What will MSCI’s emerging market status mean for Saudi Arabia

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Anaylsis: What will MSCI’s emerging market status mean for Saudi Arabia
The kingdom’s inclusion on MCSI’s Emerging Market index will provide billions of dollars in passive inflows just as the country is seeking to modernise its economy.

In a highly Significant but not unexpected move, global index compiler MSCI reclassified Saudi Arabia as an emerging market last week, a milestone that experts believe will lead to significant inflows of foreign capital and provide a boost to the kingdom’s economy.

With 32 stocks, Saudi Arabia will now become the third largest MSCI country from the EMEA region, behind only South Africa and Russia.

MSCI’s move is the latest in a string of announcements that promise to facilitate inflows of foreign money into the Saudi economy.

In March, rival provider FTSE announced that it would upgrade Saudi Arabia to emerging market status, while S&P Dow Jones said in May that it was holding consultations with investors in a bid to determine whether it would do so as well.

Saudi Arabia ready
The decision comes at an important time for the kingdom as it continues to take steps to modernise its economy and make things easier for potential investors – a stark contrast from the initially restrictive environment they faced after the country opened its capital markets to foreign direct investment in mid-2015.

Bassel Khatoun, managing director of Frontier and MENA for Franklin Templeton Emerging Markets Equity, tells Arabian Business that since being added to the MSCI’s watch list in June 2017, “the Saudi Capital Markets Authority and Tadawul have continued to make substantial modifications to its equity market infrastructure and accessibility to ensure it meets the criteria for [the] upgrade”.

The inclusion, he added, was a “historic, milestone achievement for the Kingdom’s equity market”.

Many of Saudi Arabia’s stock market reforms – which were largely meant to fulfil the requirements of index compilers such as MSCI – included reducing the minimum asset threshold required from institutional investors to $500m from $5bn, aligning Tadawul’s trade settlement times with international standards and allowing fund managers to aggregate orders.

The reforms have clearly had an effect already, with the Tadawul All Share Index rising 14 percent in 2018 in anticipation of the status upgrade, with foreign inflows to stocks positive nearly every week of the year so far.

Market impact
MR Raghu, managing director of Marmore Mena Intelligence, a research house that focuses on trade and commerce in the region, says that Saudi Arabia is projected to have a weight of 2.7 percent in the index, with the possibility of as much as 4.6 percent if the proposed public offer of five percent of the shares of Saudi Aramco bears out.

“The inclusion of Saudi Arabia in the FTSE and MSCI EM indices is likely to increase the flow of foreign funds to Saudi Arabia… classification by MSCI is expected to result in around $10bn of passive inflows into the country,” he notes, adding that the figure is in addition to the $5.5bn of capital expected from the FTSE inclusion.

Additionally, Saudi Arabia’s reclassification on the MSCI index is expected to have a significant impact on the fixed-income market.

State Street Global Advisors’ managing director and sector head of emerging markets debt, Abhishek Kumar, says that last week’s announcement “will make fixed income indices sit up and take notice”.

“Fixed income index providers have not yet made any announcement about the index’s inclusion of Saudi Arabia’s domestic currency debt in the mainstream bond indices,” he says.

“The availability of bond prices has been one of the main hurdles for index inclusion. However, with the listing of domestic bonds on Tadawul, regular prices for around a quarter of government debt issued [in Saudi Arabia] have become available.”

Source:http://www.arabianbusiness.com/equities/399209-anaylsis-what-will-mscis-emerging-market-status-mean-for-saudi-arabia

How Saudi’s deal fudge helped OPEC retain market control

When Iran’s oil minister stormed out of an OPEC confab on Thursday night, the alliance of producers led by Saudi Arabia and Russia was in danger of losing control of the market.

Less than 24 hours later, they had reasserted their authority, for now. Prices that had breached $80 a barrel in the run-up to the meeting, prompting public admonishment from US President Donald Trump, traded back at $75.

Friday’s agreement was a fudge in the time-honored tradition of OPEC, committing to boost output without saying which countries would increase or by how much. It gives Saudi Arabia the flexibility to respond to disruptions at a time when US sanctions on Iran and Venezuela threaten to throw the oil market into turmoil.

