• Home
• /
• World

Grand Muharraq Garden to 
have indoor ski slope

Private investors have announced their plans to begin work on the overhauling of the ‘Grand Muharraq Garden’, which will include an indoor ski slope in Bahrain’s first-full size ice arena. 
 Work on the BD24 million ($63.6m) state-of-the-art development project will begin in January 2013 and is projected to complete in the next three years.

The Municipalities and Urban Planning Affairs Ministry have signed a 30-year agreement with Bahraini investor Fouad Shuwaitar to revamp the area to cater to the needs of the community, commercially and socially.

“Around 60 per cent of the total garden area of the development will be green and open to the public.

The remaining 40 per cent will see a number of vertical buildings that will be offered for businesses, said Mohamad El Tawil, the designer of the project. It will include a large park, restaurants, a fitness club, an elderly centre, and family resting areas. The rest will be offered to entrepreneurs to build on Bahrain’s growing economy.

In addition, due to the developments close proximity to the airport, it will also feature a commercial complex which will be leased to airlines, car rental companies and cargo providers, including a business centre, banks and insurance offices..

Alba boosts efficiency with major upgrading of calcining plant

Aluminium Bahrain (Alba)’s position as one of the world’s leading aluminium smelters was bolstered with the recent replacement and upgrade of the indirect coke cooler at the Alba Petroleum Coke Calciner.

A ceremony was held at the Alba Petroleum Coke Calciner last month to mark this accomplishment which is expected to generate greater efficiency and increased productivity, as well as enable the company to meet its operational plans.

The indirect coke cooler had exceeded its design service life by three years, and hence a replacement was necessary. The new equipment was shipped from Germany in a single piece, installed and commissioned in 30 days against the original plan of 45 days.

Banks propose three-way merger to shareholders

Kuwait Finance House (KFH-Bahrain), the transaction adviser to Capivest, Elaf Bank and Capital Management House, has announced that the three Islamic banks based in Bahrain will be voting on the merger at shareholder meetings to be held by the end of the month.

If approved, the newly created entity will have a shareholders’ equity of almost $350 million and assets in excess of $400 million, which would give them a scale that would make them more competitive in the market.

The transaction is the first three-way merger to take place here. In addition to shareholder approval, the merger is subject to regulatory and other approvals and is expected to be completed within the second half of 2012.

Commenting on the merger, Abdulhakeem Alkhayyat, Managing Director and CEO of KFH-Bahrain said: “We are very pleased that the Steering Committee has reached in principle agreement on the rationale and benefits of the merger.

Representatives of the three banks and support teams worked diligently and seriously to conclude a deal to benefit all parties.”

Snowshow enthrals public

Children and adults alike enjoyed world renowned clown Slava Polunin and his company of clowns performing their fantastic ‘Slava’s SNOWSHOW’ over the weekend.

Organised as part of the Bahrain Summer Festival activities, Slava’s SNOWSHOW is a visual masterpiece combining traditional and contemporary theatrical clowning arts within a beautifully crafted stunning spectacle that held the audience spell-bound in a joyous world of entertainment.

The show, held in Bahrain for the first time, proved very popular, attracting huge crowds of local and regional audiences.