Tamkeen injects an additional sum of BD 50 million into its portfolio

Manama: May 2 –(BNA)– Tamkeen’s CEO, Mr. Mahmoud Hashim Al-Kooheji, stated that Tamkeen was able to inject an additional sum of BD 50 million into its portfolio, thus the total amount of portfolio fund reaches BD 199.5 million t pointing out that more than BD 14.3 million was defrayed as establishments’ support last year (2012) in favor of more than 2500 fiscally-stumbling establishments.

Tamkeen’s CEO told Al-Bilad daily newspaper today that Tamkeen was able to provide support to more than 610 private sector establishments in the Kingdom of Bahrain through various support programs. More than 1000 establishments were able to participate in local and international events through (Tarweej) program and more than 1000 newly-incorporated establishments were supported through the “easy-terms” financing programs.

He added that more than 4700 Bahraini individuals benefited from Tamkeen’s human resources’ development programs last year (2012), including the vocational training certification programs in various sectors. 24 new projects were launched and more than 15000 beneficiaries were training and vocationally development, thus the total number of beneficiaries reaches more than 56,000 beneficiaries that is with an increase of 32% and satisfaction of employment requirements by supplying the need of employers with more than 1000 Bahraini employees within one year. And regarding collection of LMRA labor charges, Tamkeen hopes that the collection of LMRA monthly labor charges will be resumed in order to enable Tamkeen to serve the largest number of Bahraini individuals and establishments through various programs. LMRA labor charges collected last year (2012) dropped by 34% compared with (BD 29 million) in 2011.

Mr. Al-Kooheji concluded by saying that Tamkeen increased its support to Bahraini citizens and establishments in the Kingdom of Bahrain last year alone by 87% attaining BD 46 million and the total number of beneficiaries reached more than 75,000 beneficiaries. (IY)


BNA 0817 GMT 2013/05/02

Arabtec Reports 20 % Rise in first-quarter 2013 Revenue

Dubai-May2(BNA) Arabtec, a leading MENA construction company specialising in complex projects, reported a 20 percent rise in first quarter 2013 revenue to AED 1.55 billion, largely driven by strong performance in Saudi Arabia and Qatar operations.
The company, which built the world’s tallest building, the Burj Khalifa, experienced a strong quarter for new contract awards, with its backlog rising AED 735.8 million (net) over the period to AED 20.4 billion as of 31 March 2013. Arabtec has signed a series of major contracts since the beginning of the year, including the Louvre Abu Dhabi and the Fairmont Hotel in Abu Dhabi and has made good progress on executing existing projects.

EBITDA was AED 131.2 million, representing an 8 percent margin compared to 12 percent a year earlier, as a result of executing on projects with lower margins awarded during the industry downcycle. This was offset by reduced SG&A expenses and increased other income of AED 40.2 million, primarily from the reversal of provisions, which enhanced overall performance.

Arabtec’s net profit of AED 99.7 million for the first quarter 2013 was consistent with the corresponding period of the previous year. This represented a 6 percent margin for first quarter 2013 compared to 3 percent for the full-year 2012.

Regional drivers of revenue
The company’s strategy of diversifying across the countries of the Gulf Cooperation Council is starting to yield results.
Arabtec’s Saudi Arabia operations continued to drive the company’s revenue growth in the first quarter, accounting for over a quarter of total first-quarter revenue. The company is building a large-scale residential project, with 5,000 villas, in Al Hasa in the Eastern Province, and expects further major awards given the strong infrastructure investment and demand for specialised construction services in the country.

Projects in Qatar are also growing in importance, accounting for over 10 percent of revenue in the first quarter. Arabtec is currently working on the Twin Towers project in Doha (contract value AED 696 million), and expects to see revenues from Phase 2 of Msheireb Downtown Doha project (contract value AED 2.3 billion) pick up over coming quarters.

