Bahrain 

Fintech Bay (BFB), the largest dedicated 

fintech hub in the Middle East and 

Africa. The new hub aims to further the 

development and acceleration of fintech 



firms as well as the interaction between 

investors, entrepreneurs, government 

bodies and financial institutions. 

Just like in conventional finance and 

banking, fintech solutions for Islamic 

finance aim to improve the customer 

experience and deliver better products 

and services. 

“Fintech innovations have 

brought the question around ‘purpose 

of existence’ back on the table. The 

challenge for bankers and professionals 

is to first unlearn the existing rules of 

the game, and to challenge themselves 

to think afresh. We owe it to our younger 

generation,” said Ashar Nazim, Managing 

Director at Finocracy Bahrain. 

At its most basic, the disruptors 

are usually associated with mobile 

functionality, simplicity, big data, 

accessibility, agility, cloud computing, 

contextuality, personalization. Though 

fintech developments in the Islamic 

finance space are still very nascent, key 

Islamic finance markets in the region 

like Abu Dhabi, Dubai and Bahrain are 

seeking to support and grow Shariahcompliant 

fintech convenience. 

Finocracy collaborates with Islamic 

banks and fintech challenger players 

to build and invest in fintech solutions. 

The company with its stellar team of 

specialists analyzes opportunities for 

banks, to benefit from new solutions 

centered around connectivity, 

interactivity with customers, real-time 

decision making as well as digitizing 

processes. 

Managing Director of Finocracy, 

Ashar Nazim talks to Group Editor, Reena 

Abraham about building awareness and 

creating opportunities for fintechs in 

Islamic markets. Earlier this year, Ashar 

left a cushy job as Partner and Global 

Head of Islamic Banking at EY to join the 

fintech world. 

Fintech is not just about innovative 

or so-called disruptive startups, it is a 

broader category that is clearly shaping 

the future of financial services. Is fintech 

for Islamic finance any different and why 

is it significant? 

The official definition of fintech is 

still evolving. In practical terms, it is 

about innovative business models in 

the financial services industry that are 

completely disrupting the way business 

has been conducted for generations. It 

involves new revenue models and cost 

structures. All this is made possible 

through a range of futuristic technologies 

and the digital footprint of individuals 

and businesses. The myth is fintech is all 

about technology. In real terms however, 

the most challenging part is the ability to 

connect the dots across your customers’ 

digital ecosystem, to provide value that is 

then also rewarded by the market. 

Fintech is more relevant and more 

urgent for Islamic banks for 3 reasons. 

One, the market that Islamic banks 

operate in are primarily emerging 

markets where access to financial 

services is still limited and fintech 

models now give you the opportunity to 

build the outreach. 

Second, for the first time in the 

history of the industry, we are seeing a 

sharp slowdown in the growth of assets 

and deposits at Islamic banks. So the 

traditional avenues of business are 

drying up and the only way to revive 

this growth is by adopting the new 

engagement model through different 

fintech solutions. 

Finally, Islamic banks never had 

a level playing field given they were 

smaller, newer players competing with 

the big conventional boys. The start 

of the fintech era offers a one-time 

opportunity for Islamic banks to compete 

as equals. This is a fantastic opportunity 

for everyone in the market to raise 

their game. To prove their purpose of 

existence. In five years, either Islamic 

banks would have closed the size gap 

against conventional banks, or would 

have been disrupted for good. Inaction is 

not an option. 

What do you feel are the key challenges 

that Islamic financial institution will 

be facing in developing Bahrain into a 

fintech hub? 

We have been talking to many 

Islamic banks to understand more and 

also previously as the global head of 

Islamic banking at Ernst and Young I 

actually tested different markets on this 

subject. As we see, there are 4 specific 

challenges that are pretty much common 

across the industry and I would like to 

highlight these. 

First is the level of awareness when 

it comes to fintech solutions. Islamic 

banks are relatively smaller and local, 

and therefore their connectivity to the 

global fintech ecosystem is very limited. 

So the first and foremost challenge is 

creating a level of awareness and global 

connectivity with this new fintech 

ecosystem. 

The second challenge that we see 

Islamic banks facing is the very high 

research and development costs when 

it comes to identifying, designing and 

operationalising fintech solutions. They 

have a smaller pool of talent and funding 

compared to larger conventional peers. 

And so for example, unsurprisingly, you 

do not see an equivalent of R3 which 

is a major global consortium to build 

blockchain standards and businesses. 

Of course there are several examples of 

good initiatives as well in the industry, 

but again, at a holistic level the R&D 

budgets are missing and realistically 

speaking its too expensive for banks to 

attempt individually. 

A third factor is again the dearth of 

expertise when it comes to enablement. 

I was talking to a bank and they were 

complaining about a digital wallet they 

came out with that should not have 

taken more than 4-6 months to launch, 

but instead it took around 18 months and 

then also the market response was below 

expectations. The industry needs to be 

more creative about how it’s going to 

source this talent. 

Finally, what we call the runway to 

launch fintech platforms, is missing. 

How do you match the speed and scale at 

which you’re required to disrupt yourself 

and come up with new business models? 

We need to build this runway. We 

need to build institutions that enable 

innovations to come to market, and guide 

them well so they can win or fail quickly. 

You need experienced professionals to 

come together to help connect these 

dots. Bahrain stands out given our 

strong community of like-minded 

bankers and professionals. 

What are the different verticals that are 

being impacted by fintech in GCC and 

how is it going to fundamentally change 

deposit mobilization in times to come? 

You know Islamic banks operate 

in emerging markets and are mostly 

focussed on consumers and mediumsized 

or smaller businesses. Those 


25


“Bahrain is rapidly becoming the de facto region for FinTech in 

the Middle East. Recent cornerstone developments such as the 

Regulatory Sandbox, FinTech Unit and FinTech Hub position 

Bahrain as a compelling and sophisticated hub for advancement 

in the FinTech sector. What’s unique about Bahrain’s FinTech play 

is it provides an end-to-end ecosystem of value for entrepreneurs, 

innovators, start-ups as well as corporates - something which we 

haven’t seen before in this region. With key stakeholders such 

as CBB, EDB and powerhouse Islamic banks, spearheading their 

FinTech initiatives, this collaborative effort will support the next 

generation of businesses, drive growth and increase productivity." 

are also the areas most impacted by 

fintech businesses, broadly speaking. A 

very interesting area that is becoming 

increasingly a topic of discussion is 

deposit banking. 

Deposit banking is a dying business 

in its current format. And the reason is 

Google, Apple, Facebook and Amazon 

coming to the foray. This has completely 

reset consumer expectations. And 

requires a fundamental change of 

mindsets at Islamic banks when 

they are talking about serving these 

consumers, either in terms of acquisition 

or retention. Futuristic financial 

technologies are only a tool to help 

implement this new mindset. The more 

fundamental questions for banks are 

around the purpose, decisioning model 

and customer loyalty. 

On purpose of existence, for a very 

long time, banks have been content 

with providing two basic services to 

customers, that is, safe keeping of their 

funds and providing nominal returns. 

This is no longer enough. There is more 

accountability by the customers on how 

their idle & mobile funds, while with 

the bank in the current and savings 

account, are deployed and the impact 

these create for the local community. The 

current business model of banks does 

not provide for this mindset, and they do 

not have the framework to deliver on this 

expectation. 

With regards to decisioning, 

consumers now prefer relationships that 

are personalized, and offer seamless or 

Osama Al Khajah 

Founder & CEO, Global Innovative Solutions WLL 

on-demand access to an added layer of 

service separate from the underlying 

provision of the deposit product. For 

example, Careem, AirBnB, Starbucks, 

etc. are examples of service providers 

that fulfil a necessary lifestyle need of 

consumers, and in the process win their 

trust and share of deposit wallet. 

Then on loyalty, the digital 

ecosystem means that consumers 

have more options and easy access to 

variety of deposit products. They trust 

this ecosystem and are ready to switch 

vendors more willingly. The GCC banking 

survey confirms that, for the first time 

ever, more than 40% of customers are 

willing to switch banks for a digitalfirst 

relationship. That’s significant. 

Already, non-financial services players 

are chipping away at banking industry’s 

share of deposit wallet. 

Banks need to wake up to this reality. 

It requires a fresh mindset that appeals 

to the emotional and digital lifestyle 

needs of consumers and therefore a 

brand new engagement model. What that 

also means is consumers increasingly 

expect brands, including Islamic banks, 

to have not just functional benefits but 

also a social purpose. Banks should 

demonstrate the impact they are making 

as a result of their existence. How they 

are touching the lives of the customers 

and the economies that they reside in. 

Very few Islamic banks today are 

what we call social purpose natives, 

i.e. where their business models and 

products and services are deeply 

embedded in a social purpose. The 

good part is that many of them see 

the shifting sands, and are adapting. 

They are what we call social purpose 

immigrants. These are Islamic banks 

that have grown without a well-defined 

social purpose strategy but, are now 

seeking to develop one. 

The bottom line is the products will 

remain products but the engagement 

model and the consumer experience that 

banks provide needs to be re-thought 

based on your purpose of existence. And 

that requires clarity in terms of mindset, 

which has to come from the top. 

Are Islamic banks positioned to tackle 

the fintech revolution? 

It is practically impossible for Islamic 

banks to take on the tsunami of circa 25k 

fintech business models, revenue and 

cost structures that’s heading their way, 

on their own. You need a multi-pronged 

approach. At one end of the spectrum, 

banks need to continue to incrementally 

improve their existing offerings and 

at a faster pace. On the same note, the 

industry needs to come together to 

jointly build fresh propositions. The way 

forward is through collaboration. Isolated 

efforts will fail to deliver the speed and 

scale of fintech adoption required for 

Islamic banks to remain relevant. 

However, through a collaborative 

approach, with a few Islamic banks 

coming together to research, innovate 

and commercialize fintech initiatives, 

this can be done in a much more costeffective 

and speedy manner. 

What can we expect to see from 

Finocracy over the next year? Can you 

share with us some of the projects that 

Finocracy has been working on? 

Finocracy is a US based company 

and we are in the process of re-basing 

to GCC. We have chosen Bahrain to be 

the regional head-office. Our decision is 

based on tremendous support we have 

received from EDB in making it easier for 

fintech businesses to operate in Bahrain. 

We are also encouraged by the forward 

looking approach of the Islamic banks’ 

leadership who are taking practical steps 

towards collaboration. 

Last 20 years for the Islamic banks 

have been about products, infrastructure 

and roll out of traditional banking 



structures. I was fortunate to have the 

opportunity to lead the build-out of more 

than 30 Islamic financial institutions and 

national level programmes. The next 15 

years is going to be about fintegration, 

i.e., integration of traditional Islamic 

banks with fintech business models. And 

the purpose of existence for Finocracy 

is to make it easier for Islamic banks to 

fintegrate and enhance the impact made 

to their respective communities. 

We are organized in two verticals. 

Finocracy Capital invests through 

Seed and Series A financing in fintech 

businesses, and Finocracy Ventures 

helps connect the dots for accelerated 

build-out of these businesses. 

The initial project pipeline we have 

involves innovative deposit solutions 

for Islamic banks, consumer finance, 

small business finance and trade 

finance leveraging innovations like 

artificial intelligence, machine learning, 

digitalization and blockchain. The plan 

is to work alongside Islamic banks to 

enable them to launch these initiatives. 

In five years, Finocracy intends to be 

a $200 million business, with 20 platform 

businesses as part of its portfolio, and 

positively touching the lives of 10 million 

people across GCC. For Bahrain, these 

fintech programmes would help unlock 

$1 billion of private capital for social 

infrastructure development, create 

high-end skills and hence re- write the 

social contract between citizens and the 

government. 

FINOCRACY PARTNERS WITH SINGAPORE’S ALPHA FINTECH 

Banks have been held back from fully participating in the new digital economy due to their legacy technology systems 

and the costly and cumbersome process to integrate FinTech solutions within their offering. 

Teaming up with Bahrain-based Finocracy Singapore’s Alpha Fintech is entering the high-growth GCC 

market. Alpha Fintech specializes in end-to-end payment solution, enabling banks to quickly access new fintech 

partners across the entire payments, risk and commerce spectrum. The company is backed by Wells Fargo’s accelerator 

program and First Quay Capital. 

“The GCC region is in a unique and perfect position to surpass most other regions with respect to FinTech. The banks 

truly understand the need to catch up and have displayed an open mind to overhaul legacy approaches and mind-sets and 

invest into new technologies and operating models” commented Oliver Rajic, CEO of Alpha. 

Almost one-third of retailers in GCC now offer online shopping experience and the trend is gaining momentum. Several 

high profile deals announced in recent months, including souq.com and others have set the pace for accelerated innovation 

in online commerce in GCC. 

Similar to a marketplace, the Alpha platform provides a single user interface connecting merchants with vendors 

spanning the full spectrum of payments, identity, fraud, risk management and commerce services, such as loyalty, delivery 

preferences and shipping. With expensive licensing schemes, protracted integration times and associated expenses 

removed, banks can now shift focus on scaling up their digital footprint. 

H.E. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB), said: “We are delighted to 

see further ties between Bahrain and key FinTech markets around the world. Enabling entrepreneurs and businesses in 

Bahrain to have access to the expertise of leading world-class FinTech centres is a key part of developing the best possible 

ecosystem and stimulating future growth. We believe that there are real opportunities in the Islamic FinTech sector and are 

very keen for Bahrain to play a leading role in helping to develop the industry, bringing together decades of experience in 

Islamic finance and access to some of the most advanced centres of FinTech innovation worldwide.” 


27

Interview | ParkPoint 

THE MOBILE APP 

THAT WILL MAKE PARKING 

A WHOLE LOT EASIER 

Omar Salah Alkhan 

Managing Partner, ParkPoint 



“All the good ones are taken and the free ones are too narrow.” 

How many times have you heard 

that? And how many times 

have you said that yourself as 

you circled round and round a crowded 

parking lot! Jokes about parking lot wars 

abound these days and most often the 

humour barely veils the annoyance. 

But time spent looking for some place 

to put your car on crowded city streets 

or a mall lot is a serious matter. To put 

the problem in perspective, consider 

this: Donald Shoup, a University of 

California, Los Angeles economist and 

author of The High Cost of Free Parking 

conducted a study in the Los Angeles 

area of Westwood, and calculated that 

just in people parking hunting in a single, 

15-block neighbourhood, 945,000 annual 

vehicle-miles were driven - which can be 

calculated as 38 trips around the Earth or 

two round trip journeys to the Moon! 

Across the globe, 8,213 miles from LA, 

right here in Bahrain, we are facing the 

problem every day. And with Bahrain’s 

traffic daily growing, finding a close 

enough parking spot is a stress factor 

that one could well do without. 

Enter Omar Salah AlKhan, and he’s 

got a solution. In fact, he has been quietly 

and efficiently putting his solution 

- ParkPoint and its offshoot, ParkPass - 

into place for some years now, and as we 

go into the New Year, he’s excited because 

he’s ready to launch the next big thing - 

his Parking Mobile App. 

This will be the first such app in 

Bahrain and the thinking behind it was 

visionary says AlKhan, “We want to 

revolutionize the parking industry using 

technology. Like Uber changed the way 

people look for a taxi, like AirBnB and 

Expedia changed the way we travel, 

like Facebook changed the way we 

communicate, we want to make a change 

for the better - we want to change the 

very behavior of driving, to make things 

quicker, easier and more efficient.” 

To get the whole story, bizbahrain met 

with the dynamic young entrepreneur 

in his inspired, avant garde office in 

Sanabis, which could justify another 

interview of its own! (Watch this space!) 

What is ParkPass and how did it come 

about? 

ParkPass at its first stage is a 

membership scheme, which will give 

members convenience and savings. 

The barcode provided to members can 

be scanned and there is no direct cash 

transaction. The cash transaction is 

currently the most inconvenient part of 

valet parking and this does away with 

that. Membership is completely free 

and members will be given a barcode 

sticker to be placed on either windshield 

or the drivers’ door panel. They will also 

be provided with membership card that 

can be scanned to either buy points or 

redeem them. Paying with points means 

immediate savings, as customers will 

get discounted rates depending on the 

membership tier of Blue, Silver or Gold. 

The big thing in our plans though is 

the mobile app which will be launched 

early 2018. The app will incorporate 

a number of features - it will help 

users navigate and find parking spots, 

automatically pay for the spot, and 

save on the service. Additionally, it will 

direct users to free spots. For mall and 

parking lot owners as well as for the 

traffic authority our app will come as a 

great benefit because we are in effect 

connecting all locations together and 

putting parking facilities in sync. To put 

it simply, ParkPass is a fantastic mobile 

app that helps motorists find and pay for 

public parking around Bahrain. 

You have been running valet parking 

services for over a decade now. How did 

this idea of ParkPass and a mobile app 

evolve? 

I think of myself as a problem 

solver. I look for real problems and try 

to solve them. That is my strategy. I 

was looking for ways to be a part of the 

era of big data, of using platforms that 

achieve results. I always had this idea of 

bringing locations together and making 

it more convenient using technology. I 

was looking for ways to link everything 

through technology and out of the box 

thinking. 

The market situation was not very 

good but I knew I had to do something. 

I had to choose one of the 2 business 

options - Either to compete with prices 

and be the cheapest in the market, or I 

could innovate so I could do something 

different that will give me a competitive 

advantage over everyone. 

With my idea I went to my Forum 

group a part of The Entrepreneurs’ 

Organization (EO), a global, peer-topeer 

network with 160 chapters around 

the world. Within the EO, there are 

forums, which are kind of my Board of 

directors. We discuss ideas, problems 

and plan and solve things together. There 

is one technique in the forum called 

brainstorming - I called for a session and I 

started seeing my forum buddies throwing 

around ideas, and so excited about them. 

I took that enthusiasm to my office, and 

started developing the ideas, finding the 

right model, finding what to do how to do 

it, developing the vision, and the big plan. 

We have now automated all our 

locations. Previously, valet parking 

involved writing the number and giving a 

ticket. Now, though there is still a ticket, 

it will be all barcoded. All the information 

will go in a PDA (handheld computer). At 

the time of retrieval, the PDA and barcode 

will be used by the valet attendant in order 

for the customer to leave. Automation was 

also an opportunity for us to connect all 

the locations together. 

For the app you have a central system 

that keeps track of all parking spots. How 

does it work? 

Yes, all the parking spots will be 

in our map, and on the mobile app. So 

you say I want to go to X mall, and you 

don’t know where the parking is exactly 

located, so the mobile app will help you 

navigate and take you directly to all 

available parking options whether it was 

free, paid, or valet parking. 

In the mobile app, people will be able 

to register their parking so we don’t have 

to do it for them. So you have this shop 

and you want to tell all motorists that just 

2 blocks away you have parking space 


29


a premium to get their cars parked for 

them. We had to educate the market about 

the valet concept and that it is a luxury 

service. Once a customer experiences the 

luxury, they don’t want to go back because 

they have felt the comfort. Maybe you're 

happy with the way you do things, but 

once you try the comfort and ease of valet 

parking, then you want to keep using it. 

available, but how do you communicate 

that. Our app will give a platform by which 

you can register that you have 2 parking 

spaces over there. 

What about membership? How does one 

get it? 

It is totally free of charge. Members 

will have to purchase the points of 

course, but the membership is totally 

free. You apply directly and you get your 

ParkPass Barcode Sticker and Card. 

We are so excited about the ParkPass 

Barcode sticker, which we feel is the most 

convenient method, as members will not 

have to get their wallets out or present 

any card, the valet attendant will simply 

deduct the points by scanning the sticker. 

We are already in discussions with 

several banks and credit card companies 

about having this membership provided to 

their cardholders, so they can use it in any 

of our locations. This can apply to any type 

of company, for example - banks, credit 

card companies, telecommunication 

companies, real estate developers, airlines, 

car dealers, basically any company that 

has premium cardholders, and this can 

easily fit as an additional benefit. 

Let’s wind back to how it all started. How 

would you explain ParkPoint and what 

brought you into it? 

ParkPoint is a parking solutions 

company that was established in 2008. We 

are the first valet parking company in the 

Kingdom of Bahrain, and we also provide 

parking management. We provide valet 

parking for hotels, restaurants and malls 

and manage parking lots. ParkPass was 

developed for the paid services. Currently, 

we operate in City Centre, Seef Mall, and 

Adliya Block 338, and we promise we will 

add more in the near future. 

We are the largest valet parking 

company in Bahrain today but one of 

the challenges that we faced during the 

journey was combining technology with 

service. It is really a totally different 

field, it was challenging but I believe I 

personally enjoy the challenge. 

To put it simply, 

ParkPass is a fantastic 

mobile app that helps 

motorists find and pay 

for public parking around 

Bahrain. 

What are some of the challenges? 

I would say the challenges are still 

to come. It has been an education at 

every step because we are the pioneers 

of this concept in Bahrain. In order for us 

to educate the market, it is not an easy 

task as it was something totally new. We 

actually have been through the experience 

of doing that. When we introduced valet 

parking to the market, nobody thought 

it was possible that people would pay 

To come back to ParkPass mobile app, 

how do you see it making a difference to 

the ecosystem enabling a better lifestyle 

for citizens? 

Mobile applications allow us to serve 

the citizens of our country better, to 

understand their needs and sentiments, 

and improve their quality of life. We are 

ready to take our technology and expertise 

forward and implement it in ways that 

will create a friction-free environment 

that allows a smoother driving experience 

to everyone throughout the city. Parking 

congestion in cities accounts for much 

of a vehicle’s gas emissions besides 

contributing considerably to urban 

traffic. Our aim is to constantly focus on 

developing technologies that provide 

solutions. To this I would add that we 

could even run the public parking spaces 

in the country. 