“It is very clear that Saudi Arabia, worried about prices running higher going forward, is trying to put in place a near-term cap on prices,” said Yasser Elguindi of Energy Aspects Ltd., a consultant. “Having secured its floor, Riyadh would like to see a near-term ceiling of $75.”

That’s a shift from only a few months ago, when the kingdom had made clear it was comfortable with prices at $80.

“We know prices in the three digits were causing instability” in 2011-2014, Saudi Oil Minister Khalid Al-Falih said on Friday. “I can tell you that as we approach that range of prices, we feel that instability would be back.”

The deal could add about 700,000 barrels of daily supply from OPEC and non-OPEC producers, delegates said. Russia will probably raise output as much as it can while Saudi Arabia attempts to adjust its production to manage prices.

Some traders are far from confident that all those barrels will materialise. The alliance faces multiple risks: the loss of Iranian and Venezuelan exports because of US sanctions, volatile environments in Libya and Nigeria, and hurricane season in the Gulf of Mexico. At the same time, there is a shrinking amount of spare production capacity globally.

“They cannot control the upside at the moment,” tweeted the market’s most vocal bull, hedge-fund manager Pierre Andurand. “Same as in early 2008.”

Consumer Complaints
Like so much, the road to OPEC’s production increase began with a tweet from Trump, complaining that oil prices were “artificially very high” and blaming the cartel.

Trump was not alone in putting pressure on OPEC to respond to rising prices. The US president’s intervention was followed by more diplomatic calls from other top oil-consuming countries.

India’s petroleum minister rang Al-Falih last month and expressed “concern about rising prices.” A week later, it was the head of China’s National Energy Administration on the phone with the Saudi oil minister, asking Riyadh to guarantee adequate supplies.

Those interventions helped trigger a shift in the Saudi minister’s thinking, according to people familiar with the matter. On the same day that Trump tweeted in April, Al-Falih insisted that the world had the capacity to weather higher prices and he was aiming to maintain the OPEC+ deal until the end of the year, according to several OPEC ministers and delegates.

But after the consumers’ interventions, his tone shifted. “Our customers have spoken loudly and we must listen to them,” he said on Thursday.

It wasn’t just the Saudis who modified their stance in response to buyers’ concerns. “This agreement that we reached is a testimony that we care about the consuming countries, and we listen,” said United Arab Emirates Energy Minister and OPEC President Suhail Al Mazrouei.

Similar concerns were motivating Russia. Alexander Novak, its energy minister, spent Thursday morning in Moscow at a government meeting discussing the domestic energy market, where rising gasoline prices have caused concern, before flying to Vienna for negotiations with Saudi Arabia and other OPEC members. After a brief return to Russia, he jetted back to the Austrian capital on Saturday morning to give the final sign-off to the oil-production increase.

Backroom Deals
It was almost exactly a month ago in St. Petersburg, at a 1 am meeting at the Four Seasons hotel, that Al-Falih and Novak hashed out the broad outlines of a deal to increase production. After a few hours’ sleep, the Saudi minister announced to the world that a supply increase at OPEC’s June meeting was “ likely”.

There was more persuading to be done. Iranian Oil Minister Bijan Namdar Zanganeh, arriving in Vienna on Tuesday, was dismissive of the chances of a deal.

What followed was three days of day-and-night diplomacy in the luxury hotels along Vienna’s famed Ringstrasse, and in the chandeliered halls of the Hofburg palace.

While Al-Falih met his counterparts from countries such as Iraq and Venezuela in the palace, in another room nearby, Al Mazrouei was sitting down with the Iranian minister.

Seeking Consensus
Rather than making proposals of their own, the Saudis asked others what they wanted to do, according to one minister at the talks.

They slowly convinced almost everyone that the only question was not whether to increase output, but by how much. Iran remained resolutely opposed.

On Thursday evening, back at OPEC’s headquarters, Zanganeh stormed out of the pre-OPEC meeting, saying he wouldn’t support a deal.

Enter Prince Abdulaziz bin Salman, Saudi Arabia’s state minister for energy affairs. A veteran of challenging negotiations, the snappily dressed prince is skilled in the Byzantine diplomacy and backroom deals that have characterized OPEC since its founding almost six decades ago.