The UAE continues to be a major market for Arabtec, accounting for over half of total revenue in the first quarter of 2013. Major projects include Terminal 2 expansion at Dubai International Airport (contract value AED 561 million), Nation Towers in Abu Dhabi (contract value AED 800 million), Infinity Tower in Dubai (contract value AED 610 million), Baniyas Residential Development (contract value AED 423 million) and the Midfield Terminal development at Abu Dhabi International Airport (contract value AED 3.6 billion). The construction of the Louvre Abu Dhabi (AED 800 million) and the Fairmont Hotel in Abu Dhabi (AED 1 billion) has already started, and will be in full swing over the coming quarters.

Stable margins
Arabtec’s gross margin in the first quarter of 2013 was a robust 12 percent, compared to 10 percent for full-year 2012. The construction industry in the Middle East is returning to growth and shaking off the residual effects of the downturn during previous three years as contracts were awarded with lower margins.

Improved efficiency

Arabtec has embarked on a programme to reduce SG&A expenses by creating a shared services centre for its subsidiaries, integrating various units, implementing a group-wide ERP system as well as cost saving measures. The business is realising the effects of these measures with SG&A expenses decreasing by AED 1 million – or 2 percent of total revenue – in the first quarter compared to the previous year.

With a realignment of the business underway to improve efficiency, Arabtec identified certain accruals no longer required across its subsidiaries, which were reversed during the first quarter.


BNA 1650 GMT 2013/05/02

EDB Re-launches Bahrain.com

Manama, April 28. (BNA) — The Economic Development Board (EDB), the authority responsible for attracting foreign investment to the Kingdom and marketing Bahrain regionally and internationally, announced today the re-launch of the website Bahrian.com with new content designed to inform investors on the local economic environment, lifestyle and tourism initiatives undertaken by the government, in addition to real life success stories of Bahraini business men and women.

The new design of the website includes interactive features consistent with the digital strategies of Bahrain, allowing investors and the public in Bahrain to learn more about the economic updates and relevant laws and regulations, as well as encouraging entrepreneurship and creativity and exchanging expertise and knowledge. Visitors from outside Bahrain will have access to updates about the economic environment in Bahrain and the facilities being provided for investors and companies in the Kingdom, plus the investment opportunities available in all trade and industrial sectors.

His Excellency Kamal Bin Ahmed, Minister of Transportation and the Acting Chief Executive of the Economic Development Board praised the efforts of the site’s developers and expressed optimism that the new content for the website will “reflect a clearer picture of the economic environment in the Kingdom and add to the many benefits offered by the government to encourage foreign investors to establish their businesses in Bahrain and consider the Kingdom as a base for their operations in the region.”

Mrs. Rima Al-Kilani, Director of Global Marketing at the EDB who has overseen the team developing the new site, stated, “we worked on providing an integrated platform for investors to enable them to easily access the Bahraini market and see for themselves the extent of progress achieved in various fields. We created dedicated sections to provide an easier navigation and allow investors to readily find the information they need. This includes information about key investment sectors, the procedures for establishing companies in the Kingdom, and relevant laws and regulations. There are also pages on cultural, tourist, social activities and events held year-round. There is also a section for success featuring stories by Bahraini, Arab and foreign investors who have achieved success either locally or launched local careers that have reached the global market. A comprehensive media centre comprising images, videos, press releases and the latest economic publications by the EDB is also available on the new website.

“The Economic Development Board is currently working on getting the ideal exposure for the Bahrain.com site in search engines and pop-ups to reach a larger number of investors around the world,” Al-Kilani added.

Bahrain.com is available in English and seven foreign language sites in French, Spanish, German, Simplified Chinese, Japanese, Korean and Turkish. In addition to Bahrain.com the EDB is responsible for its corporate website www.bahrainedb.com, which will be re-launched with essentially new content and design at the beginning of May this year.

The Global Marketing team at the EDB has been working collaboratively with a Dubai-based agency, LBi, to develop the new Bahrain.com and BahrainEDB websites. LBi is a leading digital agency with over 6,500 employees in over 17 countries worldwide.

Roy Badawi, Managing Director, LBi MENA said, “We’re very excited by the partnership we’ve formed with the Economic Development Board, a fantastic example of a government agency in the Middle East that is open to exploring the latest digital innovations to engage with the local Bahraini market as well as their international audiences through digital channels. The new Bahrain.com and BahrainEDB.com websites are a great opportunity for us to showcase LBi’s user-centred design approach to building websites.”