Whatever we are offering is the 

beginning of the plan, which can become 

something much wider and more 

inclusive. The intention is to rapidly 

increase the number of locations that 

we operate in. Parking could be under 

our management or run by a third party 

management. We are ready to work with 

anyone; we can create partnerships so our 

membership scheme would work with 

their parking. It is not necessary that it 

should be only under our management. 

Different operators can work with us and 

we can make our membership and mobile 

application available for anyone who 

partners with us. 

What’s next on the horizon after the 

launch of the mobile app? 

Well, we have another innovation in 

the pipeline that I cannot reveal yet, but 

believe me it will be a major one. 

To register, visit www.park-pass.com 

e-mail info@park-pass.com 

Call: +973 66779955, 38888231 



31

Interview | EuroMotors 

David McGoldrick 

General Manager, EuroMotors - BMW Group, Rolls Royce, Ferrari & Maserati 


RE-ALIGNING 

THE CONCEPT OF 

LUXURY 

It has been a long journey for David McGoldrick 

from his first job after graduating Technical 

Collage at the Mercedes Benz and BMW 

workshops in Liverpool to his current job as 

newly appointed General Manager at Euro 

Motors. In this interview with Reena Abraham 

and Sultan Sharabaty, the automotive veteran 

talks about the joys of being in the car industry 

and the challenge now of handling five premium 

brands (BMW Group, Rolls Royce, Ferrari and 

Maserati) in a new market. 

How did you begin your career in the automotive 

industry? 

My first job when I left school was to work 

for Mercedes Benz and then BMW, both on 

the technical side at the workshops. This 

was in Liverpool, England in the early 80s. 

So predominantly I came from a technical 

background, but always desired to be a whitecollar 

worker. I took some career advice, went to 

night school and studied business administration 

for 3 years to get an NVQ. Following that my 

career took me along a number of different 

paths - from running my father’s taxi business 

and selling auto parts to financial services. Each 

of these experiences enabled me to understand 

various aspects of running a business. 

In 1994, I went back into the retail motor 

trade in the UK and I have been there ever since. 

Started initially with Honda and then worked 

through to a finance manager’s position with 

them. Then moved into used cars in the late 90s 

which was a big deal in the UK, till 2002, when 

I came back to BMW, my spiritual home. And 

I have been with BMW for almost all that time 

from then. 


33


What have been some of the biggest 

challenges you faced during your long 

career in the industry? 

In 2015 I felt I needed a new 

challenge. I decided to go and work for 

VAG group, which is Volkswagen, Skoda, 

Audi, Porsche in the UK. Unfortunately, 

I joined there one month before the 

Volkswagen emission scandal. The 

scandal hit in a big way and it was really 

a big issue for the UK. I did that for a year. 

We managed admirably through that 

crisis, an experience that was a great 

a character building one. I learnt a lot 

during that time. 

What can you tell us about your 

experience and association with Euro 

Motors? 

The opportunity came up with 

Euro Motors while I was with VAG. The 

strange thing was that in 2006, I looked 

at coming to Euro Motors just on the 

BMW side as the brand manager at that 

time, but it wasn’t quite right for me at 

that time because I had just become a 

dealer principal in the UK at my first 

site. In May this year I got the call to say 

that the Euro motors General Manager 

was retiring and would I like to join. That 

started a long-protracted interview and 

brand assessment process. I flew over in 

June to have a look at the job. Then I had 

to be assessed BMW and Rolls Royce in 

the Middle East and then Maserati and 

Ferrari. I think when I retire I am going 

to write a book on how to pass multiple 

assessment centres! 

In total, I have Rolls Royce, BMW, 

MINI, Ferrari, Maserati, So I have the 5 

brands on this side. We have Jaguar and 

Land Rover, that is also Euro Motors but 

that’s on the other side now. So I have 

5 brands and I also have control of the 

Euro Motors body shop, which is a brand 

new site which we are working on. It’s 

immensely challenging, you have to be 

extremely well organized on a daily basis 

especially because of the operational 

environment. We sell products like 

anybody else, we also sell services within 

the same building. So we sell cars, we sell 

parts and we sell services. 

Do you feel this market and the work 

culture are vastly different from the UK 

and the West? 

The automotive industry recognises 

that the market in the UK along with 

America, and Germany as the most 

advanced automotive markets. Anything 

new that’s trialled in terms of policy or 

process tends to be done in that market 

first. Ultimately but, it is still the same 

business which is fundamentally about 

the people who work within and our 

customers. We are very fortunate that we 

represent fabulous brands, the world’s 

finest brands in my estimation. What 

comes with that is huge expectation. 

Fundamentally the business is all about 

the people that are working with me. 

So making sure the people working 

here are suitable resourced in terms 

of training, so they understand what 

needs to happen on a daily basis and the 

management are all focused on making 

sure that happens. 

“My staff are extremely 

well trained and clear 

about the specifications, 

features and benefits 

of the vehicles that we 

sell. It should never be a 

hard sell. We give people 

the options and then let 

them decide.” 

Has it been a seamless move for you? 

There is nothing seamless in the 

motor trade. We plan always for it to be 

seamless. Fundamentally you’re dealing 

with a product that can go wrong any 

time. We are very lucky that the brands 

we represent have tremendous reliability 

built within them, but we are dealing 

also with a customer expectation that 

they will never go wrong and that needs 

managing. That’s all about having a 

quick reaction to a problem and trying to 

resolve the problem quickly. 

So is it a different kind of customer here 

from what you are used to? 

Because of the prestige elements 

around our brands, the culture here 

about collecting these brands works 

well and is great for us. For sure here the 

sentiment about our brands, particularly 

around Rolls Royce, Ferrari and the 

high end BMWs, is predominantly about 

collecting the car and really enjoying 

that experience of simply owning it and 

the pleasure of driving it. 

The product profile in the UK is very 

much towards diesel cars while here it 

has traditionally been petrol. The range 

which we sell in the UK is a lot more 

diverse than the range we sell here. Plus 

the buying habits and purchase habits 

of customers in the UK is predominantly 

built all around lease. UK markets now 

are expected to see 9 out of every 10 cars 

out of the showroom on a lease. Here it is 

very different. 

How has sales been for the luxury car 

segment in general? 

In terms of volumes, it has very 

much plateaued at the high end, so we 

have not seen much growth this year, 

although we expect to see growth in 

2018. We have the new Rolls Royce’s 

iconic Phantom for arriving in November 

and interest is strong for the car. 

How would you describe the Customer’s 

journey when someone walks into Euro 

Motors to inquire about a car? 

I hope that it is a warm, friendly 

and inviting journey. I very much like 

our customers to feel that the service 

we provide is like consultation. In 

BMW, we have a huge brand with 

loads of models, but most customers 

usually know what they want. My staff 

are well trained and clear about the 

specifications, features and benefits 

of the vehicles that we sell. It should 

never be a hard sell. We give people the 

options and then let them decide. We 

know the market is challenging across 

Bahrain and to a lesser degree, the GCC, 

at the moment. We haven’t got the VAT 

implications immediately, unlike some 

of the markets, so there is some volume 

pressure there. For us, fundamentally 

it should always be about what the 

customer wants. And that’s about the 

consultation process. 

So the feedback that we see and the 

strong customer satisfaction scores. We 

don’t always get it right, but we get it 

right more often than not. 

What about the after sales experience? 

We have a very successful after sales 

business. We have 25 technicians on the 

BMW and Rolls Royce side, plus a really 

talented team in Ferrari and Maserati, 



who are all really well trained. The after 

sales side of the business it is different, 

because everyone wants to take the new 

car away from the showroom, drive it 

for however long, with minimal cost in 

terms of its maintenance and then bring 

the car back and get a great trade in 

value. Unfortunately, in the real world 

that does not happen and cars need to 

be maintained. So what we try to do 

is provide value for money within our 

service centre. It costs a lot of money 

to keep our guys technically trained. 

The product is changing on a daily 

basis, product enhancements happen 

on a weekly basis, so we have to invest 

a lot of money in terms of keeping 

our technical people up to speed. Also 

with the digitization of the vehicle 

offering available now, the diagnostic 

equipment’s that is needed as well as the 

training is quite different. 

I feel that we provide excellent 

service. We try to provide it in a timely 

manner. Because of our location in the 

world and all of our parts coming from 

Europe, it’s sometimes difficult. We get 

parts delivery most days, Some parts 

we have to wait a bit longer, particular 

body parts if the car was involved in 

an accident so we have to manage 

customer expectation for sure. We have 

a dedicated team of customer specialists 

who look after that. 

Are there any major breakthroughs in 

engineering in any of your brands? 

Always. The biggest on the BMW 

side is the move towards electric and 

mobility. It’s a little bit late in this 

market but very advanced in the UK 

and Europe, some of the China markets 

now, and certainly in America. So this 

move away from combustion engines 

to a hybrid or full electric technology is 

certainly moving at the rate of knots. 

I do see expansion in that market 

here. We only have the BMW i8 which 

is the super performance car in this 

market, and we also have hybrid cars. 

The model range available in Bahrain is 

increasing with hybrid technology. I also 

hope to get the i3 here, but there is no 

date on the table yet. It is a great car and 

in fact I drive that as my car of choice in 

the UK. 

Technology is moving on right 

across the brands. Obviously, we have 

our performance brands in Ferrari and 

others are also working towards that; but 

you know some cars will always have a 

combustion engine. 

“The vision for me is 

to deliver unrivalled 

service in a state-ofthe-art 

facility that our 

customers can actually 

visit even when they 

don’t want to buy a car.” 

Which are you top selling brands? 

In volume it’s always going to be 

BMW. The No 1 selling models within 

that would be the 7 series and 5 series 

here, followed by the X range, X5 and X6. 

We have a new X3 coming, later on this 

year which we are really looking forward 

to. We do very well with Maserati, 

especially with the Ghibli model, which 

has found some real traction in the 

market, particularly on lease. We will 


35


also always sell every Ferrari that we 

can get our hands, that’s for sure. And 

Rolls Royce is not without its challenges, 

but it’s moving and I am happy with the 

progress there. 

Technology is playing a crucial role in 

every field of business, so how are you 

responding to this current move towards 

that in all aspects of your business? 

We are just about to embark on a 

huge redevelopment on the BMW and 

MINI side, starting early part of next 

year. Part of that redevelopment will 

be to segment the BMW brand further. 

With that we will be able to showcase 

the new technology within the cars here, 

including the Connected Drive aspects of 

BMW for sure. We have some limitations 

currently just due to the technical 

aspects of being able to use Connected 

Drive in Bahrain at the movement. We 

are hoping to work with the government 

in order to develop this properly. With 

that technology, cars now can basically 

self-diagnose so we can connect to the 

car you are driving, remotely from here 

and give an estimated diagnosis on the 

vehicle. This facility is already live in 

Europe, we are hoping that we will able 

to get it here. 

The biggest advantage in terms 

of technology, though, will be in the 

showroom that our customers will see 

next year. We’re going to be moving 

high-end on the BMW side, so our 7 

series, our 6 series, and our new 8 series 

which is coming next year, will move 

into a dedicated showroom, which deals 

just with the high end of the market. 

We also do exceptionally well 

with our M Performance products 

here in Bahrain, so we’re going to give 

that dedicated space as well, and the 

rest of the range will remain in the 

main showroom. The technological 

advancement will sit on the after sales 

side, so we are going to build a new after 

sales facility on the side of the building, 

facing the Jaguar and Land Rover 

side. That will be a drive-in service 

department. Rather than leave your car 

outside to come in and sit down with the 

service advisor at the desk, you will now 

be able to drive your car in straight into 

a consultation lounge, where the service 

advisor will be with you with an i-pad. 

Do a consultation on what your cars 

needs are, put the car on ramp with you 

if you so desire and we can agree on the 

work that needs to be done. 

This is something that is very new. 

We are the only one in Bahrain that I am 

aware off. Certainly, Euro motors will 

the first dealer in Bahrain to have that 

service. We are just working on the final 

details of that now. We are really looking 

forward to bringing that to Bahrain, 

particularly in the Summer months. The 

plan allows you to be able to drive your 

car in for a minor service onto a ramp, 

but you won’t know it’s a ramp. You can 

have some refreshments and have a 

walk around the dealership, and when 

you come back the car will be on the 

ramp clean and ready to go! 

“Our customers can 

expect to see our revised 

new, updated Euro 

Motors website in 2018. 

They can look to visit 

us on our Facebook and 

Instagram pages." 

You talked about your Vision 2020, can 

you share with us what that is? 

It’s always about volume. So there 

is a volume aspiration from our BMW 

partners which I think is challenging but 

achievable. Like with all of our brands 

- they all produce motor cars that they 

need us to sell. This is the relationship 

we have, but the vision for me is to 

deliver unrivalled service in a stateof-the-art 

facility that our customers 

can actually visit even when they don’t 

want to buy a car. I really want to make 

our facilities here in Bahrain a go-to 

destination for our customers. Even if 

you are out with your children for a day 

and you’re looking for something to do 

with them, bring them along and say: 

Let’s have a look at the new cars, let’s 

have a look the facilities. 

That’s really where we’re going with 

it. The Ferrari, Maserati or Rolls Royce, 

are all a work of art, and they shouldn’t 

be kept locked away. So my goal and our 

aim is to provide a go-to destination for 

our customers when they are buying 

a car or when they’re not buying a car. 

We want to see people on a daily basis 

in these businesses. We want them to 

interact with our staff and really feel 

that they are a part of the Euro Motors 

family. 

Would you like to send a message across 

to our readers? 

I think the message that I would like 

to send to our readers is that we are here 

and we are open for business. For sure it 

is a difficult climate at the moment but 

it won’t always be this way. I am a new 

General Manager with a new managing 

director Mr Majid Al Zayani. We’re both 

in new roles in the business , although 

Mr Majid is part of the family and I 

has been involved with the business 

a long time. I have taken the last 3 

months just to really have a deep dive 

into the business and look at what we 

need to do for our customers and staff 

going forward. We are keen to do deals 

particularly for cars that we have in 

stock, so I would like customers to come 

and see us again. We have a fabulous 

new facility for Ferrari and Maserati so 

I would like customers to come and see 

that. It’s the biggest and best in GCC at 

the moment, so customers should come 

and have a look at that and just give us 

an opportunity to show them what we 

have. We are looking to maintain and 

develop relationships with all of our 

customers past and present, very much 

looking to move into the digital space. 

This is probably the biggest 

difference I found in Bahrain to where 

we are in Europe. This digital proposition 

hasn’t been maximised. Most businesses 

are moving on, but the motor trade in 

generally has been probably a little bit 

behind. Our customers can expect to see 

our revised new, updated Euro Motors 

website in 2018. They can look to visit us 

on our Facebook and Instagram pages. 

So the message that I am sending 

across to everyone is that we are open 

for business, we are open do new 

deals. It is really exciting times with 

the redevelopments that we’ve just 

completed and the redevelopments 

that we’ve got planned! So come along 

engage with us. If experiences haven’t 

been brilliant in the past, let us know. 

Let’s see what we can do to try and build 

the bridges. 


Send money 

to your loved ones 

anywhere in the world 

Kingdom of Bahrain Store Locations 

• Budaiya Village +973-1760 0583 

• Exhibition Road +973-1729 0729 

• Manama Church Road +973-1700 6836 

• Tubli +973-1700 5124 

• Rameez Mall +973-1749 0960 

• Sh.Hamad Road +973-1723 1642 

• Salmabad +973-1778 4281 

• Arad Souq +973-1746 5103 

• Askar +973-3947 9623 

• West Riffa +973-1776 1901 

• Nuwaidrat Center +973-1770 2962 

• Hoora +973-1729 3150 

• Bahrain City Centre +973-1717 9806 

• Arad Hidd +973-1746 5884 

• Muharraq +973-1734 0765 

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• Bab Al Bahrain +973-1721 4928 

• Seef Mall +973-1758 2963 

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• Juffair +973-1772 8256 

• Dragon Mall +973-1760 2132 

• Airport Departures + 973-1732 9360 

For your currency needs, please visit any Travelex branch 

www.travelex.bh 


37

Interview | Bahrain Bourse 

Narjes Farookh Jamal 

Executive Director of Operations 

Bahrain Bourse 

AT THE HEART OF 

THE OPERATION 

In spite of it being a difficult year 

for the GCC financial markets and 

Bourses, including Bahrain Bourse 

(BHB), the majority of trading indicators 

ended 2016 positively. The trend 

continued into 2017 with BHB’s positive 

performance reflecting investors’ 

confidence in the performance of public 

shareholding companies, the solid legal 

infrastructure of the Bourse, and the 

credibility of Bahrain Bourse’s trading 

systems and procedures. 

At the heart of the BHB operations 

is Narjes Farookh Jamal, Executive 

Director of Operations. “I started 

working Bahrain Bourse in 1998 in the 

Information Technology division, and 

gradually progressed to the position I 

am in today,” she says. 

Playing a pivotal role in automating 

the operations of Trading, Clearing, 

Settlement, and the Central Depository, 

as well as developing the organization’s 

Business Continuity function, in the 

course of her 20 years in the field, she 

has seen BHB evolve into a modern 

automated trading platform that utilizes 

cutting-edge solutions. The journey 

has been long but in 2015, when she 

received an award as one of the leading 

women pioneers in the banking and 

financial Sector from HRH Princess 

Sabeeka bint Ibrahim Al Khalifa on 

Bahraini Women’s Day (December 

1), it was an acknowledgment and 

recognition of the years of hard work 

and dedication. 

Today Narjes leads a seven-member 

leadership team responsible for all 

of the organization’s business lines, 

including Trading Operations, Listing, 

Disclosure, Information Technology, 

Marketing and Business Development. 



Since taking on her current role in 

January 2016, Narjes has successfully 

spearheaded the creation and 

development of numerous projects for 

Bahrain Bourse with a results-oriented 

philosophy that leverages strategic 

thinking, international best practices, 

and a strong execution discipline. 

Among her most notable projects 

is the Bahrain Investment Market, 

a unique equity market that targets 

companies in the growth and developed 

stages initiating Bahrain Trade, an 

online trading solution, and spin off of 

Bahrain Bourse’s Central Depository 

and Settlement (CDS) into a separate 

legal entity ‘Bahrain Clear”. She talks 

to bizbahrain Group Editor Reena 

Abraham about the journey. 

Can you tell us a little about the history 

of Bahrain Bourse and your vision for it? 

With roots stemming back to 

AlJowhara Market in the early 1980s, 

Bahrain Bourse (‘BHB’) has been built 

on a long history of integrity, innovation 

and market expertise. Bahrain 

Bourse is a self-regulated multi-asset 

marketplace. Bahrain Bourse aspires 

to provide to its investors, issuers, and 

intermediaries a widespread suite of 

exchange-related services including 

offering listing, trading, settlement, 

and depositary services for various 

financial instruments. The long-term 

vision aims to position Bahrain Bourse 

as a ‘Regional Multi-Asset Class 

Marketplace Leader’. Today we have 

more than 100 investor nationalities 

trading in 33 billion listed shares. 

Bahrain Bourse is the region’s most 

open capital market. 

“The long-term vision 

aims to position Bahrain 

Bourse as a ‘Regional 

Multi-Asset Class 

Marketplace Leader’. 

How does the Bahrain Bourse promote 

economic diversification? 

Bahrain Bourse offers a diversified 

spectrum of financial instruments 

available for trading, which are 

available to both local and international 

investors which includes a wide range 

of asset classes. 

What products and reforms would help to 

increase the liquidity and sophistication of 

the BHB? 

As part of the Bahrain Bourse’s 

mission to create a comprehensive capital 

market eco-system, and increasing the 

pool of securities and associated financial 

products, it offers a wide range of asset 

classes including equities, bonds & sukuk, 

treasury bills, mutual funds, Real Estate 

Investment Trusts (REITs), and the most 

recently launched Bahrain Investment 

Market (‘BIM’) 

Other initiatives recently 

launched include promoting the 

development of a diverse investor 

base, and enhancement of services 

such as Bahrain Trade which enables 

individuals holding retail accounts with 

select financial institutions to trade 

directly on Bahrain Bourse through an 

online licensed broker platform, hence 

offering simplified market access. 

We have also recently launched 

Bahrain Clear, a subsidiary of Bahrain 

Bourse with an authorized capital of 

BD 5 million and paid-up capital of BD1 

million. Bahrain Clear is a fully-fledged 

clearing house for the region, offering 

comprehensive management, operation, 

and consultancy, and custodian and 

technical services of platforms relating 

to depository, clearing and settlement 

in a range of asset classes. 

How can small and medium-sized 

enterprises (SMEs) be further enticed to 

list on the BHB? 

The BIM concept was developed 

by adapting global practices to suit 

local requirements. The concept also 

incorporated findings from extensive 

research and consultations, including 

a Consultation Paper issued in 

January 2015 by Bahrain Bourse to 

solicit key stakeholders’ views and 

recommendations. 

The result was a platform which 

connects owners of growing businesses 

and established family businesses 

which are ready to take the next step 

in their development with regional 

and global investors who are seeking 

investment opportunities in the region, 

with a solid regulatory and financial 

framework that protects the rights of 

both the companies and investors and 

ensures their needs are met efficiently. 

In focusing on these two segments, 

the BIM has an imperative role to fill 

an important gap and complements 

the existing financing ecosystem, a 

prerequisite for private sector growth. 

While risk-averse traditional banks 

focus on large companies, the BIM 

opens the door for mid and small-cap 

companies on the rise to find investors 

who believe in their long-term success. 

How do you assess the BHB’s 

position in terms of globalisation and 

interconnectivity? 

Bahrain Bourse is a member of 

the most prominent standard-setting 

international organizations in the 

field of capital markets and central 


39


securities depository operations and 

participates in the regular meetings 

held by these organizations including 

IOSCO, World Federation of Exchanges, 

Arab Federation of Exchanges, Africa & 

Middle East Depositories Association, 

Association of National Numbering 

Agencies. 