After about 45 minutes of talks on Friday morning, Al-Falih and Abdulaziz emerged from a meeting with Zanganeh with the outlines of a deal. And in the afternoon came a vaguely worded communique that pledged to “strive to adhere” to the production levels originally agreed to in December 2016.

“It wasn’t easy, but everyone found a way to navigate the obstacles,” said one of the ministers at the talks, who asked not to be identified because the discussions were private. “The Iranian resistance was strong and the communique is the art of finding the middle ground.”

Source:http://www.arabianbusiness.com/middle-east/399253-how-saudis-deal-fudge-helped-opec-retain-market-control

Women drivers will boost petrol demand, says Saudi oil minister

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Saudi oil minister Khalid Al-Falih said he was looking forward to his daughters being able to drive

The end of Saudi Arabia’s driving ban for women will have an impact on the economy and gasoline consumption, the energy minister said.

On Sunday the kingdom ending its status as the only country in the world to ban half the population from getting behind the wheel.

“There will be more cars on the road,” Khalid Al-Falih said in Vienna, where he was attending an OPEC meeting.

“Women will be more empowered and more mobile and I think they will participate more in the job market over time, so I think it’s going to contribute to employment of females in Saudi Arabia. A secondary effect will probably be higher gasoline demand.”

The plan to allow women to drive is one of the most dramatic move in the government’s bid to open up Saudi society and modernise the economy. Yet at the same time, the government has jailed some women who campaigned to drive for years.

Saudi Arabia adheres to an austere version of Islam and has curbs on women, barring them from driving and requiring them to have the permission of a male guardian to marry or travel abroad.

When asked if he was looking forward to his daughters being able to drive, Al-Falih said, “absolutely.”

Source:http://www.arabianbusiness.com/politics-economics/399278-women-drivers-will-boost-petrol-demand-says-saudi-oil-minister

End of driving ban to boost Saudi women’s economic role

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Saudi women are severely under-represented in the jobs market, with a staggering 31 percent unemployment rate among the female workforce

The end of a decades-old female driving ban is expected to bring an economic windfall for millions of Saudi women, making it easier for them to work and do business.

Taghreed Ghazala, who owns a chain of beauty salons, sees the move as a huge step forward for businesswomen like her in the ultra-conservative kingdom.

“I have many drivers that I pay to transport my employees around,” she told AFP.

“Now I don’t need them anymore. My business will save money, effort and time and I can invest them to grow my business faster.”

Saudi women are severely under-represented in the jobs market, with a staggering 31 percent unemployment rate among the female workforce.

They make up just under 23 percent of the national workforce of six million, according to official figures — mainly because of their restricted mobility.

A recent survey by the Chamber of Commerce of the Red Sea city of Jeddah showed that transportation was considered one of the top barriers holding Saudi women back from joining the labour market.

Experts expect that the lifting of the driving ban will not only help raise female participation and employment rates but also create new jobs.

‘More than just jobs’
“I believe the decision will do more than just provide more job opportunities for women,” said Ihsan Bu-Hulaiga, head of the Riyadh-based Joatha Business Development Consultants.

“It will also boost the female economic participation rate and cut the overall national jobless rate because most of the unemployed are women and many of them are university graduates,” Bu-Hulaiga told AFP.

Saudi Arabia’s “Vision 2030” reform programme, the brainchild of Crown Prince Mohammed bin Salman aimed at weaning the kingdom off its dependence on oil, seeks to boost women’s representation in the Saudi workforce to 30 percent by 2030.

Allowing women to drive is also expected to sharply boost both car and insurance sales but is likely to reduce the number of expatriates and increase traffic jams and demand for energy, analysts said.

Dubai-based PWC Middle East Consultancy estimates that by 2020, the number of Saudi female drivers will reach three million, in addition to Saudi Arabia’s 9.5 million male drivers.

The kingdom has a population of 32 million people, including 12 million expatriates, according to official figures.

Car sales are expected to grow by nine percent annually until 2025 as more women get behind the wheel, compared to three percent annual growth in the past four years, PWC said.

