Khaleej Times

  • Subject : Bahrain achieves highest credit rating in spite of global economic crisis
  • Date : 26-Jun-2012
  • Text :

    Suad Hamada (Bahrain Roundup) / 26 June 2012

     The International Islamic Rating Agency (IIRA) has issued a statement on Bahrain’s economic rating and has affirmed that the Kingdom has achieved its highest long-term rating with the lowest credit risk.

      The statement assigned Bahrain with a rating of “A-” on both the foreign and local currency scales and has also assigned a short-term rating of a “A-2” on both. 
On a national scale, the IIRA has assessed Bahrain’s ratings at “AAA/A-1”.  The statement went on to note “Bahrain’s economy has remained resilient during the global financial crisis in 2008 and has posted positive real GDP growth throughout this period.

     ” Barring any unexpected political or economic developments, the country is anticipated to grow at an improved pace in 2012, it said.

    Talal Abu-Ghazaleh University College of Business launched

    Dr Talal Abu-Ghazaleh, Chairman of the Talal Abu-Ghazaleh University College of Business (TAGUCB), has announced the launching of the state-of the-art college that will offer undergraduate business programmes in international accounting, management, and logistics .  The classes will start in September 2012.  The programmes accredited by the Higher Education Council in Bahrain will lead to granting the degree of Bachelor of Science in Business Administration.

    “We are looking forward to providing high quality education to the students in the Gulf region. We expect our students to benefit from our state-of-the-art programmes that will allow them to contribute to the economic development of the region” said Dr Abu-Ghazaleh.

    The curriculum was developed by a group of international advisors in line with the highest international standards.

    Tamkeen and BDB enterprise finance scheme serves over 1,000 start-ups

    Tamkeen and Bahrain Development Bank’s Enterprise Finance Scheme recently reached a significant milestone, having served more than 1000 “start-up” enterprises since its inception, with total portfolio amounting to BD 17.8 million.

    The beneficiary enterprises represent a broad cross-section of sectors and industries within Bahrain, with the majority coming from the trading, services, restaurants and coffee shops, foods and packaging, and education.

    About a third of the beneficiaries were businesswomen.

    GOP to improve seafarers’ welfare

    The General Organisation of Sea Ports (GOP) has  reinforced its commitment to seafarers’ and the maritime community by recognising their unique contribution to the Kingdom’s maritime industry.

    As an advocate to upholding the rights and privileges of seafarers, the GOP has undertaken several initiatives over the past years to promote the welfare of the seafarers and to make shipping a better and safer industry.   

    The International Maritime Organisation (IMO) has officially announced  June 25 as the international ‘Day of the Seafarer’ and this year’s theme focuses on paying tribute to the enormous contribution of more than 1.5 million seafarer the world via social media.

    Hassan Ali Al Majed, the Director General of GOP said: “The ‘Day of the Seafarer’ is a very important day for all of us here and we would like to recognise the indispensible services our seafarers provide, which positively impact each of our lives on a daily basis. We would like to encourage people to participate in the IMO’s initiative, which is aimed at vocalising that recognition and appreciation through social media.”

    Over the past two years, the GOP has been actively involved in communicating with stakeholders through social media as it has successfully engaged the public via the dedicated “Bahrain Maritime Festival” Facebook page and Twitter feed, @BMFBahrain.