BNA 1412 GMT 2013/04/28

DUBAL Leverages Careers UAE again for Nationalization Ambitions

Dubai, April 28. (BNA) Reflecting the continuing corporate commitment to increase Emiratization levels in the organisation, Dubai Aluminium (“DUBAL”) will again participate in the 13th annual Careers Show Exhibition (“Careers UAE”), which takes place at the Dubai International Convention and Exhibition Centre from 30 April to 2 May 2013. The event which provides a platform for UAE Nationals with qualifications in diverse fields of expertise to meet directly with recruiters and hiring managers; as well as to seek out various training and career opportunities also presents a valuable opportunity to raise the corporate profile of DUBAL and attract the interest of high calibre candidates for recruitment.

Reinforcing the company’s acknowledged status as the UAE’s industrial flagship and a preferred employer in the region, DUBAL will have a large exhibition stand, where aspirant young UAE Nationals can obtain detailed information about the company and the career opportunities offered. As in previous years, there will be computers on the stand, allowing job-seekers to register their interest in DUBAL and submit their respective resumés for consideration. The information will be captured directly into DUBAL’s database, from where it will be used to identify potential talent by specifying organisational requirements according to age group, background, qualifications and skills. Moreover, job-seekers can meet directly with representatives of DUBAL Human Resources department at the exhibition stand.

To be in line with the vision of H H Sheikh Hamdan Bin Rashid Al Maktoum (Deputy Ruler of Dubai, UAE Minister of Finance, and Chairman of DUBAL), Emiratization strategies and policies have been established in DUBAL, with the support of the top management, to ensure that Nationals are developed to take on challenging roles with increased responsibilities within the organization. DUBAL Human Resources department has adopted H H Sheikh Hamdan’s vision and executed various strategies and tactics to attract talented Nationals and modes to retain them. “We hope to entice young UAE Nationals to apply for employment at DUBAL, where they will benefit from the career growth opportunities offered by our ongoing industrial journey. Accordingly, the information will be captured directly into our database, which we use to identify potential talent by specifying our organizational requirements according to age group, background, qualifications and skills,” explains Sultan Al Sabri (Vice President Human Resources & Organisation Effectiveness). “In 2012, the DUBAL stand at Careers UAE attracted almost 2,000 visitors, the majority of who submitted their resumés in the hopes of obtaining employment. This enabled us to recruit 120 UAE Nationals during the course of the year. We are confident of attracting even more applications this year.”

Al Sabri adds that DUBAL is a regular and active participant at the annual Careers UAE exhibition. “The show is integral component to the activities undertaken by our National Programmes & Development department, where the primary objective is to increase the number of competent UAE Nationals in DUBAL,” he says. “This is fulfilled through targeted recruitment, training, professional development and active succession planning. In fact, DUBAL uniquely offers skills development, training and employment opportunities to UAE Nationals at all levels in the secondary and tertiary education spectrum.”

The targeted opportunities include numerous training and career development programmes for UAE Nationals, including pre-employment courses in several disciplines, a work placement programme for tertiary students, a comprehensive graduate training programme, a scholarship scheme and a development pool that aids in career growth and succession planning. “Dynamic career opportunities are offered in various areas of expertise, giving UAE Nationals whether school leavers, diploma-holders or university graduates (holders of higher diplomas, bachelors, masters and doctoral degrees) abundant personal choices across the full employment spectrum,” explains Al Sabri. “Emphasis is generally placed on engineering, business administration, marketing, information technology, human resources and accounting/finance.”


Twenty newly-established firms and four overseas branches incorporated in the Kingdom of Bahrain within the past week

Manama: April 28 — (BNA)– The Bahrain Investors’ Centre (BIC) – the core element of the Ministry of Industry & Commerce (MOIC) strategic plan and vision – has registered over the past week 20 new companies and 4 branches of overseas.

The Center stated that new company registrations with total capital funds amounting to BD 1,767 million included single-person establishments (SPCs), shareholding and joint-stock (BSC) companies licensed to carry business, for instance, in real estate, industrial and commercial services sectors, etc. ((IY))