Gulf Air Cancels 10 Airbus A220 Order
FlightGlobal website said that the Gulf Air appears to have cancelled the 10 Airbus A220-100 it ordered nearly a decade ago. Gulf Air had signed for the aircraft in mid-2011.
Supporting Countries to Postpone Scheduled Aid Payment to Bahrain due to Coronavirus
Cross-cutting sources said that the Gulf countries supporting Bahrain recently announced the postponement of a payment scheduled last September under the financial balance program.
Projects Worth $782 Million in 2 Years among "Gulf Marshal" Aid
Minister of Finance Salman bin Khalifa Al Khalifa said that the government will implement projects worth $782.4 million within the two coming years, among the last batch of Gulf development program "Gulf Marshal" that was approved for the island kingdom in 2011. The projects will include vital sectors.
Bahrain's Public Debt will Hit 131% Next Year
Bahrain's public debt will reach 131% of GDP next year, according to new figures published by "The Economist".
Gov't Extends Wage Support of Workers in Affected Sectors until End of 2020
The Bahraini Cabinet announced on Monday extending the 50% wage support of citizens working in the sectors affected with Coronavirus until the end of this year.
Oil Price: Gulf Economies in Dire Straits due to their Overreliance on Oil
Gulf nations have been putting on a brave face and touting the strength of their economies, claiming they can withstand any scale of shocks during the oil crisis. Unfortunately, a growing body of evidence suggests pretty much the opposite: the Gulf economies are in dire straits thanks to their overreliance on oil.
Central Bank of Bahrain Expects Public Debt to Reach 110% of GDP
A recent report from the Central Bank of Bahrain predicted that government debt will represent 110% of GDP by the end of this year, with a decline to about 105% in 2021.
Bahrain's Economy Shrank by 8.9% in Second-Quarter amid Coronavirus Restrictions
Bahrain's economy contracted by 8.9% year on year in the second quarter, government data showed on Sunday, as the small Gulf state suffered from restriction measures to contain the new coronavirus.
Real Estate Regulatory Authority Temporarily Suspends Golden Gate Project License
Bahrain's Real Estate Regulatory Authority (RERA) has issued an edict suspending the license given to GG Developers SPC, the developer of Golden Gate project, due to the violations it committed.
Fitch Downgrades National Bank of Bahrain, Bank of Bahrain and Kuwait
Fitch Ratings has downgraded National Bank of Bahrain and Kuwait B.S.C.'s (BBK) Long-Term Issuer Default Rating (IDR) to 'B+' from 'BB-'. The Outlook is Stable.
McLaren Considers Sale of Global Headquarters to Raise Cash
Luxury sports-car maker McLaren Automotive is considering a sale of its global headquarters as part of a refinancing strategy the company announced earlier this year.
Bahrain Sells $2 billion in Sukuk and Bonds
Bahrain sold $2 billion in a dual-tranche bond deal comprising seven-year sukuk and 12-year conventional bonds on Wednesday, its second international debt sale this year, a document showed.
Bahrain Plans Return to Debt Market With Mix of Bonds, Sukuk
Bahrain is planning to return to the dollar bond market, according to people familiar with the matter, as the country faces one of the world's biggest budget deficits this year, Bloomberg website stated.
McLaren Issues £150 Million Shares in return of NBB Loan
McLaren's half-year financial statements showed that 653,651 shares were issued at £229.48 per share, with a total value of £150 million, in return of a loan from the National Bank of Bahrain. McLaren recorded the value of the loan in the company's equity clause.
GFH: Raising the Ownership Stake in the Global Bank to 50.4%
Bahrain-based financial group GFH said in a statement that it had raised its stake in Global Bank to 50.4 percent from 28.6 percent after Bahrain's central bank agreed to increase its stake to as much as 60 percent.
Bahrain Raises Debt Ceiling to 15 Billion Dinars to Finance Public Spending
Bahrain's government has raised its debt ceiling to 15 billion dinars ($39.79 billion) from 13 billion dinars to help finance public spending, the cabinet said Monday, as low oil prices and the coronavirus crisis have dented state revenues.
Bahrain Credit Rating Equal to that of Egypt, Bolivia and Jamaica...Public Debt Increases to 130%
Fitch cut Bahrain's sovereign rating one step to B+, leaving it four levels below investment grade and on par with Egypt, Bolivia and Jamaica. The outlook is stable.
Moody's Forecasts Gulf Sovereign Sukuk Issues to Hit $34bln in 2020
Sukuk issuance by Gulf sovereign borrowers is expected to rise to around $34 billion this year, from $25 billion in 2019, as funding needs rise as a result of lower oil prices and the coronavirus crisis, Moody's said.
Bahrain Gov't Revenue down 29% in First Half of 2020
Bahrain's government revenue fell 29% in the first half of 2020 on the back of low oil prices and the coronavirus pandemic, the country's state news agency said on Monday.
Bahrain Exports Fell to $1.4 Billion in Q2
The Kingdom's trade deficit fell to BD485 million ($1.29) during the second quarter 2020 compared to BD492 million ($1.31) for the same quarter of the previous year, recording a 1.4% decrease on an annual basis, the Information & eGovernment Authority (iGA) stated.