‘Transformative’
The decision will also result in less spending on male drivers hired to chauffeur women — and potentially leave foreigners employed in those positions without work.

“The decision will reduce the number of expatriate private (family) drivers which will positively impact the Saudi family budgets regarding drivers wages, housing and health insurance,” Fadhl al-Buainain, a Saudi financial and banking consultant, told AFP.

The move will also have an immediate impact on the daily lives of Saudi Arabia’s working women.

For more than 15 years, Raghda Bakhorji used to wait every morning for a driver to pick her up, and take her to the King Abdulaziz Center for World Culture in Dharan, where she works as a coordinator for an outreach program.

“Being able to drive will be a transformative experience to my routine and lifestyle in general,” says the young career woman.

“In my case, driving will also probably let me save around 3,000 riyals ($800), on a monthly basis”, she told AFP.

Buainain, the consultant, said transportation costs consumed almost a quarter of employed women’s earnings.

Saudi Arabia spends more than 25 billion riyals ($6.7 billion) on the annual salaries of around 1.38 million foreign private drivers, according to official figures.

In addition there are expenses for their entry and residence permits, housing and healthcare.

But the decision could also have some negative impacts such as traffic jams caused by an increase in the number of vehicles on the roads, said Buainain.

In February, the energy-dependent kingdom allowed women to open their own businesses without the consent of a husband or male relative, in a bid to expand a fast-growing private sector.

Source :http://www.arabianbusiness.com/culture-society/399275-end-of-driving-ban-to-boost-saudi-womens-economic-role

Saudi women driving set to boost economy more than Aramco IPO

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Allowing Saudi women to drive could add as much as $90 billion to economic output by 2030
Allowing Saudi women to drive could help the kingdom reap as much income as selling shares in Saudi Aramco.

The move, which went into effect on Sunday, could add as much as $90 billion to economic output by 2030, with the benefits extending beyond that date, according to Bloomberg Economics.

Selling as much as 5 percent stake in Saudi Arabian Oil Co. – at the most optimistic valuation – could generate about $100 billion.

Saudi Arabia ended its status as the last country on earth to prohibit women from taking to the wheel.

A handful of women drove through the still-packed streets of the capital early Sunday while others drove in convoys around Riyadh neighbourhoods in celebration of the ban’s end. The decision would enable women to work without having to incur the cost of a driver or taxis.

“Lifting the ban on driving is likely to increase the number of women seeking jobs, boosting the size of the workforce and lifting overall incomes and output,” according to Ziad Daoud, Dubai-based chief Middle East economist for Bloomberg Economics.

“But it’ll take time before these gains are realised as the economy adapts to absorbing growing number of women seeking work.”

Ending the ban is one of the most socially-consequential reforms implemented by Saudi Arabia’s Crown Prince Mohammed bin Salman. It’s also a key part of his plan to veer the economy from its reliance on oil.

“The participation of women in Saudi Arabia’s labour market is poor. With only 20% of females in Saudi Arabia economically active, the country even lags behind its neighbours in the Gulf, where participation averaged 42% in 2016,” said Daoud.

“Recognising this, the Saudi administration made raising the female participation rate one of its main targets in the National Vision 2030 program, designed to modernise Saudi society.”

Adding 1 percentage point to the Saudi participation rate every year might add about 70,000 more women a year to the labour market, according to Daoud.

The larger participation of women will lift potential economic growth by as much as 0.9 percentage points a year, “depending on the proportion that chooses to work full or part-time,” he said.

Source:http://www.arabianbusiness.com/politics-economics/399298-saudi-women-driving-set-to-boost-economy-more-than-aramco-ipo

Mubadala unit acquires 10% stake in offshore Egyptian gas field

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Mubadala Petroleum has announced that it has completed the acquisition from Italy’s Eni of a 10 percent interest in the offshore Shorouk concession in Egypt, which contains the giant Zohr gas field.

Following the completion, Eni, through its subsidiary IEOC, holds a 50 percent interest in the concession. The other partners in the concession are BP with 10 percent interest and Rosneft with 30 percent interest.

The Zohr field was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of up to 30 trillion cubic feet of gas in place.