Furthermore, Bahrain Clear (Bahrain 

Bourse’s subsidiary) hosts under its 

safekeeping approximately BD 33 

billion worth of securities, representing 

14 billion securities from more than 

100 nationalities. Bahrain Clear is 

also interconnected with two regional 

central securities & depositaries to 

ease-off the process of settlement. 

Regionally, we are always exploring 

new ways to increase cooperation 

across all levels for the mutual benefit 

of GCC members, including exploring 

ways in which we can open up the 

market and further facilitate investor 

access to the regional markets. 

“Bahrain Bourse is the 

region’s most open 

capital market." 

initiatives geared towards economic 

diversification, particularly in 

countries traditionally reliant on oil 

revenues, private sectors make up an 

ever-increasing share of the national 

economy. 

In Bahrain for example, figures 

recently released by Ministry of 

Industry and Commerce and Tourism 

showed that the number of commercial 

registrations nearly tripled over the 

past year, going from 9,000 in 2015 to 

26,800 in 2016. This reflects Bahrain’s 

vibrant local entrepreneurial culture, 

a key element of any dynamic private 

sector. 

Furthermore, Bahrain Bourse has 

seen a number of applications from 

companies interested in listing on the 

Mainboard market but are not able 

to meet the eligibility and admission 

criteria. The Bahrain Investment Market 

was created to cater to this growing 

interest and serve as a stepping stone to 

potentially get listed on the Mainboard 

at a later stage. 

How will the Bahrain Investment 

Market (BIM) benefit Bahrain and the 

GCC? 

The Middle East and North Africa 

(MENA) region’s entrepreneurial 

landscape has never been more 

exciting. The region’s dynamic 

What is the Bahrain Investment Market 

(BIM) launched by the Bourse this year? 

What are the goals and how are you 

setting about achieving it? 

The BIM is an equity market 

licensed by the Central Bank of Bahrain 

and operated by the Bahrain Bourse, 

which was launched in Q1 2017 with 

a vision to provide the MENA region’s 

fast-growing business ventures a costand 

time-efficient means of raising the 

capital they need to fuel their future 

growth. The objectives is to create 

a platform that connects owners of 

growing businesses with regional and 

global investors. 

We have rolled out the BIM with 

a number of awareness sessions 

targeted towards various societies to 

raise awareness and ensuring that 

companies fully understand its model 

and how it works. 

Is the Bahrain/GCC/MENA region 

mature and ready for such a concept? 

The local and regional market 

in general is indeed ready for such 

a concept. Thanks to government 



entrepreneurial landscape has been 

driven by unprecedented interest from 

regional and international investors, as 

demonstrated by the recent acquisition 

by Amazon of regional e-commerce 

firm Souq.com in March 2017. The 

high-profile nature of this deal helped 

attract even more international 

investors to the region. Another notable 

deal was PayTab’s capital raise of 

US$20 million. Such prominent deals 

highlight the important of flexible 

capital raising platforms such as BIM. 

The BIM’s appeal lies in its many 

target-specific benefits and features. 

In addition, these entities have a major 

role in contributing towards long-term 

economic growth and employment. 

“The region’s dynamic 

entrepreneurial 

landscape has been 

driven by unprecedented 

interest from regional 

and international 

investors…” 

advisory firms) to provide companies 

with the needed support and guidance 

both pre and post listing. This type of 

support goes a long way in providing 

companies with the required financial 

funding to fuel the growth of their 

company. 

How will you ensure that your target 

audience, which primarily consists 

of family-owned businesses and 

smaller companies step forward to 

take advantage of a completely new 

investment opportunity? 

Our target audience is mainly 

focused on entrepreneurs whom are 

ready to take the next step in their 

development with regional and global 

investors who are seeking investment 

opportunities in the region, with a solid 

regulatory and financial framework 

that protects the rights of both the 

companies and investors and ensures 

their needs are met efficiently. We 

have rolled-out the program with 

10 awareness sessions covering 12 

societies & association and more than 

1250 attendees. Since the launch, 

we have signed up four Authorized 

Sponsors, which are KPMG, KeyPoint, 

SICO and BDO. 

BIM offers raising equity capital 

via an organized, transparent, orderly 

functioning and reliable market/ 

Companies will benefit from the 

positive effects of market discipline on 

the quality of management, improved 

corporate governance and greater 

visibility for potential investors, 

suppliers and clients. 

What’s next for Bahrain Bourse? What 

are the short term and long term plans? 

Bahrain Trade is our next major 

milestone and paving the way for 

Bahrain Clear to leverage the service 

offering to investors and issuers 

alike, as well as attracting more retail 

financial institutions to participate in 

our Bahrain Trade Network. 

Which are the equity markets in the 

region running a similar initiative and 

how successful have they been? 

Similar equity market concepts 

are already successfully implemented 

elsewhere in the world such as Catalyst 

market in Singapore and AIM in 

London have been successful, and we 

have every reason to believe that we 

can replicate that success here given 

the region’s strong and historical 

entrepreneurial culture. 

What is the nature of the relationship 

with Tamkeen? How will it support BIM? 

Tamkeen has developed a 

customized support program dedicated 

to funding the costs associated with 

engaging Sponsors (specialized 


41

Interview | INTEC Bahrain 

Felipe Yofre 

CEO & Senior Architect, INTEC Bahrain 

INNOVATION BY 

DESIGN 

Combining originality and 

imagination with a strategic and 

pragmatic approach, the team at 

Intec Bahrain is known for their ability 

to create innovative and livable design 

that takes the vision of the client and 

makes it a reality. 

“The spaces we create are flexible, 

livable and practical, artfully combining 

beauty with functionality, using woods 

and metals, natural light, clean lines 

and easy living,” says Felipe Yofre 

Founder and CEO of the business. Today, 

a professional international design 

practice that specializes in architecture, 

interior design and project management, 

the company has evolved from its Italian 

roots to create a strong base in Bahrain. 

Tell us about how your interest in 

architecture began and how it developed 

during the years. 

My interest in architecture 

started at a very young age, when I 

was exposed to the daily routine of 

my uncle who was an architect. He 

used to lift me up on his drafting table 

stool, guiding me to draw and sketch. 


Interview | INTEC Bahrain 

I don’t remember having thought on 

any alternative career after that. I 

joined the Facultad de Arquitectura 

in Cordoba, Argentina, the city were 

I was born. My architectural studies 

were complemented by incursions in 

many forms of art like painting, theatre 

scenes design, TV art production, during 

times of hectic cultural and artistic 

activities in Argentina. Immediately 

after graduating in Cordoba, I moved 

to Buenos Aires where I worked as an 

architect for the office of a contractordeveloper, 

and also joined the University 

of Buenos Aires as a teacher in Facultad 

de Arquitectura. From 1972 to 1978, I 

was based in Milan, working in the 

prestigious office of Tomas Maldonado, 

considered one of the main theorists 

of design theory of the legendary Ulm 

Model, a design philosophy developed 

during his tenure in Ulm. Intec, the 

office in Via Manzoni, included an 

international team of architects and 

designers, and was involved in plural 

design activities. The projects were 

both in Italy and France, and I was lucky 

enough to lead the design team in some 

of the most prestigious ones. One of 

most exciting works of that period was 

the collaboration in Paris with Bernard 

Zehrfuss, French Architect, Grand 

Prix de Rome, in one of his projects 

for Unesco Building. These were years 

of multicultural experience, in a city 

that was at the heart of the design 

world, in contact with architects like 

Vittorio Gregotti and Ettore Sottsass, 

philosophers like Salvatore Veca, writers 

and thinkers like Umberto Ecco. 

In 1978, I moved with my family to 

Bahrain, to supervise the first phase of 

a project that we had designed for Mr. 

Hussain Yateem and his family, that 

would become the first shopping center 

in the island. I live with my wife in 

Bahrain since then, and I had the honor 

to be granted the Bahraini nationality. 

Can you tell us about your vision in 

architecture? 

In Intec, we adopted a famous 

architect - Ludwing Mies van der Rohe’s 

quote: “Less is more.” 

When you first look at our projects 

you will notice the boldness of the 

volumes, the lack of any sort of 

ornaments, the search of purity and 

simplicity, enhanced only by the light 

and the shadows, the interaction with 

elements that help to diffuse or protect 

the light, being these projections over 

openings, pergolas, skylights, etc. 

A deeper look into it will show the 

obsession with detail in our layout plans, 

the search for rich space interaction, 

the creation of interesting features 

everywhere, all this contrasting with the 

external treatment. You will also notice 

our care of the details of the project that 

are so important. Since very young I 

always remember Louis Kahn’s quote: 

“Architecture is the thoughtful making 

of space.” 

The spaces we create 

are flexible, livable 

and practical, artfully 

combining beauty with 

functionality, using 

woods and metals, 

natural light, clean lines 

and easy living. 

How does your office stand in the 

architectural panorama of Bahrain? 

Although Intec today stands as a 

boutique office that delivers high quality 

special projects, we are working with 

our senior team integrated by my son 

Felipe Yofre Jr, our GM Carlos Villarroel, 

and our senior architect Farah Qattan, 

on expanding our activities to other 

scale of projects. This year we signed 

an MOU with Montaldo Engineering, a 

multinational Engineering office, and 

registered two of their senior engineers 

with us, adding the structural license to 

our CR. As per our agreement, we will 

promote Montaldo Engineering services 

in Bahrain and the Gulf, for oil and gas 

related projects, roads and ports. We are 

also signing an MOU with United Arab 

Emirates (UAE) based consultants, that 

will result in the opening of an Intec 

branch in Ras Al-Khaimah. This will be 

in addition to our office in Muscat, that is 

directed by my son, Felipe Yofre Jr. 

Any projects that you would like to 

highlight? 

Intec is proud of having designed 

the first shopping mall in Bahrain, 

the Yateem Centre, and also the first 

Hotel and Resort by the sea, Al Bander 

Resort in Sitra. We have a very strong 

residential projects portfolio that 

includes very prestigious single villas, 

compounds and residential buildings of 

various sizes. The commercial projects 

portfolio is vast and includes Car 

Showrooms (Toyota, Lexus, McLaren), 

Open Malls (The Walk), Clubs (GPIC 

Staff club, Coral Bay), Restaurants (the 

Fish Market at Al Bander Resort, and 

Monsoon and Le Vinoteca Barcelona in 

Block 338), etc. 

Do you want to mention something about 

your current projects? 

Yes, the list is very exciting. We have 

recently handed over Sea villas, a group 

of 32 villas in Dilmunia, and the McLaren 

showroom in Tubli. We are working at 

full speed in fast track mode for the 

Bayan Primary School new building in 

Isa Town. We have recently completed 

the project for a new car park building in 

Salmaniya Hospital, which construction 

will start very soon, and as usual, we 

have an interesting list of villas under 

construction or at design stage. 

In which other places have you worked? 

In the Eighties I was invited for a 

project in Cairo, where we signed a JV 

with an Egyptian office. The first project 

there was a Nile front mansion that 

would become known as the “White 

House”. We designed later projects both 

in Cairo and Alexandria, and prepared 

concepts for touristic projects in the Red 

Sea. In the Nineties I joined a group of 

American architects for projects in Cuba, 

with a Canadian Hotel Operators chain. I 

have also completed projects in Cordoba 

and Buenos Aires, Argentina. 

I would like to thank Bahrain for 

having allowed my family to establish 

our life here. We are now Bahrainis, my 

wife and me, and we hope that our sons 

will become also Bahrainis very soon. 

We have received so much from the 

Kingdom and the people of Bahrain. I 

think also that our office has contributed 

through the years to enhance the 

architectural scene of the Island, and 

also contributed to the professional 

education of many of the island’s bright 

architects, some of who today occupy 

important technical positions in various 

government offices. 


43

Interview | Travelex 

Jacqueline Nosworthy 

General Manager for Bahrain, Travelex 


Interview | Travelex 

ONE-STOP-SHOP for 

Currency and Money Transfer 

bizbahrain talks to Jacqueline 

Nosworthy, General Manager 

of Travelex Bahrain about her 

experiences with the customer-centric 

approach of the company which has 

made it a one-stop shop for a portfolio of 

products and services. 

Tell us a bit about yourself and your 

career with Travelex. 

I joined Travelex South Africa in 

August 2011 as the Regional Manager 

for the Western Cape, Eastern Cape 

and Garden Route. Later I moved as 

the Regional Manager overseeing 

the Coastal region of South Africa 

incorporating additional regions. 

The Coastal region is a large region 

comprising of diverse cultures and, 

therefore, requires a nuanced approach 

as opposed to a ‘one-size-fits-all’ - 

something we are proud of at Travelex. 

My team succeeded in stabilising the 

regional performance with a strategy 

built around our ‘Customer First’ vision, 

backed up by an effective incentive 

programme to substantially improve the 

customer satisfaction levels. 

In 2016, I joined Travelex Bahrain 

WLL as the General Manager aiming 

to enhance the established business 

by focusing on our culture, ways of 

working and improving leadership from 

an operations/compliance, sales and 

marketing perspective. My team and 

I continue to develop new initiatives 

for our in-airport and downtown retail 

estate to boost long-term profitability. 

What challenges do you anticipate in 

Bahrain? 

In recent years Bahrain has been 

affected by periods of political volatility 

which has impacted tourism and 

business. We opened our first Bahrain 

airport FX outlet in 2004 with an 

additional downtown estate launching 

in 2006 when we extended our services 

to offer remittance. Our current Bahrain 

footprint spans 21 downtown branches 

and 5 airport branches. In order to 

remain competitive in the challenging 

local environment we are looking to 

further expand our portfolio of products 

and services creating a ‘one-stopshop’ 

for currency and money transfer. 

We envision online trading to be a 

significant growth factor. 

We ensure that we look 

at the location of each 

store and the customers 

it attracts to allocate 

staff who speak those 

languages and are aware 

of specific cultural 

nuances. 

What do you believe makes you stand 

out in an already crowded market? 

Our customer-centric approach, 

providing world class products and 

services as well as competitive 

exchange rates. At Travelex, we invest 

heavily in training and helping improve 

the performance of our retail staff. We 

ensure that we look at the location of 

each store and the customers it attracts 

to allocate staff who speak those 

languages and are aware of specific 

cultural nuances. 

Our long-standing commitment to 

compliance best practices is another 

factor that sets us apart. Customers 

can transact with us securely and with 

peace of mind. On the Business-to- 

Business front, we continue to expand 

our corporate customer base in line 

with local regulation to meet and exceed 

customer expectations. 

At Travelex, we invest 

heavily in training and 

helping improve the 

performance of our retail 

staff. 

The service you offer is in a way 

competition to banks. How do you think 

established financial institutions will 

react in the long-term? 

We provide our FX and remittance 

as a specialised service supported by 

our 40 years of industry track record 

and strong compliance backbone. We do 

not compete on the full scale with the 

financial services banks offer. We are not 

in a position to speculate on financial 

institutions’ behalf. 

Do you have a message for Travelex 

users in Bahrain? 

Travelex has a robust customer base 

in Bahrain and we would like to thank 

them for their custom and loyalty. 

We are committed to improving 

our services in line with the needs and 

wants of our customers in Bahrain and 

we will continue to invest in effective 

innovative platforms and products, 

extending our portfolio and local 

footprint to ensure convenience and 

ease of access. 

We are busy with some more exciting 

campaigns and look forward to seeing 

you in one of our branches soon. 


45

Interview | AspenTech 

Improving 

Profitability 

Through 

Asset 

Optimization 

In the 1970s, a group of chemical 

engineers led by MIT Professor of 

Chemical Engineering Larry Evans, 

tried to figure out that if Computer 

automation was being applied to 

other engineering disciplines - civil, 

mechanical, electrical - why not 

chemical? Evans saw an opportunity to 

apply the burgeoning computer-aided 

chemical engineering technology to 

market requirements that were being 

driven by the energy crisis. Supported 

by funding from the newly formed 

Department of Energy (DOE), the 

ASPEN (Advanced System for Process 

Engineering) Project was started in 1977. 

Today as one of the world’s leading 

suppliers of asset optimization software 

solutions, AspenTech’s software 

tackles the most complex process 

manufacturing challenges, creating 

value and improving profitability for 

customers. The industries that drive 

our economies and touch our lives 

are optimized by aspenONE software 

every day. The world’s leading oil & gas, 

chemical, engineering & construction, 

pharmaceutical, food, beverage, and 

consumer packaged goods companies all 

rely on AspenTech to run their business. 

Antonio Pietri, President and 

CEO, AspenTech was in Bahrain last 

month to deliver the keynote - “Driving 

Sustainable Growth” at MEPEC 2017. 

Held at the Bahrain International 

Exhibition and Conference Centre, 

MEPEC 2017’s focus was “Sustainable 

Growth through Process Innovation 

Antonio Pietri 

President and CEO, AspenTech 

and Downstream Integration.” 

Pietri’s keynote, addressed how asset 

optimization improves asset reliability, 

achieves operational excellence and 

helps leading firms manage through 

complexity to optimize the asset 

lifecycle across design, operations 

and maintenance. On the sidelines of 

the conference he gave bizbahrain an 

exclusive interview. 



What is the story behind AspenTech and 

your success? 

AspenTech was founded on August 

12, 1981 to commercialize the technology 

that was developed by Larry Evans and 

a group of MIT chemical engineers. 

Over time, that original goal of a 

general-purpose process simulation 

system evolved to a focus on process 

optimization, and eventually a broader 

vision - Asset Optimization. Today, 

an integrated set of industry-leading 

AspenTech products optimize assets 

across the design, operations and 

maintenance lifecycle. 

Our success is down to our 

constant innovation and the fact 

that no other technology provider in 

process manufacturing spends more on 

Research and Development (R&D) as a 

percentage of revenue than AspenTech. 

We staff three R&D Centers of Excellence 

for Engineering, Manufacturing and 

Supply Chain and Quality and have 

brought to market a long line of industry 

firsts. 

Can you describe your own career 

journey and what brought you to 

AspenTech and now Bahrain? 

I began my career at ABB Simcon 

as an applications engineer focused on 

advanced control and multi-variable 

controllers for refining. I always was 

interested in sales and all aspects that 

eventually prepared me for my job today 

as CEO. I am originally from Venezuela 

but I have lived and worked in a number 

of countries around the world. I joined 

AspenTech through the company’s 1996 

acquisition of Setpoint, Inc. where I 

previously held a range of sales, services 

implementation, and consulting roles, 

overseeing the integration of AspenTech 

solutions at European refinery and 

process manufacturing sites. In 2002, I 

relocated to Singapore as Vice President, 

Business Consulting, and was then 

promoted to Managing Director of the 

Asia Pacific region. My first trip to 

Bahrain was as CEO of AspenTech in 

2009. At the time I had no staff here, but 

we grew quickly and today we have 25 

to 30 staff in Bahrain and more than 50 

in the region. Bahrain is our HQ for the 

Middle East. 

Our main client here in BAPCO, 

but Bahrain has been a very good 

springboard for us to the region and even 

North Africa. 

"Our success is down to 

our constant innovation 

and the fact that no other 

technology provider in 

process manufacturing 

spends more on Research 

and Development." 

Let’s get into your software details. Can 

you explain AspenTech’s value addition 

and role in process manufacturing? 

We have developed deep process 

manufacturing industry knowledge 

from exclusively focusing on 

optimizing process manufacturing 

solutions for more than 35 years. Our 

expertise includes more than 400 R&D 

professionals, including more than 80 

process-modelling developers, many 

of who are PhDs, as well as around 

400 service engineers and technical 

sales professionals working every 

day with the world’s leading process 

industry companies. We also have a 

large customer service organization 

supporting these companies. AspenTech 

offers the broadest footprint of asset 

and process optimization solutions 

and aspenONE is the only integrated 

software suite focused on design, 

operations and maintenance across 

the entire asset lifecycle. aspenONE 

applications are customized for complex 

manufacturing environments, such as 

oil and gas, chemicals and other capitalintensive 

industries. The company was 

founded for the sole purpose of helping 

capital and process intensive industries 

break free from traditional constraints. 

In recent years, we’ve lived through the 

worst downturn in oil prices in history, 

and are seeing continued competitive 

pressures. Now, more than ever, our 

focus is on efficiency, optimization, and 

running assets more reliably than ever - 

ultimately operational excellence in the 

asset means asset optimization. 

Can you explain briefly your premise 

about how actionable insights have 

allowed failures to be predicted and 

eliminated for the operation lifecycle to 

be fully optimized? 

It is an entirely new approach to 

getting at the critical insights necessary 

to avoid process-induced disruptions 

and failures. These insights include 

the all too common occurrences of 

running equipment longer than expected 

to meet increased market demand, 

or degradation due to varying raw 

materials or usage. There is a significant 

need to carry out failure prevention 

using data-driven truths rather than 

guesstimates. The combination of 

mechanical and process induced 


47


breakdowns costs up to 10 per cent of a 

worldwide $1.4 trillion manufacturing 

market per a 2012 report from The 

McKinsey Global Institute. While 

companies have spent millions trying to 

address this issue and ultimately avoid 

unplanned downtime, until now, they 

have only been able to address wear and 

age-based failures. Current techniques 

cannot detect problems early enough 

and lack insight into the reasons behind 

the seemingly random failures that 

cause over 80% of unplanned downtime. 

This is where using machine learning 

software to cast a “wider net” around 

machines can capture process-induced 

failures. 

To avoid unplanned downtime, 

companies must identify and respond 

effectively to early indicators of 

impending failures. Traditional 

maintenance practices do not 

predict failures caused by process 

excursions. That would require a 

unique technology approach combining 

machines and processes; particularly 

for asset-intensive industries such as 

manufacturing and transportation. 

With the right technology in place, 

organizations can sense the patterns 

of looming degradation, with sufficient 

warning to prevent failures and change 

outcomes. 

Advanced machine learning 

software has already demonstrated 

incredible successes in the early 

identification of equipment failure. Such 

software is near autonomous and learns 

behavioral patterns from the streams 

of digital data that are produced by 

sensors on and around machines and 

processes. Automatically, and requiring 

minimal resources, this advanced 

technology constantly learns and adapts 

to new signal patterns when operating 

conditions change. Failure signatures 

learned on one machine “inoculate” that 

machine so that the same condition 

will not recur. Additionally, the learned 

signatures are transferred to similar 

machines to prevent them being affected 

by the same degrading conditions. 

How have the changing demographics in 

the region affected the industry? 

It is great to see a new cohort of 

young process engineers come out of 

university and into industry. The change 

in guard is a major focus for the industry 

now as a wave of experienced engineers 

retires, a younger generation is being put 

into roles that require more experience 

to do challenging work. It is important 

to develop all employees’ skills to ensure 

that the staff has the right knowledge 

and tools to perform the job most 

effectively. Ultimately the goal is to help 

ease the demographic transition that is 

currently happening. 

Given the challenges 

our customers are 

facing in optimizing 

their enterprise-every 

plant, every system, 

every asset-maintaining 

a safe operation has 

never been tougher. 

Only AspenTech has the 

software and models 

to give companies the 

confidence to advance 

from process to asset 

optimization. 

What are the trends and developments in 

asset performance management? 

At the plant level, we are seeing 

the development of risk analysis. This 

involved reliability modelling and 

simulation that predict and optimize 

future plant availability and capacity 

throughout the entire lifecycle. At the 

process level, there is a trend towards 

process analytics, through which 

operators can discover the root cause 

of process disruptions, predict future 

occurrences and prescribe actions to 

avoid them. At the equipment level, we 

are seeing machine learning analytics 

that predict when failures will occur, 

understand why they will occur and 

prescribe what to do to avoid the failure. 

Why has optimization become essential 

for the Middle East? 

We are leveraging our 35-plus years 

of software, technology and industry 

expertise and combining it with the 

latest machine learning and analytics 

capabilities to create the next generation 

of optimization, asset optimization. 

Optimization was initially a “nice to 

have,” something to help generate the 

last percent of profit. However, with the 

increasing scope and complexity of the 

oil and gas industry in the Middle East, 

for example, it is no longer an option, but 

a business necessity. The competitive 

environment that has emerged in 

just a few short years requires a more 

holistic approach, which is where asset 

optimization comes in. 

Any experiences and insights to share 

about the Middle East market and 

Bahrain? 

My first visit to Bahrain was in 2009 

when we came to see if it would be a 

good base for our regional operations. 

It has been a great decision for us. The 

Middle East is an important region for 

us. The economies are changing and 

looking increasingly at becoming value 

aggregators, which fits well with our 

own vision. 

Every region of the world has its own 

requirements. One thing I learned about 

the Middle East when I set up operations 

here was that customers like to deal 

with people based right here rather than 

conduct business over the phone. For 

customer support and implementation 

of systems they need a face-to-face 

interaction. 

What’s next? Where is AspenTech 

heading? What is the vision? 

Our focus is on the shift from process 

optimization to asset optimization. 

Given the challenges our customers are 

facing in optimizing their enterpriseevery 

plant, every system, every assetmaintaining 

a safe operation has never 

been tougher. Only AspenTech has the 

software and models to give companies 

the confidence to advance from process 

to asset optimization. We’re combining 

our unrivaled modeling expertise 

with big data machine-learning to 

maximize the performance and life of 

all assets. Our technology delivers the 

most accurate and actionable insights, 

enabling customers to run assets faster 

safer long and greener. AspenTech is 

optimizing the asset design, operation 

and maintenance lifecycle for a growing 

number of customers in complex, 

industrial environments. 



49

Interview | Mohamed Isa 

Bahraini 

Author 

Receives 

the Quilly 

Award 

The Quilly Award, founded by the 

National Academy of Best-Selling 

Authors, commemorates an 

author’s achievement of being named 

to a nationally recognized Best-Seller 

list. The National Academy of Best- 

Selling Authors was created by attorneys 

Authors Nick Nanton and JW Dicks, 

who saw a need for recognition and 

celebration for authors from many 

categories and lists - including many 

independent lists - across many different 

genres. Hosted at an Annual Golden 

Gala, the recognized authors receive 

their Quilly Award from the Academy 

at a Hollywood-style, red carpet gala 

where authors can mingle and network 

among others who have also been able 

to achieve best-selling status. Bahrain’s 

own Mohamed Isa, a recent recipient 

talks to bizbahrain about the experience. 

Tell about your experience receiving the 

Quilly Award? 

It was an amazing experience. 

There is no feeling like it when you feel 

gratified with one’s own achievement 

especially when you are recognized 

by a professional body represented by 

the National Academy of Bestselling 

Authors. The gratification is compounded 

when you take into account that the 

awarding ceremony took place at the 

Roosevelt Hollywood Hotel which is the 

same hotel where the Oscars Awards 

took place for the first time in 1927. 

The Awards Ceremony was part of 

the Thought Leader® Summit where 

top notch speakers gave various talks 

including the Billionaire Jay Abraham 

who created the Theory of Preeminence. 

Tell us more about “The Success 

Blueprint.” 

The Success Blueprint borrows from 

the concept of architecture blueprints 

and reflects this concept back on what 

it takes to be a successful person in 

the various aspects of life. To build an 

architecture masterpiece, you must 

take into consideration several factors 

including the foundations, structure and 

the projections to create a beautiful and 

strong building. Likewise, to achieve 

wealth, health and work-life balance, 

you must have a plan - a blueprint - and 

this is what this book offers. It contains a 

ton of tips on success and another ton of 

motivation to help the reader to become 

a success. 


Interview | Mohamed Isa 

that. They were interested in knowing 

more about Bahrain. At the end of each 

conversation, they expressed their keen 

interest in visiting Bahrain to experience 

its culture, heritage and meet its people. 

My attendance was a golden opportunity 

to promote Bahrain and I am so proud of 

the fact that I raised Bahrain’s flag high 

in Hollywood. 

What is the basis of receiving the Quilly 

Award? 

There is one basic requirement for 

receiving the Quilly Award and that is 

to have a book that tops the recognized 

bestselling book lists in USA. And 

since “The Success Blueprint” topped 

two Amazon Bestselling lists, I was 

recognized with this award. 

What has receiving the award meant to 

you? 

Receiving this award put more 

responsibility on my shoulders. And 

the responsibility is crystal-clear: To 

motivate the youth in Bahrain and 

beyond to be optimistic and motivated 

to have ambitious and meaningful 

goals in their lives to be the catalysts 

for positive change in their respective 

communities. In our community, 

we need to go beyond the simple 

programming of our youth: Study hard. 

Graduate. Get a job. Get married & retire! 

Life is more than that, where is the spirit 

of adventure, discovery, having a rich life 

full of experiences and leaving a positive 

legacy in the community. This is what I 

preach when I speak to the youth in high 

schools and universities. 

Any new books on the way? 

I am finalizing the book covers 

and the text layout of my upcoming 

book - “Chai Karak: A Customer Service 

Story.” It will be published in English in 

December 2017 and in Arabic in March 

2018. This book provides organizations 

and companies with a clear roadmap 

to improve their customer service 

standards. 

As you know, one of the key success 

factor and competitive advantages for 

any organization is customer service. 

To this end, this book has 22 chapters. 

Each chapter begins with a quote on 

service and ends with three questions 

for the readers to reflect on to apply 

the concepts to their organizations. In 

addition, the book has a section called 

“The Chai Karak Manifesto” where I 

introduce nine key factors to improve 

customer service. The last section of the 

book includes a roadmap to creating a 

customer-centric culture. 

I gave a number of talks on the 

concepts introduced in the book and last 

month I spoke to Googlers in Googleplex 

in California, USA. They loved it! 

How did you feel being the only Arab 

receiving the award? 

Most of the delegates were surprised 

that I was from Bahrain and I enjoyed 

What do you say to the youth who dream 

of their own creative projects? 

Start now and never procrastinate. 

Many people wait for the “right time” or 

the “perfect time” - these concepts do 

not exist. The best time is now. Start, try, 

learn and enjoy the journey. If you do 

not succeed, you learned. If you succeed, 

we will all be happy for you and we will 

congratulate you. And remember, if you 

try, you have 50% chance to succeed. If 

you do not, you have already failed. 

What advice would you offer? 

My advice is to work on your public 

speaking and presentation skills because 

they will open the doors of success 

to you. In addition, I advise them to 

familiarize themselves with the various 

programs offered by TAMKEEN and 

take part in the Annual Youth Startup 

Competition as they will learn a great 

deal about how to start a new business. 

Last words? 

I always considered myself the 

- Unofficial Ambassador of Bahrain - 

during my various travels and when 

receiving international guests. This will 

always be a great motivator to achieve 

more and more to raise the flag of 

Bahrain so high in the sky. I am working 

with a private organization to produce 

marketing media to promote Bahrain as a 

preferred Foreign Direct Investment (FDI) 

destination and this would be my biggest 

gift to the Kingdom. 


51

Interview | The British Council 

Dr. Hanan Al-Buflasa 

Assistant Professor, University of Bahrain 

CONNECTING UK AND 

BAHRAINI SCIENTISTS 

In December 2016, Hanan Al Buflasa was 

one of 18 participants from the Gulf region 

to be selected by the Windsor Leadership 

Trust [LINK] in the UK to take part in their 

prestigious training programme. Knowing 

that the University of Bahrain will only send 

its employees to the best universities around 

the world, and after carefully researching 

renewable energy courses both inside and 

outside the UK, she found the MSc course 

offered by University of Loughborough’s 

prestigious CREST research institute the best. 

With an MSc and PhD in renewable energy, 

she’s currently Assistant Professor at the 

University of Bahrain and uses her knowledge 

to advise everyone from governments to 

individuals. 

What was your research about and how 

would you advice government authorities 

and individuals working in the field on the 

subject? 

My research area focuses on Renewable 

Energy Systems Characterization and 

Resource Assessment, Power System and 

Environmental Physics. The advice that I 

have given to the government and individuals 

varies from consultation on renewable energy 


Interview | The British Council 

projects to designing and building 

carbon footprint calculators. Please 

find below an overview of main projects 

which I have provided consultation for: 

• Provided consultation for 

Bahrain Science Centre for the 

establishment of their Renewable 

Energy Section 


Electricity and Water Authority for 

the installation of CSP in Hawar 

Islands 


Sustainable Energy Unit for 

Renewable Energy Resources 

Besides providing consultation, I am 

also a member at several societies and 

technical committees, including the 

below: 

• Member of the Bahrain Standard 

Technical Committee on 

Renewable Energy and Energy 

Storage Systems 

• Member of the GCC Standard 

Technical Committee on 

Renewable Energy and Energy 

Storage Systems (Bahrain 

representative) 

• Member of the National Standard 

Committee on Oil and Gas 

• Member of International Solar 

Energy Society 

Any tips or suggestions from your 

experience with the prestigious training 

programme? 

Training programmes are extremely 

important because they allow us to 

increase our knowledge on different 

aspects and share experiences with 

other participants. The most important 

is networking since this helps us to 

polish our existing skills and to explore 

new skills. 

Sometimes it’s challenging 

attending a training programme since 

you will be out of your comfort zone, 

however it’s rewarding because you’re 

fully depending on listening, learning 

and sharing your thoughts with other 

team members. At the start of these 

trainings you might not see a direct 

impact on the overall training but I 

can confidently say that by the end of 

these training programmes you will 

be amazed about the results and how 

much knowledge you have gained in a 

short period of time. 

The British Council’s work 

connecting UK and Bahraini scientists 

for example, helps us know what the 

latest research is, how we can work 

together and where there might be 

opportunities for partnerships - this 

helps to bring up the quality of research 

in both the UK and Bahrain and for 

scientists from both countries to 

exchange knowledge and ideas. 

Was studying for an MSc in renewable 

energy systems technology a course 

you had always planned on doing? What 

inspired you to do so? 

I have always had a strong 

passion for the sun, thinking about 

its mesmerising power and size, 

encouraged me to follow my study 

in renewable energy. I have an MSc 

and PhD in renewable energy at 

the University of Loughborough’s 

prestigious CREST research institute. 

During my study, I worked on 

researching the potential of renewable 

energy and the impact on the 

conventional power system in Bahrain. 

Especially because our country’s power 

system is heavily accommodated by 

water production system. 

After my studies, I was chosen to 

work on renewable energy research 

projects in Bahrain, followed by 

promoting this subject in the country. 

To further support the industry, I took 

on the role of Head Judge for the 13th 

GCC Youth Scientific Conference and 

Competition in 2012 and Judge for 

the Globe National Environmental 

Competition for schools in 2015 and 2016. 

How do you place your genre of study in 

a Bahraini context? 

Many people across the globe are 

very interested in promoting clean 

energy sources, since it has a direct 

impact on our precious environment, 

the economy and lifestyle. The Kingdom 

of Bahrain has established strong 

and responsible goals to encourage 

sustainability through its 2030 

Economic Vision. 

Sustainability is a key part of the 

2030 Vision and it includes plans 

to provide a local and sustainable 

environment through the introduction 

of a clean source of energy in Bahrain 

by replacing the conventional fuel 

(natural gas) for power production by 

renewable energy. That step has been 

formulated with the establishment of 

the Sustainable Energy Unit (SEU) and 

the Standard Technical committee for 

renewable energy. 

Giving the above initiatives by the 

government of Bahrain, we need to 

continue to invest in education and 

research since they play a crucial 

role which will drive the execution of 

the plans made by the government to 

introduce renewable energy. Having 

international partners, for example our 

partnership with Aston University and 

Oxford University and the CREST and 

Loughborough University, is also very 

useful as environmental challenges 

are global and require an international 

response. 


53

Interview | Licorne Energy 

ENERGY INVESTMENTS 

FOR THE REGION 

Irina Duisimbekova, a long term 

resident entrepreneur in Manama 

and President & Founder of Licorne 

Energy in Houston Texas, along with 

Omar Minhaj, President & Founder of 

Flamingo Oil in Houston shared with 

a panel of investors and diplomats 

the new business model their mutual 

companies would offer in GCC and 

Bahrain based on oil Royalties revenues, 

Cocktail & conference held at 

the Capital Club of Bahrain, we had 

the opportunity to interview them 

on this model and their vision of the 

cooperation between Texas industries 

and the Gulf. 

Can you share with us what Licorne 

Energy is all about and what it offers for 

the investor? 

IRINA: Licorne Energy is a Texas 

based company that offers to investors 

several economic mechanisms in oil & 

gas field. One of our core investments are 

royalties in oil & gas that can generate 

to our investors a fast return, usually 

within 4-5 years, with 20-25% gross profit 

per year and monthly cash income after 

three months following the investment. 

Basically, an investor, invests in a 

physical production of oil or gas barrels 

and get his quota of produced barrels 

per day sold by a market current price 

which gives him/her a monthly revenu 

with proportion of the size of initial 

investments. 

We are constantly looking for new 

royalties with our partner Flamingo Oil 

International in order to increase our 

portfolio of investments and offer more 

flexibility and choice to our investors. 

Where do you see energy investment 

escalating and diminishing across the 

GCC? 

OMAR: Energy investments will 

continue to grow in the GCC region for 

the very fact that the oil & gas reserves 

sizes are huge and will continue to 

require important investments from 

global investors to develop the resource 

and infrastructure in the GCC along with 

the Governments. Oil demand is solid 

and increasing and for last 3 years the 

capital investments have been quiet 

sluggish due to the weak oil prices 

which will have its effects on the reserve 

replacements and adding production 

capacity for the market. All across GCC 

the investments will escalate to catch up 

with global oil demand. 

What are your interactions with third 

parties and what type of activity do you 

undertake with them? 

OMAR: We work closely with third 

parties mainly drilling and completion 

services companies and to some 

extent EPC contractors to build out 

production facilities and water disposal 

infrastructure, oil services were hardest 

hit due to oil price collapse and a 

number of companies went through re 

structuring and lay off’s, there will be a 

human talent problem in this sector due 

to the lack of upstream investments. 

How will an investor benefit when they 

participate in Licorne’s schemes? 

IRINA: Licorne Energy offers to its 

investors a large portfolio of investments 

in oil & gas royalties and also services 

that come along with this type of 

investment, from setting up a local 

structure based in USA, opening bank 

account, obtaining tax identification 

number, accounting services, legal 

services etc. Basically, Licorne 

Energy will handle all the necessary 

administrative and legal stages that 

concern acquisition of an oil & gas 

royalty. 

What differentiates you from similar 

organizations within your competitors in 

oil & gas or from trading houses? 

OMAR: We purely focus on E&P 

business and keep our operations lean 

and efficient to produce the barrel of 

oil at a profitable rate, we are not in 

the trading business and certainly 

interested in working together on some 

bigger development across the globe 

with them. 

Why this kind of investments could be 

attractive for GCC investors? 

OMAR & IRINA: In reality, this 

product has been tailored made upopn 

the request of our usual investors from 

Saudi Arabia, Bahrain and Kuwait which 

were looking for something different 

that most of the investment industry is 

proposing locally. Gcc investors asked 

us to present them something secure 

with a fast return on investment and 

double digit return, and mainly allowing 

to have immediate available cash flow 

on a monthly basis immediately after 90 

days maximum from the deposit on the 

account of the investment, compare to 

classic investments where you have to 

freeze your money for 5-7 years or even 

more which is the case of real estate and 



Irina Duisimbekova 

President & Founder of Licorne Energy 

Omar Minhaj 

President & Founder of Flamingo Oil 

with very low profit 3-5% per year. 

Some of our GCC private investors 

were looking for a scheme where they 

can have a quick return and cash 

available in order to reinvest and 

increase their investment portfolio. 

OMAR : GCC investors can have 

exposure to US onshore oil & gas via 

partiipations in the royalties and direct 

drilling participations with Flamingo Oil, 

investors can diversify the portfoilio via 

drilling multiple wells targeting different 

reservoirs with established type curves 

in the basin. US onshore offers stable 

investments where an investor can 

particpate with a cash flow generating 

yield approach or a 3 - 5 year build and 

hold type strategy with an exit returning 

a multiple on the investment. 

What about Flamingo? What is the role 

that you will play as partners? 

OMAR: I am CEO of the company 

and discuss the company and projects 

future, with our investor base and new 

partnerships we form with JV partners 

participating on our projects. We do 

quarterly reviews and yearly business 

plan meetings to develop a road map and 

target yearly goals. 

What excites you most about the future 

of Bahrain’s oil and gas and the role you 

hope to play in the industry? 

OMAR: Bahrain does have a 

tremendous potential for Oil & gas 

business and financing oil and gas 

projects from Bahrain, we have met 

with several investment houses and 

heard very positive feedback on the 

subject. Flamingo Oil is going to keep 

Bahrain as a focus area in the middle 

east for participation of new oil & gas 

upstream projects and as well any JV 

opportunities with the groups in the 

Kingdom to partner up. 

IRINA: First, our investment proposal 

allows our GCC investor to dispose 

of cash to continue sustaining their 

monthly opex locally in an actual tough 

industry… some of them finance their 

dayly company cost in Bahrain and GCC 

with the return they obtained through 

our royalties model. 

The oil is and exhaustible natural 

ressource that will be constantly 

increasing in price as the demand 

and consumption on the world scale 

is growing every year by 1% nearly, 

equivalent to 900,000 BPD. (world is still 

consuming nearly 90 Millions Bpd) 

Consequently, the oil of Bahrain 

will contribute more and more to local 

development and re-boost the Bahraini 

economy once the prices are back to 

normal. We are projecting the price of oil 

within two years around 60-70 dollars 

per barrel. 

Due to our presence in Houston and 

in the Gulf, we have also a wild range 

of US Texas based companies willing 

to come, to invest and to operate into 

the GCC and because of my personal 


55


experience in Bahrain since now nearly 

10 years, this US corporation rely on me 

to identify and introduce them potential 

local partners to invest in. 

Moreover, we have also an advance 

relation with several Houston oil & gas 

banks and final coal funds which would 

be more than welcome to study Bahrain 

and Saudi Arabia oil & gas projects for 

investments, M & A, credit lines, etc. 

This is our added value and we hope 

the contribution we could add to local oil 

& gas industries. 

What are the risks and challenges to 

growing volumes and margins of the 

O&G trading business? 

The risks are usually based on the 

volume of the trade and the hedging 

of the contracts which extend to the 

bank supports extra credit lines as well 

as capacities of ou usual clients in the 

trading part to absorb the quantities 

provided by GCC refineries. 

Actually and exclusively through 

our trading department, GCC is a 

buyer market where we tend to acquire 

products from local refineries to export 

to our clients in Africa and Asia for most 

of them. 

What do you see as the next big energy 

challenges? 

If you have a quick look in the 

last four weeks, oil prices increased 

drastically to reach nearly 55$ per barrel 

of WTI with tends to be very profitable 

for USA shale gas coupled with US bank 

support for local producers as well as 

new technologies optimizing the cost of 

production. 

This is might tempt US producers 

to restart drilling and extracting and 

could overflow again the market and 

contribute to the slump of oil prices 

while at the same time OPEC members 

tempt to reduce their productions to 

preserve their market share. 

Keep in mid also that several non- 

OPEC low producers such as African 

or South American countries get their 

economy shrinking if its not dying 

because of the lo oil price. 

This could by extension create social 

and economical problems, riots and 

destabilization, etc. 