The field is currently producing over 1.1 billion cubic feet of gas per day (bcfd), equivalent to approximately 200,000 barrels of oil equivalent per day. Production is expected to increase to 2 bcfd by end 2018 and to reach a production plateau of 2.7 bcfd by end 2019.

Dr Bakheet Al Katheeri, CEO, Mubadala Petroleum, said: “The acquisition of a 10 percent interest in the Shorouk concession with the producing Zohr gas field is a significant portfolio addition for Mubadala Petroleum and marks our entry into Egypt.

“This world-class asset will provide Mubadala Petroleum with increasing future production, and substantial reserves, all of which support our drive for long-term and profitable growth. At the same time we have joined a world-class partnership with Eni and look forward to working closely with them to deliver the resources to meet growing local energy demand.”

Eni’s CEO, Claudio Descalzi, added: “We welcome today’s announcement with Mubadala Petroleum, a strong and reliable partner with whom we look forward to working with. Working alongside significant partners such as Mubadala Petroleum, BP and Rosneft is a further boost for the development of Zohr and underlines the quality of the asset, which will play a fundamental role in supporting Egypt’s goal of achieving energy independence.”

Source:http://www.arabianbusiness.com/energy/399126-mubadala-unit-acquires-10-stake-in-offshore-egyptian-gas-field

Emirati tycoon launches $27m education fund for refugees

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Abdul Aziz Al Ghurair, Emirati businessman and philanthropist, has announced the establishment of a AED100 million ($27.2 million) education fund for refugees.

On the occasion of World Refugee Day, he said the Abdul Aziz Al Ghurair Refugee Education Fund will benefit refugee youths affected by wars and disasters residing in the UAE.

The initiative will run for three years and will support the education of a minimum of 5,000 children, a statement said.

The move comes as international funding for refugee education has not been able to keep up with the vast need in the largest host countries.

Al Ghurair said: “I established this fund during the Year of Zayed because I believe that philanthropists have a role in helping to support one of the most acute challenges of our region: lack of education opportunities for young people who need it the most. Young people whose education has been interrupted by conflict deserve a chance to rebuild their lives and have a shot at a good future.”

The Abdul Aziz Al Ghurair Refugee Education Fund will support high-impact education programs at the secondary, vocational and tertiary levels of education for refugee youth in Jordan and Lebanon.

Source:http://www.arabianbusiness.com/education/399114-emirati-tycoon-launches-27m-education-fund-for-refugees

Dubai airport unveils high-tech installation

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New state-of-the-art feature allows transit passengers to explore the city without stepping outside terminal

Dubai: Travellers making a quick stopover in Dubai International can now explore the emirate without having to step outside the airport.
A new state-of-the-art kiosk, dubbed “MyDubai Experience,” has just been set up in Terminal 3, Concourse A to allow flyers who are just passing through to virtually discover Dubai and inspire them to make a visit in the city.

Dubai International is a major hub for global travel, accommodating 90 million flyers in 2017 alone, making it the world’s busiest airport for international travellers.
Dubai, whose top three source markets are India, Saudi Arabia and the United Kingdom, is nearing its 2020 tourism target, with the number of people visiting the emirate in 2017 reaching 15.79 million, up by 6.2 per cent over a year earlier. The newly installed feature is designed to boost these tourist numbers further.

Designed to catch the attention of a transient flyer, the kiosk features LED tiles positioned to create five 360-degree rings, each showing photos, videos, social media and user-generated content that has been curated.
“The rings can either work together to produce a single large visual, or operate independently to create a collage depicting a multitude of different Dubai experiences and offerings,” a statement reads.

Just below the rings are seven 55-inch curved OLED screens and seven 22-inch touchscreens. With the touchscreens, travellers can now have an immersive virtual travel experience and access information about Dubai, including the city’s attractions, landmarks, activities, experiences, itineraries and maps.

And what’s more, the installation can create a tailor-made two-day itinerary in Dubai based on the passenger’s interests and preferred experiences, making it easier for any potential visitor to plan their stopover.
The project has been launched by Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism), in collaboration with Dubai Airports and Emirates Airline.