For that reason, as experts in 

royalties sales Licorne Energy and 

Flamnigo Oil are really for a balance of 

price where an average between 50-60 

dollars per barrel would be beneficial for 

all industries as well as all consumers 

and government. Below this price 

its killing the industry and above 

the consumer and especially non-oil 

countries face difficulties. 

www.licorne-energy.com 

www.flamingointl.com 

Alexandre Katrangi, a French businessman present in the Gulf Saudi Arabia 

and Bahrain for the last past 15 years and reputed for his international business 

development & investment strategy for several member of the Saudi Royal 

family and Forbes Fortune private families from UAE is among the founding 

partners of Licorne Energy. 

Olga Seelig, Former Judge at the Texas Court and Senior lawyer specialized in 

international investments of large US conglomerates is also a founding member 

of Licorne Energy 

Jaime Castilla, Chairman & CEO of Flamingo Intl / is co-Founder of Flamingo 

Oil - 32 Years of Experience in Upstream and Services business in Oil & Gas 

Successful entrepreneurship who has built Flamingo Oil a production services 

and EPC company in Colombia & Texas 



Project Review 

OVERVIEW 

• Manchester’s finest quality residences 

• Waterfront properties with the best facilities 

• Central location in the UK’s number 1 

investment city 

• Fully managed with guaranteed returns 

Purpose built property for the UK’s rapidly 

changing rental market 

More people in the UK are renting than ever 

before. This shift is strongest in Manchester - 

the UK’s fastest growing city. It’s where a young, 

growing rental market demands a new type of 

modern, purpose-built rental property. Introducing 

Affinity Living Riverview, one of Manchester’s 

tallest towers. Comprising the highest quality 

rental property in the city, it’s a striking icon on 

the skyline. Offering investors, fully managed, 

furnished 1 and 2-bedroom apartments. 

The 318-apartment, 35-storey development 

rises high from the city’s most prized location 

and stands tall for all to see on the skyline. It 

comprises over 1,100 sq m of exclusive communal 

facilities and apartments crafted to a higher 

standard than those found elsewhere in the UK’s 

top-performing city. 

Developer - Select Property Group 

Completion - Q1 2019 


LOCATION 

Address - Land At Bridge Street, 

New Bailey Street, Riverside Estate, 

Salford, Greater Manchester, UK, M3 5AA 

Co-ordinates - Latitude and Longitude - 

53.482146, 2.252781 

Manchester’s only 5* hotel ‘Lowry Hotel’ - 

0.1 miles (1 minute walk) 

Manchester business district ‘Spinningfields’ - 

0.3 miles (5 minute walk) 

Manchester Arena - 0.7 miles - (14 minute walk) 

Selfridges luxury department store - 0.5 miles 

(10 minute walk) 

Deansgate (Commerce centre) - 0.4 miles - 

(6 minute walk) 

PAYMENT PLAN 

• £5,495 (Deposit plus reservation fee) 

• 20% Exchange of Contract 

• 15% 1st March 2018 

• 15% 1st December 2018 

• Balance upon completion 

PRICES FROM 

Starting price £ 275,000 

Minimum 6% NET return, contractually 

assured for 2 years 

SIZES 

1 bedroom - 463 - 484 sq ft 

2 bedroom - 689 - 786 sq ft 

FACILITIES 

• Fully equipped gym 

• Roof top terrace with panorama views of the city 

• Open plan lounge café 

• Co-working lounge 

• Private meeting rooms 

• Two private dining rooms 

• Cinema room 

• Private lounge 

• 24 hour manned cold storage for grocery shopping delivery 

• Mobile phone entry system 

• Reliable, fast internet throughout 

• Dry cleaning & laundry drop-off service 

www.mhcwll.com 


59

OBG | Business Report 

Bahrain’s Real Estate Sector 

Driven by Investment and 

Regulatory Reforms 

Oxford Business Group (OBG) 

Rising demand for residential and 

retail development is driving 

rapid expansion in Bahrain’s real 

estate sector, with billions of dollars 

worth of mixed-use projects to be 

launched in the near future, while new 

regulatory measures have been issued 

aimed at increasing market stability 

and long-term growth. 

Real estate developments 

totalling $26bn are planned or under 

construction, according to the Bahrain 

Economic Development Board 

(EDB), which comes after developers 

showcased five key projects worth 

more than $11bn at the Cityscape Global 

property event in September. 

Notable among those showcased 

at the event is the 310,000-sq-metre 

Bahrain Marina project, a mixed-use 

development featuring residential, 

entertainment, leisure and marina 

facilities in Manama. 

The first phase of the project, 

relating to enabling and marine works, 

is being undertaken by local company 

Al Hassanain Contracting, with an 

expected completion date of the third 

quarter of 2020. 

Meanwhile, Bahrain Marina 

Development, the company in charge 

of managing the project, expects the 

second phase, which consists of piling 

work, to begin either at the end of this 

year or in early 2018. 

Construction is also under way 

on the Diyar Al Muharraq project, one 

of the largest urban developments in 

Bahrain. 

Located on 12 artificial islands 

at the northern tip of the Bahraini 

archipelago, the development includes 

a range of residential, commercial and 

retail properties, community amenities 

such as schools and hospitals, and 40 

km of beaches. 

In August the Diyar Al Muharraq 

Development Company announced that 

infrastructure work for the second half 

of its Al Bareh residential zone had 

begun, with the section to be completed 

by the end of next year. 

The other major projects showcased 

include Durrat Al Bahrain, a 21,000-sqmetre 

development comprising offices, 

luxury hotels, spa resorts and retail 

space across 15 islands; CanalView, 

a residential, recreational and health 

development in Dilmunia; and Bahrain 

Bay, a luxury $2.5bn, 450,000-sqmetre 

project featuring residential, 

commercial and retail space. 

Growth data suggests opportunities for 

real estate 

The substantial pipeline of major 

projects comes amid strong overall 

growth in real estate, led by the rising 

demand for residential and retail 

developments. The sector expanded 

by 4.5% in the first quarter of the year, 

according to the EDB, well above overall 

economic growth of 2.9%, and generated 

$1.7bn, with residential sales alone 

jumping by 8.1% year-on-year. 

Meanwhile, in a sign of further 

growth, the number of residential 

applications is expected to rise by 5000 

units per year, according to the Ministry 

of Housing (MoH). 

“Recent figures demonstrate the 


OBG | Business Report 

resilience of Bahrain’s real estate sector 

and highlight the increasing demand 

for housing not only in the kingdom, 

but across the wider region,” Khalid Al 

Rumaihi, chief executive of the EDB, 

told the Cityscape Global conference, 

adding that government intervention 

and cooperation with the private sector 

had helped spur interest. 

“Strong growth in this sector has 

been supported by the implementation 

of economic and legislative reform and 

forward-thinking policies such as the 

public-private partnership model by 

the [MoH] and the recently issued real 

estate law,” he said. 

Significant growth in the residential 

sector contrasts with greater 

geographic variation in demand for 

commercial real estate, where there is 

an oversupply. 

Regulatory reform aimed at improved 

stability and increased trust 

One development expected to 

support growth in the sector is the 

new real estate law, which intends 

to stabilise the market and improve 

relations between investors, buyers and 

developers. 

Passed in early August and to be 

fully implemented early next year, the 

law includes the introduction of an 

industry regulator, which stakeholders 

say could lead to greater market clarity 

and help attract more international 

investment. 

Another key change aimed at 

increasing trust between buyers and 

developers limits off-plan sales for 

residential developments by requiring 

funds to be held separately in escrow. 

This ensures that the developer has 

the funds available to complete the 

development for which a buyer has 

already paid, and allows for the quick 

return of the investment should the 

property fail to be completed. 

The new regulations will also 

include a BD12 ($31.80) per-sq-metre 

infrastructure tax, which is intended to 

ensure that infrastructure investment 

keeps pace with the requirements 

of new developments, despite the 

government’s budgetary pressures. 

Oxford Business Group (OBG) is 

a global publishing, research and 

consultancy firm which publishes 

economic intelligence on the 

markets of the Middle East, Africa, 

Asia and Latin America. In print 

and online, the critically acclaimed 

economic and business reports 

have become the leading source of 

business intelligence on developing 

countries in the regions they 

cover. OBG's monthly economic 

updates provide up-to-date, indepth 

analysis on the issues that 

matter for tens of thousands of 

subscribers worldwide. OBG has 

been in Bahrain for 12 years and is 

currently working on The Report: 

Bahrain 2017 which is scheduled 

to be released in the first quarter 

of 2017. For more information, visit 

www.oxfordbusinessgroup.com or 

call us in Bahrain at 1715 1582. 


61

CBRE | Real Estate Analysis 

BAHRAIN BAY’S 

STEADY RISE AS THE NEW 

FOCAL POINT OF THE CAPITAL 

Heather Longden 

Associate Director - CBRE Bahrain 

Bahrain Bay is an ambitious master 

plan project off the north coast 

of Manama, which effectively 

extends the country’s capital, providing a 

next generation focal point for Manama. 

The reclaimed land spans circa 430,000 

square metres and is gradually being 

developed with commercial, mixed 

use, retail, hospitality and residential 

projects along with public minded 

common facilities and services. 

The Bahrain Bay master plan 

already houses: Arcapita building, 

which is occupied by Arcapita, Bahrain’s 

Economic Development Board, as 

well as other prominent institutions, 

ABG Towers, which accommodate 

the namesake, Al Baraka Group 

headquarters, as well as providing 

additional office space for lease to 

external parties, Four Seasons, five star 

hotel and a stand out landmark, who are 

currently constructing a private beach 

for guests, and the Wyndham Grand 


CBRE | Real Estate Analysis 

Hotel in United Tower - a 262 key five 

star hotel facility with Six Senses Spa 

and 26,000 square meters of prime office 

space which is at soft opening stage 

and expected to welcome guests before 

the end of the year. High profile tenants 

will occupy this iconic twister shaped 

tower by Cooperation Investment House, 

including Aecom, Deloitte & Touche 

and McLaren. The property will be 

managed by CBRE where the local office 

headquarters are also located. 

The Avenues shopping mall with 

38,000 square metres GLA, phase 1, 

which opened to the public in late 

October runs adjacent to Bahrain Bay 

on the Manama corniche, and offers 

water front food and beverage as well as 

a street scape shopping experience that 

differentiates the mall from the existing 

operations in the Kingdom also provides 

outdoor public waterfront facilities, 

which have upgraded the corniche 

area running the stretch up to Bahrain 

Financial Harbour. 

Although Bahrain Bay has faced 

challenges in gaining and maintaining 

momentum in terms of development by 

sub developers through an uncertain 

economic climate since its launch, with 

the latest progress, this is beginning 

to turn around. Bin Faqeeh Real 

Estate are currently constructing a 

luxury residential project with ground 

floor retail - three distinct 10-storey 

residences with approximately 600 

luxury apartments - Water Bay. 

AXA Insurance are also currently 

constructing their headquarters. Both 

are currently slated for completion in 

Q1 2019. 

Bahrain Bay as a master developer 

are keen to draw visitors as well as 

primary users to the project and are 

creating a buzz, hosting key events, 

such as: Bahrain Sea Festival, which 

ran from 26th October to 4th November 

and reportedly attracted over 20,000 

visitors, global sporting event, Iron 

Man on 25th November and the Light 

Festival which will run from November 

23rd for 10 days. Bahrain Bay will host 

Bahrain National Day for the northern 

governorate, will be the next Spring of 

Culture hub and following the success 

of the January 2016 Food Festival this 

will be repeated on the Promenade, 

which is part of Shop Bahrain Festival. 

Bahrain Bay provides a great setting 

in the heart of the city with ocean 

backdrops. This area is home to Bahrain 

rowing club and a new sporting center 

providing a variety of watersport 

activities, with over 60 members to date, 

along with the first water taxi in the 

Kingdom is also up and running within 

the bay. 

In latest news, Bahrain Bay is poised 

to announce further development of 

public realm areas, following the relative 

success of the Promenade, particularly 

for events and the new sections will 

cover an area of approximately 20,000 

square metres. Set to offer a unique 

proposition in the Bahrain retail and 

food and beverage market with an 

inclusive, modern landscaped area, 

offering parks and play areas open to 

the public. Named The Park and The 

Wharf, the latter on the central canal 

front, will offer waterfront areas for 

dining and pedestrian walkways, which 

will appeal to a wide demographic 

range - set for completion Q3 2018. 

Bahrain’s commitment to providing 

top specification infrastructure and 

landscaping reflects their ethos in terms 

of creating a sustainable development 

that serves the community for the future 

as well as attracting foreign investment. 

A welcome participant in Bahrain’s 

growing art scene, the landscaping of 

the development has also included the 

adoption of artwork on the public facility 

buildings, including substations - the 

first initiative of its kind in Bahrain. 

El Seed Cali graffiti artwork is visible 

from the main throughway and is 

now also lit up at night time. Also, 

Bahrain artist, Fuad Al Binfalah has 

been commissioned and displayed four 

impressive stone sculptures in The 

Promenade proximity, which are add 

interest and are a demonstration to the 

effective place making that Bahrain Bay 

is managing to gradually achieve. 

The Promenade which has been 

the location for the food and shopping 

festival, has now opened up again for 

the winter, with kiosks (Wafflemeister 

and Naseef) offering snacks and food for 

the office workers on site and visitors. 

Three more key developers are 

expected to break ground in the near 

future, all with residential assets adding 

to Bahrain’s apartment market stock and 

bringing both local and international 

investment to the capital in the mid 

to upscale segments. The master plan 

looks set to continue this trend as 

the increased use and traffic to the 

site, provide further opportunities for 

investment. 

Heather Longden 

Associate Director - 

CBRE Bahrain 


63

ASAR | Corporate Law Analysis 

THE 

DEATH OF 

RENT 

CONTROL 

by Ghufran Fadhul 

In 2014, Bahrain issued a statute 

initiating the end to mandatory rent 

control in Bahrain, a system which 

has been in place since 1944 and had 

experienced numerous amendments of 

the years. The 2014 law, widely known 

as the New Rents Act, eliminated the 

mandatory nature of two primary 

features of rent control in Bahrain: 

Pricing Control and Renewal Rights. 

This type of legislation is seen in 

many major cities around the world, 

even seeping into popular culture 

through television references. Rent 

control arguably plays an important 

role to enhance social justice; however, 

its breadth in Bahrain legislation, 

particularly its application also to 

merchants, rather than exclusively to 

residential property, has remained a 

thorn in the side of landlords. There 

are reasons to believe that rent control 

has increased the dilapidation of 

buildings in the areas where it applies. 

The impending end of rent control 

in Bahrain is expected to be a time 

of upheaval but also should result 

in economic normalization between 

longstanding businesses and new 

start-ups. 

How Rent Control Worked 

The primary aspects of rent control 

are Pricing Control - a limitation on 

the quantum of rental rate increases 

that property owners can charge - and 


ASAR | Corporate Law Analysis 

Renewal Rights - a statutory right in an 

existing tenant to remain in a rented 

space. 

In Bahrain, pricing control is 

implemented by prohibiting a landlord 

from raising the rental rate other than 

in a single instance of rental increase, 

which may raise the rent by up to a 

maximum of 10% of the original rent. 

Other than in this case, increase in rent 

is generally permitted in the limited 

case of renovation of the property, 

which would allow the landlord and 

tenant to agree a fair rental rate (in 

the absence of reaching an agreement 

on the rent for the renovated space, 

the tenant may litigate and the court 

may consider the reasonableness of 

the lease offered). In sum, a Bahraini 

tenant would benefit under rent control 

by a limitation on increases in her rent 

payments during the course of her 

tenancy. 

Renewal rights were introduced into 

the Bahrain rental control legislation 

in 1970. This guaranteed an occupant 

of a property the right to remain in 

the leased space indefinitely (with 

some exceptions), subject to payment 

of rent and material compliance with 

the lease agreement. Eviction despite 

lease compliance was available 

in only a limited number of cases, 

such as repossessing the property 

for the owner to use it as a personal 

residence (extended to the owner’s 

first degree relatives). It is notable 

that eviction is permissible for the 

purpose of renovating the property; 

however, the tenant has a right to be 

offered a renewed occupancy once the 

renovation is complete. Another notable 

aspect of the renewal right is that it 

accrues to the ultimate occupant even if 

an intermediary tenant has sub-let the 

property (who would not be protected 

by the rent control legislation). Special 

rules apply concerning the amount 

of rent due from the occupant to 

the landlord upon termination of an 

intermediate lease agreement, which 

are set out in the law. 

The Bahrain Cassation Court had 

expanded the protections under the 

rent control legislation by implying its 

application beyond the municipalities 

of Manama and Muharraq (being 

the areas identified in the law) and 

by consistently finding in favour of 

tenants where the lease agreement 

excluded protections otherwise 

provided under the rent control 

legislation. The rent control law in 

Bahrain has regularly been derided as 

detrimental to business and arguably 

costs the Bahrain government 

substantial sums in municipality 

fees due to the artificially low rents 

applying. 

Revocation of Rent Control 

It should be noted that the New 

Rents Act does not eliminate the types 

of provisions contained in the previous 

rent control legislation. It includes 

provisions concerning maximum 

rental increases and rights of renewal; 

however, the most important element 

of the New Rents Act is that those 

provisions apply “unless otherwise 

agreed.” Now, a sophisticated landlord 

can include in the lease agreement 

provisions to protect her from a tenant 

being able to avoid eviction or regular 

rental increases. This substantial 

change means the lease contract truly 

establishes the conditions between the 

landlord and tenant, rather than the 

lease agreement being diluted by rent 

control legislation. 

Most importantly, the New 

Rents Act established that any 

lease agreement benefiting from the 

previous rent control legislation would 

face a substantial change effective 

from February 2018 (three years after 

the New Rents Act became effective). 

The changes include a right to increase 

rent by up to 5% (on up to 5 occasions) 

during the term of a residential lease 

agreement period and up to 7% (also on 

up to 5 occasions) during the term of a 

commercial, industrial, occupational, 

handicraft or other lease. Also, a higher 

or more regular rent increase may be 

agreed by contract (e.g. a 10% annual 

rental increase). 

Upon the expiry of a lease 

agreement after February 2018, 

the lease would terminate by the 

landlord’s objection to renewal, even 

if the agreement had been subject to 

automatic renewals under the prior 

rent control legislation. Suddenly a 

landlord will be able to evict a tenant 

by way of expiry of the lease term (or 

its renewal) for the first time since 

1970. This combination will open 

the door to building owners retaking 

control of their properties from 

indefinite tenants who often pay de 

minimis rent. 

Market Impact 

It is hard to fully appreciate the 

market impact of this “death” of rent 

control in Bahrain. Tenants with 

minimal rental rates are likely to face 

off against landlords demanding a 

substantial increase in rent against the 

threat of an eviction notice. Traders 

who have remained in a single location 

for decades may be forced to balance 

a changed economic reality to remain 

versus relocation with its incumbent 

risks of high relocation costs, 

increased rents at the new location 

and losing customers. Other new 

entrants in the Bahrain market will 

see the competitive advantage of their 

competitors reduced, giving rise to 

an opportunity to compete on quality 

and innovation without the effective 

subsidy that old market participants 

had held with low rents and stable 

locations. Finally, landlords will be 

able to realize a more reasonable 

return on the capital investments 

in their property which may spur 

redevelopment in areas such as the 

Manama and Muharraq Souqs and 

renovation of buildings without the 

risks of litigation or limited increases 

in rents. The net increase in rent will 

also yield to the Bahrain government 

an increase in municipal fee revenues. 

As with any major regulatory 

change, there will be economic 

winners and losers; however, the 

introduction of a more competitive and 

free market in the property industry 

has a value of its own as Bahrain 

endeavours to increase its business 

friendliness. 

Ghufran Fadhul 

Associate - ASAR - 

Al Ruwayeh & Partners 


65

Expert Opinion | Information Technology 

The Next 

Generation of 

E-Commerce 

by Dr. Jassim Haji 

The rise of ecommerce a decade 

ago had a severe business impact 

on many high-street stores; 

everything has changed especially 

consumer buying behavior. Hence, 

many big stores are set to transform 

shopping by establishing a seamless 

link between the online and offline 

worlds. 

In the near future, almost every 

product in such stores will be 

“smart” and in some cases virtual. 

Radio frequency ID (RFID) tags - tiny 

microchips that can be attached to 

items and send out unique signals - 

have been mooted for use on individual 

items in retail for over a decade, but in 

combination with mobile technologies, 

they can not only revolutionize the 

supply chain, but also transform the 

payment experience. What’s more, 

near field communication (NFC) chips 

will enable smartphones to become 

payment devices, and location-based 

services will give the customer what 

the want - and what they might not 

realize they want - in-store or at home. 

By combining all these technologies 

and uniting home ad store retail 

channels, exciting new ways of tailoring 

shopping directly to the customer will 

become possible. Retailers that fail 

to keep up are likely to risk the same 

levels of damage as those that failed to 

adapt to the ecommerce revolution. 

With RFID tags attached to every 

item in a store and sensors on every 

shelf, it’s possible to detect when any 

product has been removed. If the item is 

paid for, stock-keeping can be informed 

and more put out and ordered - or, if 

discarded in store, it can be returned to 

its correct location. If the item is taken 

through an exit without being paid for, 

alarms can be triggered. Since the RFID 

tag is unique, the stocking system will 


Expert Opinion | Information Technology 

know which precise item has been sold; 

this can help to counter fraudulent 

returns. RFID can also automatically 

inform employees about when to 

replace items that are past their self-by 

dates. 

Further, by using a shopper’s cart or 

smartphone to track his or her location 

within the store, a retailer can send 

vouchers or shopping suggestions 

for nearby products straight to the 

customer. Alternatively, if customers 

are not in the store but nearby, the 

retailer can tempt them in with special 

offers, potentially based on their 

past purchases, or by offering loyalty 

rewards for stepping into the store, 

buying products, scanning barcodes or 

other activities. If the shopper has been 

using a smartphone to make purchases 

at home, the retailer can also suggest 

in-store products to complement the 

purchases already made. 

In addition, virtual shelves, which 

are designed to overcome the issue 

of limited space, are touch-sensitive 

displays that demonstrate all the 

items in a store’s inventory. Shoppers 

can scroll through the displays to 

locate items. Then, using an app 

downloaded to their smartphone that 

works by using image-recognition 

technology, they can scan and order 

the item. The order will be fulfilled 

in store if the item is available or be 

delivered to the shopper’s home at a 

time convenient to them. Coupled with 

mobile personalization services, virtual 

shelves can be customized to feature 

items form the shopper’s buying history 

or accounting to their clothes size, for 

example. And virtual shelves need not 

only be located within stores. They 

can, for instance, appear on station 

platforms so commuters can do their 

shopping while waiting for their train 

home. 

Moreover, shopping carts will 

no longer be just baskets on wheels. 

Equipped with tablet PCs or LCD 

screens and control panels, “smart 

carts” can scan products’ RFID tags as 

they are added to or removed from the 

basket. The cart can also synchronize 

with a website or shopping list app on 

the shopper’s smartphone and help the 

customer to locate items in the store 

- or even recommend the fastest route 

around the store. It will also be able to 

make recipe suggestions or suggest 

products that complement items 

already in the cart. More advanced carts 

will incorporate technology to track 

movements and follow the shopper 

around the store. 

And finally, when the shopper gets 

to the exit, the store can total the prices 

of the products using either the smart 

cart’s running total or, provided every 

item has an RFID tag, by accessing the 

tags on each item in the cart directly 

using sensors at the exit. If the store 

has payment details for the customer, 

linked to a smartphone, it can charge 

them automatically. If not, and the 

customer's smartphone has NFC 

technology built-in, then the phone can 

be sued to pay for purchases by swiping 

it at a pay point. 

Dr. Jassim Haji 

Technology Executive & 

Researcher 

www.facebook.com/DrJassimHaji 

bh.linkedin.com/in/dr-jassimhaji-7b5885125 


67

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69

Expert Viewpoint | Investor Behaviour 

Myth #3: Crowdfunding is for the young- 

With crowdfunding being a relatively 

new form of funding, many people 

believe that only students and young 

entrepreneurs embrace it. This is not 

true; it actually appeals to people across 

generations. 

Seasoned businessmen and real 

estate developers also have tasted 

success on crowdfunding platforms. 

For these veterans, it’s a great way to 

validate a new product and test their 

project or idea to see if it resonates with 

investors or customers. 

6 Biggest Myths of 

Crowdfunding 

by Jose Paul Martin 

Over the last couple of editions, we 

talked about crowdfunding. We 

went in depth, and now it's time 

to bust a few myths about crowdfunding 

to conclude. 

Often, people who create 

crowdfunding campaigns have no 

idea of how crowdfunding works; 

such campaigns are likely to fail. For 

entrepreneurs who continue to live in 

the fantasy world that crowdfunding 

is an easy way to raise a few thousand 

dollars, this is magical thinking! 

You need to be clear in your thoughts 

that crowdfunding is just a more simple 

and efficient to reach out to your potential 

backers. Here’s an attempt to debunk 

some of the common crowdfunding 

myths that still exist today: 

Myth #1: Your project will go viral 

without much effort - Let’s get straight 

to the point - going viral is a tough task. 

The simplified version of crowdfunding 

seems to suggest that you sign up on a 

platform, launch your product and funds 

start pouring in. 

Yes, this was true to an extent when 

crowdfunding was new, but with the 

crowdfunding landscape becoming 

dense, a lot of hard work goes into a 

successful campaign. 

The two most important factors for 

success today are creating a credible 

pitch (check out http://pitchprocess. 

com if you want to get good at this) and 

building momentum before launching 

on the platform, so roll up your sleeves 

and be ready to work hard. 

Myth #2: Popular platforms are the best 

launch pads - Popular platforms like 

Kickstarter are flooded with thousands 

of projects at any given point of time. 

The odds of making it to the homepage 

are really close to zero. It is easy to 

get lost in some of these popular 

platforms, so finding the right platform 

to launch on is an important aspect of 

crowdfunding. 

Myth #4: Crowdfunding is the last 

resort - On the contrary; for many 

project owners, crowdfunding is the first 

choice, especially when they have no 

track record of having run a business. 

In crowdfunding, success will depend 

on your ability to market the product, 

convince your audience of its value, and 

motivate them to back your idea. 

Myth # 5: Crowdfunding success is 

based on the quality of your ideas - 

Crowdfunding success is first based 

on how well you market your product. 

The quality of your product is only the 

second most important thing. This is 

why many campaigns like the Coolest 

Cooler succeeded the second time, 

though the product remained the same. 

Myth # 6: Too many investors is trouble- 

It’s common to think that too many 

investors complicate the scenario, and 

potential angel investors or venture 

capitals may not approach you. 

However, there are several ways to work 

around this - investors can actually be 

used as brand ambassadors. 

What are your fears when it comes 

to crowdfunding? Sometimes the best 

way to tackle them is to head them on. 

You’re an entrepreneur right, I’m sure 

you have it in you! 

Jose Paul Martin is a private 

equity investor & advisor 

currently focused on IT & 

Healthcare sectors in the 

Middle East, US & Asia. He 

is also MD of Eqoris Group & 

Author of The Pitch Process 

Framework 

http://pitchprocess.com 



71

Interview | Jewellery Arabia 

THE 

ENDURING 

APPEAL OF 

JEWELLERY 

ARABIA 

Held under the patronage of 

His Royal Highness Prince 

Khalifa bin Salman Al Khalifa 

the Prime Minister of the 

Kingdom of Bahrain, this spectacular 

annual event is now in its 26th edition, 

surviving economic downturns, changing 

trends and stiff competition from regional 

players. This year’s exhibition brings 

together over 600 exhibitors from 30 

countries for a dazzling 5-day gala of glitz 

and glamour. Spanning 21,000 square 

metres of exhibition space, a huge range 

of finished jewellery, luxury timepieces, 

precious stones, objets d’art, clocks, fine 

writing instruments and more from 

around the globe go on sale. 

“Last year, we welcomed over 49,000 

visitors from 43 countries. In 2017 visitors 

can look forward to the latest collections, 

creations and innovations at this 

trendsetting exhibition and the unique 

opportunity to purchase from the widest 

selection of jewellery and watches in the 

region,” said UBM AEM’s Director of Sales 

and Marketing, Fawzi Al Shehabi. 

World famous watch and jewellery 

houses have made a return appearance, 

including major brand names. Many 

of these high profile international 

exhibitors will use the event as a platform 

to introduce exclusive collections and 

limited edition pieces to the Middle East 

collectors’ market. 

Complementing these iconic 

brands are national groups from leading 

jewellery export countries. They include 

large returning delegations of the finest 

retailers, designers and manufacturers 

from Hong Kong, India, Singapore and 

Thailand. Collectively, these groups reflect 

the very best manufacturing capabilities, 

design expertise and gemological 

resources that their respective countries 

have to offer. 

Joining international brands and 

national groups are a host of designers, 

retailers and manufacturers from all 

over the world, including a selection of 

Bahrain’s leading jewellers. 


Interview | Jewellery Arabia 

Fawzi Al Shehabi 

Director of Sales and Marketing 

To assist visitors with making 

informed buying choices, the world’s 

foremost authority on gemology the GIA 

(Gemmological Institute of America) 

will be offering visitors complimentary 

seminars on gems and jewellery. 

Fawzi Al Shehabi, Director of Sales and 

Marketing, talks to Reena Abraham 

about the enduring appeal of the event, 

and traces its history to its starting 

point. 

This is how it all began. 

In 1992 we thought of starting a jewellery 

exhibition and we created the idea and 

the concept in-house. We started small, 

occupying just a quarter of Hall 1 at 

the Exhibition Centre. Since then in 26 

years, the show has grown to over 10 

times its original size. We have a wait 

list of exhibitors who we would like to 

accommodate but we are at full capacity 

even after several extensions within the 

current venue. 

Foremost pearl trading nation in the world. 

Yes, we carry forward our island’s 

heritage and reputation for the 

highest quality pearls and jewellery 

craftsmanship. Today we have pearl 

exhibitors too, but this is not exclusively 

a pearl jewellery exhibition, but the same 

standards that Bahrain was known for 

are always maintained. When we started 

Jewellery Arabia, it was planned as a B2B 

- business to business - project but then 

we saw there were collectors and private 

buyers, so we made it both B2B and B2C, 

and it was enormously successful. 

Leading exhibition not only in the Middle 

East but also in the world. 

It is among the top jewellery 

exhibitions in the world. Whatever the 

region, every country wants to do a 

jewellery show, but Jewellery Arabia 

cannot be compared with any other 

in terms of the quality of visitors and 

exhibitors, and the support. One of 

its major’s strength is its proximity to 

the Kingdom of Saudi Arabia and its 

purchasing power of high networth 

individuals. 

Outstanding Royal patronage and support. 

We are very lucky to have His Royal 

Highness Prince Khalifa bin Salman Al 

Khalifa, the Prime Minister of Bahrain as 

the patron and that has immediately lifted 

the exhibition to another level altogether. 

The support that the government has 


73

given to this event has truly made Jewellery Arabia such a 

success. 

Without this patronage, I don’t think it would be possible to 

have an outstanding show like this for so many years. His Royal 

Highness the Prime Minister has attended every single Jewellery 

Arabia personally. Every year he opens the exhibition, and he 

spends hours going to every single exhibitor, shaking hands with 

them, talking to them and inspiring us all. We are so grateful for 

his interest and patronage. God grant him a long and healthy life. 

Jewellery Arabia has evolved into the largest jewellery 

exhibition through tremendous support from the Bahrain 

Government and years of hard work, determination and the 

combined efforts of UBM AEM and its worldwide network 

offices that have ensured to secure the best of exhibitors to 

participate at this event. 

Some of the exhibitors have been our partners right from the start. 

When we formed the concept and idea, we went to BJC 

(Bahrain Jewllery Centre). 

You could say that they were 

the founders with us. We 

went to them and told them 

about this idea and without 

hesitation they immediately 

extended their full support. 

Along with them there 

were some other Bahrainis 

who have been a part of 

Jewellery Arabia from the 

very first exhibition, like, Al 

Saraj, Al Hawaj etc. 

At that time there were people who were against this idea. 

They didn’t believe that it was a good idea that could work or 

that it could bring any benefit to Bahrain. But we did it once 

successfully, then again, and again and now it is 26 years! With 

the support of His Royal Highness, the exhibition survived and 

flourished! 

Business friendly and hospitable Bahrain. 

Bahrain is an open market and so very business-friendly. 

We get approached by every big name in the business and we 

Without this patronage, I don’t think 

it would be possible to have an 

outstanding show like this for so 

many years. His Royal Highness the 

Prime Minister has attended every 

single Jewellery Arabia personally. 

ask them to come and participate. To make it the success it is 

and to enjoy this kind of international stature, it cannot be just 

a local show. Of course, we give support to the local jewellers by 

providing a special rate. 

Jewellery Arabia today. 

For 2017, Jewellery Arabia will continue to showcase the 

best designs and finest trends ranging from finished jewellery, 

luxury timepieces, precious stones, objets d’art, clocks, fine 

writing instruments and many more. 

Major names exhibiting this year. 

This year we will again see some of the big international 

exhibitors such as Hublot, Officine Panerai, Serafino Consoli, 

Audemars Piguet, Chopard, Omega, Jaeger-LeCoultre, Messika, 

Patek Philippe and many more. Amongst these brands, Bahrain 

will showcase its very own major jewellers such as Devji, 

Mattar Jewellers, Al Zain Jewellery, M.M. Sharif Hatam & 

Sons / Monthblanc, Al Hawaj, 

Boucheron and many more. 

We will also have 

government pavilions from 

Bahrain, Hong Kong, India, 

Singapore and Thailand. We 

have 30 countries and over 

600 exhibitors and they put 

up spectacular exhibits. It is 

truly an international show. We 

also have a lot of participation 

from the GCC and of course our 

main supporters from Bahrain. 

The Bahrain Jewellery Centre (BJC), Asia Jewellers and Al Zain 

Jewellery occupy the biggest spaces. You must visit - their stands 

are really outstanding creations. 

A wonderful team effort. 

I am very proud of our team, which has developed such a 

glittering prestigious international event, which is now widely 

recognised as the premier event of its kind in the region. We 

have worked hard and for many years and what you see is the 

result of that dedication and passion. 


Under the patronage of 

His Royal Highness Prince Khalifa bin Salman Al Khalifa 

PRIME MINISTER OF THE KINGDOM OF BAHRAIN 

BAHRAIN 

2017 

The 26 th Middle East International 

Jewellery & Watch Exhibition 

REGISTER ONLINE AT: www.jewelleryarabia.com 

21 - 25 November 2017 

Bahrain International Exhibition & Convention Centre 

ORGANISERS OFFICIAL CARD ACQUIRER VIP & REGISTRATION SPONSOR GENERAL SPONSOR GENERAL SPONSOR 

EDUCATION & 

LABORATORY PROVIDER 


75

Interview | BJC 

B 

C J 

Signature 

Brand 

Boutiques 

Mohammed Shirazi 

Bahrain Jewellery Center (BJC) 


Interview | BJC 

On the eve of the prestigious 

Jewellery Arabia 2017, bizbahrain 

met with Mohammed Shirazi, 

Director, Bahrain Jewellery Center. 

One of the pioneering members of the 

prestigious event established 27 years ago 

for BJC, it has been an fantastic opportunity 

to welcome visitors from all over Bahrain 

and beyond and a platform to showcase 

the iconic international brands that they 

represent. 

BJC’s impressive portfolio includes well 

known names such as Harry Winston, Piaget 

Maria Gaspari, Digo.OI, H.Stern, Schoeffel, 

RCM, Ivanka Trump as well as celebrated 

watch manufacturers like Patek Philippe, 

Chopard, A.Lang & Sohne, Vacherone 

Constantin, Hublot and Omega. 

How long have you been involved with the 

business of jewellery? 

Bahrain Jewellery Centre was 

established in 1978 by my late father 

Abdulrazaq Shirazi and my two uncles, 

Abdulmajeed and Abulqassim Shirazi. 

I graduated with a bachelor’s degree in 

Accounting and Finance from Regent’s 

Business School London in 2005, and that is 

when I officially joined the company. 

How would you classify BJC? Into what 

category of jewellery does it come into? 

BJC is home to the world’s most 

renowned high-end jewellery and watch 

brands. We have a variety of watches and 

jewellery that differ in style, design, and 

price range. Although we provide a wide 

selection for our customers , we do not 

under any circumstance compromise 

quality whatsoever. BJC ensures that all 

our products are made with the highest 

integrity. 

You represent some of the best-known and 

beloved brands in the world. Can you tell us 

how that came about? 

Whilst laying out the foundation for 

BJC, we were, and are still determined to 

make our mission to provide our clients 

with the highest level of commitment in 

terms of jewellery selection, quality, variety, 

service, and most importantly customer 

relationship. With this mission in mind, 

it is only compulsory to house world’s 

most reputed high-end jewellery brands to 

compliment our mission statement. With 

brands like Omega, Patek Philippe, Hublot, 

Bulgari, Piaget, Chopard, etc., our vision for 

BJC is accomplished. 

How do you make sure that BJC gives 

personalized attention to not only your 

individual clients, but also to each major 

brand that you represent? 

Our clients are our main focus, but that 

does not divert our attention away from 

each brand that we house. The brands we 

provide at BJC are brands we truly believe 

in, and so each one is given is the focus it 

deserves. We display our brands in store 

with the right visuals, allowing each piece to 

stand out. We also have occasional pop-ups 

in store for individual brands where clients 

can arrange a private meeting to view the 

collection. In addition, events are held on a 

regular basis to maintain the client-brand 

relationship. 

How has the business changed in the last 

years? 

In the past few years there have been 

quite some expansions, renovations, and 

new store openings. Changes like these 

are necessary with a growing market, and 

are anticipated by our clientele. BJC is 


77

moving into mono-brand 

boutiques rather than the 

traditional multi-brand 

as this is the worldwide 

trend in the jewellery and 

watch industry. 

“Events like Jewellery Arabia definitely 

put Bahrain on the map as it’s one of 

the world’s biggest jewellery fairs. It 

attracts many visitors and exhibitors 

from around the world.” 

Do you think the customer 

today is very different? 

Our customers 

are always looking for 

distinguished quality, unique design, and excellent after-sale 

services, and this remains constant with all generations of 

our clientele whether old or new. As a younger generation is 

getting more infatuated and educated with the latest watches 

and jewellery trends, they seek more fashion forward designs 

that are fun to wear on a daily basis. In this case, it is necessary 

for us to bring in more of these brands that represent the new 

generation. 

Tell us about your involvement and experience with Jewellery 

Arabia. 

Since the beginning of Jewellery Arabia in 1992, BJC 

has been a regular participator, and with over 40 prominent 

jewellery and watch brands we can proudly claim that Bahrain 

Jewellery Centre is now the biggest exhibitor at Jewellery 

Arabia. Our stall covers an area of over 2500 square meters and 

is located distinguishably in Hall A of the Bahrain International 

Exhibition and Convention Centre. We always make sure that 

our stall has a friendly and 

warm vibe that allows our 

clientele to have a smooth 

and pleasant experience. 

Do you think events like 

this have helped Bahrain’s 

economy? 

Events like Jewellery 

Arabia definitely put 

Bahrain on the map as 

it’s one of the world’s biggest jewellery fairs. It attracts many 

visitors and exhibitors from around the world. During this 

period Bahrain’s hotels are occupied, the restaurants are busy, 

and a lot of events are going on around Bahrain. It’s quite a 

festive and exciting season for Bahrain, similar to the Formula 

One period. 

What’s next for BJC? Any new showrooms or new 

announcements in the pipeline? 

BJC has just opened its doors to the newly renovated 

and expanded stand-alone Patek Philippe boutique in the 

Moda Mall. The highly anticipated opening attracted over 

300 guests who celebrated with the president of Patek 

Philippe, Mr. Thierry Stern. This successful opening is 

unprecedented in Bahrain, and in the region for that matter. 

Great accomplishments like these give us the drive we need to 

continue our BJC mission journey in continuously progressing 

and expanding. 



79

Interview | Al Hashimi Pearls 

Vijay Shah 

Al Hashimi Pearls 

PRESERVING 

BAHRAIN’S 

PEARL LEGACY 

The Arabian Gulf and Bahrain have long been associated with one of nature's 

most beautiful and precious phenomena: the pearl. It is said that no other 

place on earth has brought forth as many precious pearls as the waters of 

the Gulf, and in no other country has it played as important and rewarding a 

role in the lives of the people and their culture. The oyster banks north of the islands 

of Bahrain are considered the breeding ground where the most refined pearls in the 

world were formed in abundance, making it the centre of the pearling economy. At 

the peak of the pearling years during the 19th and early 20th century, Bahrain’s fame 

and reputation as a pearling hub was well-known globally. It is not surprising that a 

century later the historical value of Bahraini pearls still hold pride of place. 

Talking to Sultan Sharabaty and Reena Abraham, Vijay Shah of Al Hashimi Pearls, 

one of Bahrain’s best-known pearl jewelers, recounts the glory days and what it is 

that makes him a custodian of that heritage. 



What is it that makes Bahrain’s pearls so special? 

We are blessed by the sweet waters surrounding Bahrain, 

which nurtures the finest quality of pearls. If you compare the 

prices of natural pearls, you will see that when you buy it and 

when you sell it, the weight remains the same. This means the 

price only increases because it never depreciates in value. This 

is the best investment in the world. You never lose your value. 

Gold prices go up and sometimes down, but this is the only 

product in the world, where the graph is only up. It is natural 

and not man-made. I have spent my life only with Bahraini 

pearls. Starting from 1980 when I began learning the trade, 

until today, I have never traded a single piece of cultured pearl. 

I have dealt only dealt with Bahraini pearls. 

Why is the natural pearl so expensive? 

People have diversified now into many businesses and 

trades, so there are very few divers now to go to the sea 

and bring back the pearls. The second reason for the low 

production is the high water pollution and water traffic. You 

know these are sea animals; they need peace and freedom 

of movement. The sea here is not too deep, so the vibrations 

and disturbances affect those animals and production is not 

abundant the way it was. 

What about other GCC countries? 

You can find oysters and pearls in all the GCC countries, 

but they all trade from Bahrain, We were the link to all the 

international markets. 

The reason was that the 

people of Bahrain have 

always been known as 

absolutely trustworthy. 

Besides, for centuries they 

have been connected to 

the international market. 

Traders came from the 

Emirates, from Kuwait, 

and international markets 

like from Surat and from 

France to buy the pearls. 

They brought spices and 

all kinds of goods and 

use them as barter for the 

pearls. 

We use very high quality pearl, and 

that is the reason why you get the 

value back of your investment in the 

pearl, and when it passes down from 

generation to generation you know it 

is an heirloom. This is not just a piece 

of jewellery but history passed down 

through the years. 

Why are cultured pearls banned in Bahrain? 

The natural pearls are part of the heritage of this country, 

so the government is trying to protect it by banning the 

cultured pearls. Only natural pearls are allowed here for import, 

display and selling. A customer who is visiting Bahrain, can 

go to any pearl trader’s shops and know without doubt that 

what he is selecting is a genuine pearl. The country’s laws 

control the borders, and no import or export of cultured pearls 

is allowed. This makes it easy for us to trade with our clients, 

customers. People who buy a piece of jewellery from Bahrain 

have confidence because they know their will be no cheating 

and quality will be the best. They are very confident that the 

product they are buying is genuine and natural. 

The cultured pearl 

hurt the market badly, so 

we have less trade today, 

but we are proud of the 

fact that what we deal 

with is only natural and of 

the highest quality. This 

is the reason that even 

today people know and 

are aware about Bahrain 

because we have strict 

controls. Wherever there 

is quality control, the 

value of the product is 

maintained. 

The Government is 

supporting us in many ways. There is quality control from 

the government and on the border from the customs. We have 

been to JCK, the largest North American trade event, under the 

Ministry of Commerce where we had a Bahrain booth. 

When you can get a cultured pearl for a much more affordable 

price, why do people still seek the natural pearl? 

Natural Pearls form when an irritant works its way into 

an oyster. As a defense mechanism, a fluid is used to coat 

the irritant. Layer upon layer of this coating, called 'nacre', is 

deposited until the beautiful, lustrous pearl is formed. Natural 

pearls are actually very rare, mostly because pearl-producing 

species of mollusks and most natural beds of pearl-bearing 

oysters depleted by over-harvesting in the 18th and 19th 


81


centuries. Pollution, water traffic are also causes. Today, natural 

pearls are extremely rare. Only 1 in about 10,000 wild oysters 

will yield a pearl and of those, only a small percentage achieve 

the size, shape and colour that the jewellery industry looks for. 

A cultured pearl undergoes the same process but the 

irritant is a surgically implanted bead or piece of shell called 

Mother of Pearl. Quality cultured pearls also require a sufficient 

amount of time - generally at least 3 years - for a thick layer of 

nacre to be deposited, resulting in gem-quality pearl. Lowerquality 

cultured pearls have often been taken out of the oyster 

too quickly and have a very thin coat of nacre. People who 

know about natural pearls, only want to buy natural pearls. It’s 

like those who buy diamonds, will not be happy with Zircon. 

The natural pearl likewise, is beyond comparison. It is the 

creation of God and a gift to mankind. 

Do you see a pearl through from the start to the finish? 

We are specialised 

in pearls, which means 

that we have a proper 

process for the pearls at 

every stage - to grade, to 

assort, to clean, to string 

and work with designers 

We are blessed by the sweet waters 

surrounding Bahrain, which nurtures 

the finest quality of pearls. 

to create beautiful pieces. We match pearls with other precious 

and semi precious gemstones - unique and very beautiful 

combinations. 

For a customer, it is important to go to known jewellers 

and well educated about what they are selling. We use very 

high quality pearl, and that is the reason why you get the 

value back of your investment in the pearl, and when it 

passes down from generation to generation you know it is 

an heirloom. This is not just a piece of jewellery but history 

passed down through the years. 

For Jewellery Arabia this year, what is special? What new 

innovations and surprises will you show at Jewellery Arabia? 

In Jewellery Arabia we are planning to highlight two 

things-one, a new kind of craftsmanship, showing a different 

way that we are now working with pearls, to launch the same 

piece of pearl jewellery in a different style of workmanship. 

The second highlight 

is our work with 

gemstones. We are trying 

to develop the designs, 

using diamonds and 

feroze and corals and 

so on to create beautiful 

pieces of jewellery. The 

trend of the traditional is coming back, so we are creating 

this new line, which celebrates the traditional styles with a 

different craftsmanship and combination. 

Why is it that you have kept your business with just one store 

and not expanded to more? 

Customers know me from this market. I want to be here 

in this old part of the city, which is a landmark in Bahrain. 

My customers know where to find me. When you visit any 

country you always visit the traditional markets. You go 

to Istanbul. You will never leave Istanbul you never leave 

without visiting the old market - the Grand Bazaar. It is 

forever. There may be 5 malls but the old market is always 

special. People love to visit here. 

The second thing is that every piece of jewellery that we 

sell, that is delivered to the consumer, is completely quality 

controlled by me to my satisfaction. I overlook everything from 

buying a pearl, designing, grading, fixing on the pearls and so 

on. I can therefore give a surety and guarantee to my customers 

because I am myself confident when I know it. My name and 

reputation is very important to me. In this trade people are not 

just coming here because of the jewellery, but they are seeing 

my name and entering the store. 

So every piece that you design and sell and someone buys is an 

investment. 

Every piece is selected by me personally. This business 

runs only on patience and dedication. We have started our 

exhibitions around the world and what feedback we are getting 

is unimaginable. If you notice the Queen of England wears a 

three-strand necklace, that is genuine Bahraini natural pearls 

supplied from Bahrain, This is the kind of record we have. 



83

News Highlights 

Total Exports of 

National Goods at BD465 

Million 

The Information & eGovernment 

Authority (iGA) issued its foreign 

trade report of the third quarter of 2017 

which encompassed balance of trade, 

imports, exports (National Origin) 

and re-exports. The value of imports 

increased by 18% as it reached BD1.204 

Billion during the third quarter of 2017 

versus BD1.017 Billion for the same 

quarter of the previous year, while the 

top ten countries accounted for 63% 

of the imports value and 37% for other 

countries. 

According to the report, China was 

ranked as the first country that exports 

to Bahrain with BD166 Million; United 

Arab Emirates (UAE) as the second with 

BD126 Million whereas the Kingdom of 

Saudi Arabia (KSA) ranked third with 

BD79 Million. 

Four-wheel drive cars emerged as 

the top product imported to Bahrain 

with BD42 Million, while the aluminum 

oxide as the second with BD39 Million. 

Non-agglomerated iron ores and 

concentrates were the third products 

with BD36 Million during third quarter 

2017. 

Additionally, the value of the 

exported national origin increased by 

17% as it reached BD465 Million during 

the third quarter of 2017 versus BD398 

Million for the same month of the 

previous year. The top ten countries 

account for 79% of the exported national 

origin value and 21% for other countries. 

Saudi Arabia was ranked as the first 

country importing from Bahrain with 

BD99 Million, United States of America 

the second with BD76 Million and UAE 

comes third place with BD60 Million. 

As for national export products, 

aluminum wire emerged as the top 

products exported in third quarter 2017 

with BD64 Million; agglomerated iron 

ores and concentrates were positioned 

second products imported with a 

value of BD63 Million; and unwrought 

aluminum alloys stood third place for 

exported products with BD40 Million. 

In regards to the re-exported field, 

the value of re-exports increased by 35% 

as it reached BD127 Million during third 

quarter of 2017 versus BD94 Million 

for the same month of the previous 

year. The top ten countries account for 

94% of the re-exported value and 6% 

for other countries. Saudi Arabia was 

ranked as the first country to re-export 

from Bahrain with BD49 Million, China 

ranked as the second with BD25 Million 

and UAE as third with BD19 Million. 

Four-wheel drive cars emerged 

as the top product re-exported from 

Bahrain with BD32 Million, cigarettes 

came as second products with BD6 

Million and Sedan cars came as third 

with BD4 Million. 

The trade balance, difference 

between exports and imports, the 

value of the deficit of the trade Balance 

reached BD610 Million during third 

quarter of 2017 versus BD524 Million for 

the same quarter of the previous year 

with an increase of 16%. 

Bahrain EDB attracts 

Investment in Manufacturing 

& Logistics 

More than US$200million worth 

of investment into Bahrain’s 

manufacturing and logistics sector was 

attracted in the first half of this year, 

the Bahrain Economic Development 

Board (EDB) revealed. The investments 

are expected to create approximately 

1,000 jobs over the next three years. 

Mondelez International, one 

of the world’s largest snacks 

companies, is building one of its 

global manufacturing and distribution 

hubs in Bahrain, in order to meet the 

growing demand in the Middle East 

and Africa. Mondelez is building a 

state-of-the-art biscuit production 

plant that will produce the famous 

brands Oreo, Ritz and TUC. The plant 

will generate 200 jobs in its initial 

phase. This is the second investment 

by Mondelez in Bahrain in less than 

10 years where in 2008 they have 

launched a 60,000-ton production 

facility for Kraft cheese and Tang 

products that exports to 47 countries 

including the United States. Both 

investments by Mondelez are located 

at Bahrain International Investment 

Park (BIIP). 

Leading GCC textile and fashion 

distribution company Armada Group 

has recently begun construction of 

its regional distribution centre in the 

Bahrain Logistics Zone (BLZ), investing 

over $50 million and creating 400 

direct jobs over the next three years for 

locals. The BLZ is strategically located 

close to the Khalifa bin Salman Port, 

allowing Bahrain to have the shortest 

travel time in the region between its 

export hubs and logistics zones. The 

Kingdom’s strong regional transport 

links and its strategic geographical 

position provides easy access to the 

$1.5 trillion GCC economy, proving an 

attractive location for international 

logistics companies. 

Other important investments this 

year include ECU Worldwide, SMSA 

Express, Elsewedy Electric, Mennekes, 

Sonmez Metal, Tsinx Environment 

Technology, Almajdouie Holding, 

Lals Group, as well as expansion 

investments by several companies 

including Kuehne + Nagel, Sandvik, 

and Agility Logistics. 



Government Action 

Plan progress outlined 

2017 Government Forum held this 

October, reviewed the achievements 

of the 2015-2018 Government Action Plan 

to date, as well as the policies of various 

government ministries and entities. 

HRH the Prime Minister Shaikh 

Khalifa bin Salman Al Khalifa stressed 

the importance of continuing to evaluate 

the performance and accountability of 

government to ensure the best use of its 

Bahrain and UN 

signs Strategic Partnership 

Framework Agreement 

Bahrain signed a strategic partnership 

with United Nations (UN) which will 

have 16 UN agencies work closely with 

the Kingdom of Bahrain in various fields 

and offering its expertise towards news 

projects for the sustainable development 

of Bahrain. 

The Minister of Foreign Affairs, 

Shaikh Khalid bin Ahmed bin 

Mohammed Al Khalifa, United Nations 

Resident Coordinator and UNDP 

Resident Representative to the Kingdom 

of Bahrain Amin El Sharkawi and 

representatives of 16 UN Resident and 

Regional Agencies signed the Strategic 

Partnership Framework Agreement 

capabilities, resources and potential. 

HRH the Crown Prince, Deputy 

Supreme Commander and First Deputy 

Prime Minister Shaikh Salman bin 

Hamad Al Khalifa highlighted that 

government programmes and initiatives 

are underpinned by Bahrain’s Economic 

Vision 2030, the Kingdom’s roadmap for 

a diversified economy led by His Majesty 

King Hamad. 

A range of government initiatives 

were outlined by His Royal Highness 

during the Forum, including the 

launch of a National Strategy for 

Tourism, a sector which has seen a 

12.8% increase in visitors in the past 

year; the adoption of a national plan 

to revive Bahrain’s historic pearling 

industry; and the implementation of 

the National Renewable Energy Plan, 

which aims to provide 5% of the country’s 

electricity from renewables by 2025. The 

between Bahrain and the United Nations 

2018-2022. 

The Foreign minister affirmed that 

the Strategic Partnership Framework 

is a new important step in the outline 

of the ongoing cooperation between 

the Kingdom of Bahrain and the United 

Nations in all fields and at all levels. 

It also reflects common desire to turn 

this cooperation into programs and 

initiatives that increase ongoing and 

future collaboration opportunities 

between the Government of Bahrain 

and UN Agencies. This will aid in the 

implementation of the government work 

plan 2015-2018, within the government 

priorities and the Bahraini Economic 

Vision 2030 and bring them into line 

with UN Sustainable development Goals 

(SDGs) 2030. 

development of a highly modernized 

power plant, the construction of a 100MW 

solar power plant. 

The reforms also include regulatory 

changes in the Kingdom’s healthcare and 

education systems, and the introduction 

of the National Strategy for Healthcare 

designed to transform the role of the 

Ministry of Health from an operator to the 

main regulator of the sector; a countrywide 

25,000 housing unit programme, 

which has already delivered 15,655 units 

across different parts of Bahrain in close 

collaboration with the private sector. 

4,800 additional units have also been 

announced at the Forum. In addition, a 

far-reaching programme of $32 billion 

infrastructure projects is already seeing 

significant progress and driving growth 

across the country’s oil and gas, logistics, 

manufacturing, ICT, financial services, 

and tourism sectors. 

16 UN agencies including United 

Nations Children’s Fund(UNICEF), 

World Health Organization(WHO), 

International Labour Organization(ILO), 

United Nations Industrial Development 

Organization(UNIDO) Food and 

Agriculture Organization(FAO), and 

UN-Habitat - United Nations Human 

Settlements Programme are included in 

the partnership. 

CBB declares Fintech Unit 

As part of the Central Bank of Bahrain’s 

(CBB) ongoing initiatives towards 

financial digital transformation in the 

Kingdom and developments in digital 

financial services, the CBB announced the 

establishment of a dedicated Fintech Unit 

to ensure the best services are provided to 

individual and corporate customers in the 

financial sector. 

This follows the CBB’s recent 

initiatives, which include a Regulatory 

Sandbox that will allow startups and 

fintech firms to provide innovative 

banking solutions, which include four 

companies to date, in addition to the 

issuance of crowdfunding regulations for 

both conventional and Sharia compliant 

services. 

The proposed Fintech Unit will be 

responsible for the approval process to 

participate in the Regulatory Sandbox, 

supervision of licensed companies’ 

activities and operations, including 

cloud computing, payment and 

settlement systems, and monitoring 

technical and regulatory developments 

in the fintech field. 


85


Tamkeen relaunch 

“Mohasaba” Scheme to 

support Bahraini enterprises 

Tamkeen recently relaunched the 

“Mohasaba” scheme as a business 

development support programme in 

accounting and auditing services for startups, 

scale up and mature enterprises. 

Chief Executive Dr. Ebrahim M. Janahi 

stressed the importance of continuously 

improving this scheme in line with the 

latest market updates, as a way to ensure 

the implementation of an effective support 

programme that meets the accurate 

needs of business activities towards 

sustainability that ultimately contributes 

to the growth of national economy. 

Dr. Janahi explained that “Mohasaba” 

was first launched in 2009, with a strategic 

aim of supporting Bahraini enterprises’ 

productivity by enabling them of the 

competitive management of their financial 

goals. 

He added that emphasising the role of 

the private sector in promoting economic 

growth requires consistent commitment 

towards closely meeting the specific 

needs of market expansions, and paying 

diligent attention towards implementing 

this vision in all the support programmes 

ASB and AFS sign First 

Digital Payroll Program 

AFS, the region’s leading FinTech 

enabler, and payment services 

provider, and Al Salam Bank-Bahrain, one 

of the pioneering Shari’a-compliant banks 

in the Kingdom, signed an MOU to roll out 

a Digital Payroll Program benefiting both 

the employers and employees in Bahrain. 

Mr. Anwar Murad, Deputy Group CEO 

of Banking at Al Salam Bank-Bahrain said 

at the signing ceremony, “The program 

has been specifically designed to facilitate 

a large number of employers with a more 

convenient, automated and secured 

payment solution to credit employee 

Dr. Ebrahim M. Janahi 

Chief Executive, Tamkeen Bahrain 

offered by Tamkeen, is a key step that 

leads to this national objective. 

As part of new the scheme, enterprises 

will be given the freedom to choose their 

accounting and auditing services from 

any local audit firm, maximizing the value 

of this support on the performance level of 

their businesses. 

Pre-start-up and Start-up enterprises 

with 0-2 years of operation can benefit 

from the accounting and auditing services 

at 100% support rate, while start-ups with 

2-4 years will have access to 50% support 

percentage in both accounting and 

auditing services. Scale-up and mature 

companies can get a 50% support rate in 

auditing services. 

This co-financing support programme 

covers the cost of accounting and auditing 

services for a duration of two years. 

salaries directly in their prepaid accounts. 

Employees will also enjoy the benefits of 

withdrawing cash from ATMs in Bahrain 

or abroad, point-of-sale (POS) purchases at 

retail outlets, online shopping purchases 

and outward remittance.” 

B Chandrasekhar, CEO of AFS 

added, “Our Partnership with Al Salam 

Bank is a great opportunity to provide a 

cost-efficient and secure digital payroll 

program. It also has the added unique 

feature to send remittances. This is 

another step on Bahrain’s path towards a 

cashless society and financial inclusion.” 

He added, “For the employer, 

the payroll program simplifies and 

streamlines the payroll calculation, 

administration and disbursement, making 

it easier, faster and more accurate. It is a 

state-of-the art system that will help in 

reducing operational and administrative 

overhead, including security costs, and 

those associated with avoiding fraud, bank 

fees and transportation. It provides easy 

employee onboarding with 24/7 customer 

care, and interactive dashboards." 

Largest regional FinTech 

hub in Bahrain 

The Bahrain Economic Development 

Board (EDB) and FinTech 

Consortium (FTC) have launched 

“Bahrain FinTech Bay” (BFB), the 

largest dedicated FinTech hub in the 

Middle East and Africa. The new hub 

aims to further the development and 

acceleration of Fintech firms as well 

as the interaction between investors, 

entrepreneurs, government bodies and 

financial institutions. 

BFB, with an area of over 10,000 

square feet of usable space, is located 

in the Arcapita building. Scheduled to 

open in February 2018, it will comprise 

state of the art facilities, co-working 

spaces, communal areas, workstations, 

hot desks, and a variety of other shared 

infrastructure, making it the ideal hub 

for local and international corporate 

innovation labs and FinTech start-ups 

to base themselves in. 

FTC through its subsidiary 

FinTech Consortium Bahrain, has 

been appointed as the operator 

and ecosystem builder of Bahrain 

FinTech Bay. FTC will apply physical 

and digital solutions to manage the 

hub, as well as integrate BFB into 

its numerous FinTech platforms, 

including blockchain, insurance 

technology, regulatory technology 

(RegTech), and others. BFB will open, 

ready for business, as part of FTC’s 

global network of locations - New York, 

Singapore, and now Bahrain - and work 

closely with its counterparts to promote 

collaboration and shared innovation. 

BFB is being founded together with 

a number of regional and international 

founding partners, strong support and 

partnership with the Central Bank of 

Bahrain, other government entities, and 

financial institutions. 




BisB launch ‘BenefitPay’ to 

merchants 

Hassan Jarrar 

CEO, BisB 

In-line with its digitization drive, 

Bahrain Islamic Bank (BisB) proudly 

launched “BenefitPay”, the national 

e-wallet that enables instant payments 

via smart devices and facilitates the 

TRA: 98% Mobile users 

have access to Internet 

The latest Telecommunications 

Services Residential Market Survey 

report by the Telecommunications 

Regulatory Authority (TRA) Bahrain 

noted that the competition in the 

telecommunications sector has 

significantly contributed to the provision 

of telecommunications services to 

citizens and residents in the Kingdom 

of Bahrain. The results indicated that 

all respondents have access to a mobile 

phone, and 98% of respondents have 

access to internet services compared 

to 89% in 2015, while a low percentage 

of respondents have access to a fixed 

lines service. Moreover, the percentage 

of individuals using the internet reached 

98% in Bahrain. 

With respect to internet usage, the 

survey showed that the use of social 

networking sites is the main internet 

activity for 93% of internet users, followed 

by the email by 71% and downloading 

multimedia content by 70%. 

The survey covered a representative 

sample of 1621 respondents aged 15 years 

and above, examined the usage of and 

access to different telecommunications 

services including fixed lines, mobile 

phones and internet services. The 

survey also measured the extent to 

collection of payments electronically 

through debit cards purchases. 

On this special occasion, Mr. Hassan 

Jarrar, BisB CEO, stated “This is a step 

towards Digitization. We successfully 

partnered with Benefit to provide 

corporate clients with smart solutions 

to accept payments through ‘BenefitPay’ 

services by generating ‘QR Codes’. This 

new service allows users to pay money 

securely and easily without the need to 

use cash or physical ATM cards.” 

“We are delighted to partner 

with BisB to benefit all the corporate 

customers, and we hope that our 

services exceed their expectations as 

BenefitPay service is considered one 

of the important milestones toward 

achieving a cashless society fully 

dependent on digital channel to perform 

payments” Shared Mr. Abdulwahid 

Janahi Chief Executive Officer of Benefit. 

which users are satisfied with their 

telecommunications services, OTT 

services and the Number Portability 

feature. 

For the first time in 2016, the survey 

covered information related to using 

e-commerce in the Kingdom. 29% of 

the survey sample reported engaging 

in e-commerce activities mainly for 

shopping. For those who did not engage 

in e-commerce activities, the main 

reason was that they consider online 

shopping to be unsafe. 

With regards to users’ satisfaction, 

the Telecommunications Services 

Market Survey indicated that 

overall user satisfaction with 

telecommunications services in Bahrain 

is high. The survey showed that 82% 

of respondents are satisfied with 

their overall fixed line services, 90% 

are satisfied with their overall mobile 

services, and 84% are satisfied with their 

overall internet services. 

Batelco Gulf Network 

Cable System to Connect GCC 

Countries 

Adel Al-Daylami 

Chief Global Business Officer, Batelco 

Batelco has selected Ciena’s Converged 

Packet Optical Platform as the 

foundation for the new Batelco Gulf 

Network (BGN). The BGN runs over a stateof-the-art 

Optical Transfer Network (OTN) 

to meet the demand for reliable and cost 

effective high bandwidth connectivity 

and capacity for Batelco customers and 

international carriers’ wholesale needs, 

supporting up to 8.8Tbps and beyond. 

The BGN cable system will connect 

all the countries across the GCC in 

the Arabian Gulf region. Consumers 

and businesses across the GCC are 

consuming more OTT (Over-The-Top) 

content such as HD video and services 

from local and international providers, 

driving demand for additional highspeed 

connectivity services. 

The BGN terrestrial fibre cable extends 

1,400km and is managed by Batelco with 

full control and manageability and can be 

interconnected with other regional and 

global cable systems for access to onward 

connectivity to Europe, Asia, Africa and 

the rest of the world. 

Batelco Bahrain CEO Mohamed 

Bubashait said that Batelco chose to 

invest in the Batelco Gulf Network as 

a fully owned and managed terrestrial 

fiber optic cable network, thus providing 

the country with a new state-of-the-art 

international gateway that will enable 

Bahrain to meet the growing demand for 

data services and applications. 

Batelco Chief Global Business Officer 

Adel Al-Daylami noted, “The BGN is a 

reliable alternative to more vulnerable 

submarine cables, all with scalable 

capacity and the shortest inter-Gulf 

latency." 



VIVA Bahrain launches 

Fully integrated Customer 

Excellence Center 

Eng. Ulaiyan Al Wetaid 

CEO, VIVA Bahrain 

VIVA Bahrain launched a fully 

integrated Customer Excellence 

Center (CEC), integrating its network 

operations and service quality to boost 

efficiency and superior customer 

experience. 

As the only telecom operator in the 

region, and among very few globally, to 

achieve this milestone breakthrough 

of successfully transitioning its 

‘technical operations’ to a customer 

service-centric model, VIVA Bahrain 

with its new CEC operations will now 

be able to monitor critical applications, 

utilised frequently by its subscribers. 

For this, VIVA has partnered with 

Huawei to evolve its network 

operations at hardware and software 

levels, and exclusively develop and 

customise real-time dashboards to 

detect any degradation in services 

even when there’s no technical fault in 

the network. 

With VIVA Bahrain’s new Customer 

Excellence Center operations, 

services like delays in web browsing 

or WhatsApp messages, Facebook 

or Instagram loading and posting 

time, YouTube start lag and buffering 

times, will be screened in near real 

time to keep track of performance 

levels when fluctuating beyond the 

defined thresholds. To ensure seamless 

connectivity and uninterrupted 

browsing of social media services, 

a team of VIVA CEC engineers and 

Huawei specialists will be on-site 

at all times, who will be instantly 

notified to troubleshoot any issues in 

coordination with other departments 

even before it is actually felt by the 

customer. 

New CEC operations, Eng. Ulaiyan 

Al Wetaid, VIVA Bahrain CEO said, “The 

increasing use of digital technology 

has created a surge in consumer 

demand and sophistication, requiring 

continual upgrades of the network 

systems to deliver a superior customer 

experience. With the evolving 

applications and service demands, we 

are investing heavily in boosting the 

efficiency of our network operations. 

The aim is to better synergise our 

technology backbone with our 

customer-focused center for effective 

monitoring, centralised quality control 

and performance management of our 

services, to consistently deliver highquality 

service to customers.” 

Bin Faqeeh and Al 

Taitoon signs an Agreement 

to Construct Layan 

Bahrain's leading developer, Bin 

Faqeeh Real Estate Investment 

Company signed an agreement with Al 

Taitoon Contracting WLL to construct 

Layan, the world's first luxury residential 

project. 

The Agreement was signed by Mr. 

Faisal Faqeeh, Chairman of Bin Faqeeh 

Real Estate Investment Company and 

Mr. N. Raja Durai, Director of Al Taitoon 

Contracting WLL. 

Layan is a 30 million Bahraini Dinars 

residential project with an unparalleled 

water park, designed by the world’s 

renowned water park facility specialist. 

A holistic and therapeutic approach to 

entertainment and relaxation, Layan 

promises the perfect balance of family 

enjoyment and personal fulfillment. 

Al Taitoon Contracting is one of the 

leading business partners of Bin Faqeeh 

Real Estate Investment Company. They 

have partnered previously to construct 

several real estate projects including Dar 

Al Salam, The Breaker, The One, Plus, 

Dar Tower, Business Bay, The Grand, The 

Homes, Dragon City Apartments and 360. 

Bin Faqeeh, a Bahrain-based, 

privately owned real estate investor 

and developer, has delivered more than 

$1.2 billion worth of projects since its 

inception in 2008. 

Nestled amid the serenity of one of 

the most desirable locations in Bahrain at 

Durrat Marina, Layan defines luxury. The 

wonder of a residential waterpark and the 

first of its kind in the world, Layan offers 

the ideal family retreat and the perfect 

weekend escape. 

Layan offers a variety of residential 

options including studios, 1 bedroom 

apartments and duplexes, 2 bedroom 

apartments, 3 bedroom apartments as 

well as penthouses and apartments with 

private water slides. A haven of over 

60,000 square meters provides the perfect 

opportunity to reconnect with nature and 

to enjoy a relaxing stroll amidst the lush 

greenery and exquisite grounds. 


89


Deerat Al Oyoun 

Mock-up Villas opens for 

Public viewing 

Work on the Mock-up Villas of 

Diyar Al Muharraq within Deerat 

Al Oyoun have been completed and are 

now officially open for viewing to both 

prospective customers and the general 

public. 

With the Second Phase of Deerat Al 

Oyoun envisioned to accommodate 142 

Villas of 3 differing types; 14 Modern 

Tropical Villas, 36 French Chateau 

Villas and 92 Classical Art Deco Villas, 

on plot sizes of 185 sqm each, the Show 

Villas were designed from the outset to 

exhibit some of the different designs 

incorporated within these models. And 

in line with that exhibitory purpose, 

the two Affordable Housing Mock-up 

Villas were specifically built to embody 

the specifications of the Modern 

Tropical Villas. 

The Deerat Al Oyoun project 

comprises over 3,100 fully-facilitated 

houses which include provisions 

for both Social and Mazaya housing, 

emphasising the special attention 

that the government gives to those 

private sector initiatives that provide 

sustainable long-term housing 

solutions. 

The site dedicated to the Deerat Al 

Oyoun residential units is located in 

the South side of Diyar Al Muharraq on 

a total land area of 1.2 million square 

meters, with 2 Phases launched so far. 

The Project’s site is considered an 

ideal residential area with integrated 

community service centers and green 

park spaces, and enjoys a strategic 

position due to its proximity to schools, 

shopping malls, public beaches, 

walkways, cycle paths, recreational 

facilities, mosques, medical clinics, 

public transport and the Bahrain 

International Airport. The overall 

design of the Project has been inspired 

by the typical Bahraini neighbourhood 

and aims to establish a close-knit 

community whilst maintaining the 

expected level of privacy. 

The cornerstones have been set 

mid-2016 and construction work is 

taking place, with an aim of delivering 

the first phase of the Project in the 

First Quarter of 2018, while the second 

phase is also in progress. 

Stunning views at 

Marassi Boulevard 

Eagle Hills Diyar, developer of 

Marassi Al Bahrain, marked 

further progress at the master 

development with the groundbreaking 

of its newest residential component; 

Marassi Boulevard. The construction 

contract has been awarded to Kooheji 

Contractors, which brings 40 years 

of construction, civil engineering 

and design experience to Marassi Al 

Bahrain. The groundbreaking was 

conducted onsite by Dr. Maher Al 

Shaer, Managing Director of Eagle Hills 

Diyar, and Mr. Abdul GhaffarAlkooheji, 

Kooheji Contractors. 

Marassi Boulevard is a fourbuilding 

apartment complex which will 

offer stunning views of the landscaped 

Marassi Al Bahrain community. Lined 

with 700sqm of retail space, the 

Boulevard faces Marassi Galleria, and 

is located within walking distance of 

the development’s bustling seafront 

promenade. The property represents 

a residential mixed-use development 

which will be home to more than 240 

studio, one, two and three-bedroom 

apartments, comprising a total area of 

38,500sqm. 

A short walk from Marassi Al 

Bahrain’s main 2 km beachfront 

promenade, Marassi Boulevard sits 

in close proximity to the island’s 

new-to-market hotels, The Address 

Marassi Al Bahrain and Vida Marassi 

Al Bahrain, and the landmark shopping 

and entertainment destination Marassi 

Galleria, offering convenient access to 

extensive retail, restaurants and café 

options. 

Conveniently located along Marassi 

Al Bahrain’s east coast and in the 

southwestern corner of the Diyar Al 

Muharraq mega-development, Marassi 

Al Bahrain provides easy access to 

the rest of the island via the main 

boulevard and is a 10-minute drive 

from the airport. Upon completion, 

Marassi Al Bahrain will be home to 

22,000 residents with a total of 6,000 

residences and a total retail space of 

250,000sqm. 



91


Zallaq Springs 

development in Bahrain 

Bahrain’s oasis at the centre of the 

Southern Governorate, Zallaq Springs, 

a project developed by Al Zallaq Real 

Estate Company, was announced. 

Zallaq Springs is an original homegrown 

Bahraini concept located in the 

heart of Zallaq, within the Southern 

Governorate. It is the first development 

of its kind in the Kingdom of Bahrain 

and promises to be a relaxing, and an 

entertaining destination for families, 

young adults, students, and athletes to 

enjoy a selective variety of restaurants, 

cafes, and global prominent brands. The 

project is spread across an area of 25,338 

sqm, with a spacious car park. 

Zallaq Springs is a unique destination 

that has been inspired by ideas of 

international atmospheric spaces 

including the Japanese Zen gardens, it 

will be developed to be the first of its kind 

botanical garden in the kingdom. It will 

include water springs, 10 restaurants and 

coffee shops surrounded by manmade 

ponds that cover 3399 sqm. It is to provide 

an avant-garde central point for everyone 

to meet, relax, eat, socialise with an 

environment that houses an astounding 

3,342 aquatic plants, 3699 shrubs, and 110 

trees of a diverse variety. This is further 

accentuated with the presence of birds 

such as flamingos, ducks, and swans. 

2018 KIA Stinger now in 

Bahrain 

Bin Hindi Motors, the sole distributor of 

KIA Motors in Bahrain has unveiled 

the ultra-stylish whole new breed of KIA 

model - The Stinger - the most anticipated 

car launch of the year in Bahrain. 

The all-new 2018 Kia Stinger is a fivepassenger 

fastback sports sedan poised 

to redefine a segment currently populated 

by European automakers, the Stinger 

The birds are locally bred, nurtured, and 

preserved by AlAreen Wildlife Park and 

Reserve, a reserve which seeks to protect 

and nurture the kingdom’s animals 

and birds. This is a vision that Zallaq 

Springs shares with Al Areen as it seeks 

to celebrate the indigenous wildlife 

habitats of Bahrain, and support its 

preservation while promoting awareness 

of its existence, a shared vision which 

resulted into a collaboration between both 

establishments. 

Zallaq Springs is an open meeting 

point that lies adjacent to a breathtaking 

residential community ‘The Gardens 

at Zallaq’. The Residential Compound 

comprises 28 aesthetically designed 

state of the art villas equipped with a 

swimming pool and jacuzzi, 18 carefully 

crafted townhouses and a total of around 

300 residents. The compound also houses 

a clubhouse with many communitysporting 

facilities. This guarantees 

an inordinate adjoining community 

enthusiastically awaiting the inauguration 

of Zallaq Springs and its plethora of 

activities. 

promises to be the highest-performance 

production vehicle in the company’s 

history and is backed by Kia Motors’ 

industry-leading quality and reliability. 

Performance credentials are further 

enhanced through the available 3.3-liter 

twin-turbo V6 Lambda II engine, which is 

anticipated to produce 365 horsepower. 

0 to 100 Km in 4.9 seconds, 8 speed 

Steptronic Gearbox with Paddle Shifters, 

18’ Brembo Dual Caliper Disc brakes, Drive 

assist system, Head up display,15 speakers 

Harman Kardon premium sound system, 

Remote start up from far, Drive mode 

Select, Autonomous Braking System Etc, 

Offering luxurious amenities and 

unexpected features have become part 

of Kia’s DNA and the Stinger continues 

that tradition. Multiple Advanced Driver 

Assistance Systems (ADAS) seamlessly 

work together to enhance the driving 

experience… 

Get Your Dream Car Now, 

Pay in 2020 

Euro Motors, the exclusive dealer and 

distributor for Jaguar Land Rover in 

Bahrain, launched its ‘Get Your Dream Car 

Now, Pay in 2020’ campaign that extends 

to the entire range of 2017 new Jaguar and 

Land Rover vehicles, including all Range 

Rover models and APPROVED vehicles. 

Under the features of the promotion, 

those who wish to purchase any model 

from the complete range of 2017 Jaguar 

and Land Rover vehicles, as well as from 

its APPROVED line-up under the Jaguar 

Land Rover certified pre-owned vehicles 

program, can do so by availing the 

generous option of making a 50% initial 

down payment and then deferring the 

remaining amount till the year 2020. 

Customers can now also choose 

from numerous financing alternatives 

offered including, and not limited to, 

making a 20% down payment initially 

and paying the remaining amount in 

installments at an interest rate of 0% 

over 5 years, according to the model of 

Jaguar or Land Rover that they would 

like to buy. Furthermore, selected Jaguar 

and Land Rover models will also be 

offered at Bahrain specific Manufacturer 

Suggested Retail Pricing (MSRP), 

ensuring full pricing transparency, 

which will then be verified and validated 

by Euro Motors Jaguar Land Rover. 

As a testament to its commitment 

to Jaguar loyalists, the prestigious 

dealership further offers them a discount 

of up to BHD 5,000 on all APPROVED 

Jaguar vehicles. 

Along with the unparalleled 

incentives, discounts and financing 

options available, the campaign also 

extends to providing prospective 

owners with a variety of supplementary 

offerings such as complimentary 

registration, insurance and window 

tinting on specific models. 

Each and every APPROVED vehicle 

available at the showroom goes through 

vigorous inspection and testing before 

being put on display. 



93


Bahrain’s CTM360 in the 

Top 100 Arab Start-ups list at 

Forbes 

CTM360®, a growth-stage cybersecurity 

start-up from Bahrain, received 

the Innovators Award at the marquee 

Forbes Middle East Innovators Awards. 

In a reflection of the company’s success, 

CTM360 was also included in the Forbes 

‘Top 100 Startups from the Arab World’ 

list - one of only three companies from 

Bahrain to be featured. 

CTM360 has shown continuous agility 

and innovation in developing and refining 

its portfolio of cybersecurity services. 

Through a cloud-based platform, CTM360 

accounts for all variations of threats that 

originate in cyberspace without requiring 

any installations, access to infrastructure 

or prior information from organisations. 

“Our success hinges on providing true 

value to every member without gimmicks. 

The CTM360 service was developed with 

three core foundations in mind: agility, 

innovation and determination; this 

makes our team highly adaptable to our 

members. Without requiring any insight 

into their infrastructure or architecture, 

Team CTM360 can be deployed as an 

external SOC on the internet. We are 

a very results-oriented setup and our 

achievements in hunting and neutralising 

threats on the internet have given CTM360 

widespread recognition. Ecstatic with this 

Forbes achievement,” stated Mirza Asrar 

Baig, Founder & CEO of CTM360. 

As an ongoing subscription-based 

service, CTM360 enables companies 

to perform Cyber Threat Management 

outside the perimeter of the organisation. 

This decentralised approach means the 

company can tackle cyber threats on 

a global scale, in any industry and any 

geography. 

This quarter has been a remarkable 

one for CTM360, with the company 

recipient of recognition not only from 

Forbes, but also being winners of Red 

Herring Asia (Manila) and Best Managed 

Detection & Response Provider at the 

Security Advisor awards. 

Samsung’s Solution for 

Switching Devices 

Samsung’s Smart Switch app is 

designed to make switching between 

phones as seamless and secure as 

possible. Not only does it simplify the 

process of transferring content, it also 

eliminates one of the most common 

fears among smartphone upgraders: 

losing precious memories or data en 

route to the new device. 

Smart Switch provides the peace of 

mind that so often stands between you 

and a new smartphone. It ensures that 

your new Galaxy device will be up and 

running, with all the same content, in 

no time. 

Not only does Smart Switch provide 

the security you need to upgrade 

Alshaya Opens 8 Brands 

at The Avenues - Bahrain 

Alshaya Trading Co. has opened 

an exciting choice of 38 leading 

international brands at The Avenues 

- Bahrain. The opening included eight 

new brands making their debut in the 

kingdom that will be followed by another 

seven new brands set to open in the 

coming weeks and months. 

The mall’s opening day featured new 

brands such as cosmetics powerhouses 

NYX and Clinique; home furnishing 

comfortably, it’s also remarkably easy 

to use. To transfer content between 

devices, you can use one of three simple 

methods: transfer content wirelessly 

via the Smart Switch Mobile app, 

tether your old and new devices via 

USB, or utilise Smart Switch’s intuitive 

computer software to backup content on 

a personal computer, then restore it to 

your new device seamlessly. 

brand West Elm; fashion store Phase 

Eight; jewelry and accessories specialist 

Icing; organic Bulgarian restaurant Le 

Pain Quotidien; American chocolatier 

Bridgewater Chocolate and long-awaited 

debut of The Cheesecake Factory. 

Alshaya’s senior Vice President for 

Property Development, John Hadden 

said, “We are delighted to have such a 

strong presence at The Avenues, which is 

going to be a major leisure and shopping 

destination for shoppers across the 

region. We look forward to offering our 

customers in Bahrain the widest range of 

shopping and dining experiences.” 

Our phones have evolved to 

become much more than arbitrary 

communication devices; we make them 

our own, as unique as we are ourselves. 

So in upgrading to a new device, we 

want it to have all of the information 

that we’re already accustomed to, but 

with the perks of improved hardware, 

technology, and services. 

A new smartphone should be an 

exciting and enriching experience, 

but it’s often tainted by the hassle and 

worry of transferring content. For some, 

the fear of losing valuable data and 

memories is enough to avoid upgrading 

altogether - but with Smart Switch, 

Samsung alleviates this fear and ensures 

all your cherished digital memories 

carry over to your new phone, so you can 

focus on making new ones. 

Every time they shop, enrolled 

customers can also benefit from 

Alshaya’s loyalty program, Privileges 

Club that offers members a range of 

offers, rewards and prize draws. Alshaya 

already operates more than 100 stores 

in Bahrain, across retails sectors that 

include fashion & footwear, food, health 

& beauty, pharmacy, optics and home 

furnishings. 

The Avenues - Bahrain, strategically 

located in the heart of Manama on King 

Faisal Road, is a stunning new retail and 

entertainment destination, with a unique 

seafront location of more than 1.5 km. 



95

Biz Dashboard 

Islamic Finance Factsheet 

2016 IFDI 

Ranking 

2 

Number of 

Islamic 

Banks / 

Windows 

36 

Value of 

Sukuk 

Outstanding 

(US$ Mn) 

4,803 

Islamic Funds 

Assets Under 

Management 

(US$ Mn) 

16 

Centralized 

Shariah 

Committee 

Yes 

Islamic 

Finance 

Assets (US$ Mn) 

81,069 

Number of 

Islamic 

Financial 

Institutions 

64 

Islamic 

Banking 

Assets 

(US$ Mn) 

75,083 

Takaful / 

Retakaful 

Assets 

(US$ Mn) 

372 

Number of 

Takaful / 

Retakaful 

Operators 

9 

Other Islamic 

Financial 

Institutions 

Assets 

(US$ Mn) 

795 

Number of 

Other Islamic 

Financial 

Institutions 

19 

Number of 

Shariah Scholars 

with at Least 

1 Membership 

86 

Number of 

Exclusive and 

Regional News 

Articles 

2,092 

Disclosure 

Index Score 

(Average) 

42 

Disclosed 

CSR Funds 

Distributed 

(US$ Mn) 

19 

Number of 

Islamic 

Finance 

Related Events 

20 

Number of 

Educational 

Institutions 

Providing Islamic 

Finance 

Education 

17 

Number of 

Published 

Research 

Papers on Islamic 

Finance 

(2013 - 2015) 

32 

Market Share for PR Coverage 

Source : ICD - Thomson Reuters Islamic Finance Development Report 2016 

Banking 34% 25% 14% 12% 10% 5% 

Others CBB NBB BBK Ithmaar BISB 

Telecom 36% 30% 20% 13% 

1% 

Batelco VIVA TRA Zain Menatelecom 


Bahrain Economic Outlook 

Real GDP 

growth, % 

2016 : 3.2% 

2017f : 3.1% 

2018f : 2.7% 

2019f : 2.2% 

Inflation (CPI %) 

2016 : 2.8% 


2018f : 3.0% 

2019f : 3.5% 

Non-hydrocarbons 

sector 

2016 : 4.0% 


2018f : 3.3% 

2019f : 2.7% 

Current account 

(% of GDP) 

2016 : -4.6% 

2017f : -3.8% 

2018f : -3.5% 

2019f : -3.2% 

Hydrocarbons 

sector 

2016 : 0.1% 


2018f : 0.0% 

2019f : 0.0% 

Fiscal balance 

(% of GDP) 

2016 : -13.6% 

2017f : -11.0% 

2018f : -9.8% 

2019f : -6.4% 

Crude Oil Arabian 

Medium (USD) 

2016 : 43 

2017f : 52 

2018f : 55 

2019f : 55 

Nominal GDP 

growth, % 

2016 : 3.4% 


2018f : 6.4% 

2019f : 5.6% 

Source: Bahrain Economic Development Board 

Real Estate 34% 23% 16% 15% 8% 4% 

Others Bin Faqeeh Diyar Al Muharraq Marassi Al Bahrain 

Manara Naseej 

Other Business 30% 25% 20% 13% 8% 

4% 

ALBA GPIC Bapco Euro Motors E.K. Kanoo YK Almoayyed 

bizbahrain.com - Web Portal Overview as on October 2017 Total Articles (12,439) Total Views (2,330,240) Total Visitors (327,063) 


97

Tweets 

13.1K 

Total Tweets 

228.8K 

Tweet Impressions 

3,260 

Profile Visits 

4,729 

Followers Stats as on November 2017 



99

BizBahrain Magazine Nov-Dec 2017

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