Source:https://gulfnews.com/news/uae/tourism/dubai-airport-unveils-high-tech-installation-1.2238472

The rise and fall of Abraaj, the region’s largest private equity firm

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Dubai: The past four months have seen a steady trickle of news that has broken in to a full flood of revelations in recent weeks, concerning Abraaj Group’s funds, and allegations of poor corporate governance.
Last Thursday, the former golden child of the regional private equity scene filed for provisional liquidation in the Cayman Islands, as it seeks to execute a $1 billion debt restructuring.

On today’s podcast, we try to decipher how Abraaj reached this point, and we talk about where things go from here.
With the company filing for liquidation, creditors and investors are scrambling to retrieve their money, including publicly traded companies such as Air Arabia.
Many are asking how, and when, these firms will get their money back, and what will be done in the future to prevent this kind of thing happening again.

Visionary of the Year: What makes Bin Faqeeh stand out in 2018?

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Considered as one of the biggest real estate markets in the Gulf intense Cooperation Council (GCC) countries, the real estate market of the Kingdom of Bahrain is also one of the region’s most competitive markets. And while there are several renowned developers working to make out the best of the island kingdom’s potential, Bin Faqeeh Foundation has been standing out as one of the most unique real estate development companies there.

Ever since its launch in 2008 less than 10 years ago, Bin Faqeeh’s brand has reserved itself as one of the best players of the real estate sector in Bahrain. This status can be attributed to multiple reasons, the most important of which being are the developer’s creativity that was demonstrated in the projects and concepts it has worked on as well as the fact that the developer mainly aimed at acquiring a share in the prosperous market of the Bahraini Freehold Areas.

Achievements of 2018:

Last year, our team at Weetas has conducted an interview with Faysal Faqeeh, the founder and CEO of Bin Faqeeh organization, around the current status quo of the real estate market of the Kingdom of Bahrain. Faqeeh has demonstrated his positive personal predications not only through his answers to our questions, but also through the activities of his foundation during the first four months of the current year.

As a result of that, Bin Faqeeh – both the foundation of the man – won multiple deserved awards. During MEED awards, Bin Faqeeh has won the Real Estate Developer of the Year award and the National Residential Project of the Year for The Treasure project. In addition to that, Faisal Faqeeh won the Visionary of the Year award during Arabian Business Real Estate awards.

Previous Projects:

Bin Faqeeh has maintained for itself a portfolio of successful projects that included Layan, the residential development located in Durrat Marina which has won itself the Best Residential Project in Bahrain in Arabian Real Estate Awards in 2016 which includes studios, duplexes, one-bedroom, two-bedroom, and three-bedroom apartments, and The Tweet, a 21-storey residential tower located in Seef District that comprises 135 one-bedroom luxurious apartments.

Bin Faqeeh has launched 28 projects so far, 12 of which have been successfully delivered, 4 of which have been delivered ahead of schedule.

Future Projects

The aforementioned awards only add to the many prestigious honors that Bin Faqeeh has won before; it also reflects the organization’s commitment to delivering excellence and creativity through its projects. With that in mind, let’s take a look upon the most highlighted current projects of Bin Faqeeh in the Kingdom of Bahrain:

The Treasure:

Being the winner of MEED’s National Residential Project of the Year award, The Treasure has gained a lot of attention and has been under the spotlight for a while now.

Situated within the heart of the famous Dilmunia Island, The Treasure has a lot of compelling features for the local and international real estate investors. We need to mention here that Dilmunia Island is currently being developed and renovated to be a major healthcare resort and one of the key attractions of the GCC regions for the wellness tourism.

The healthcare city that is being developed over an area that spans more than 165,000 square meters on the island right now is planned to comprise the state-of-the-art equipment and the most advanced medical technologies to be operated by the finest calibers in the healthcare field.

The Treasure is not only situated within a close distance from the healthcare city, it is also close to the island’s airport. In addition to that, the project’s high-end residential units – which will vary between one-bedroom apartments, two-bedroom apartments, three-bedroom apartments, and penthouses – will offer its residents a mesmerizing view of the gulf waters.

In addition to that, the project will also comprise luxurious entertainment facilities that include an outdoors swimming pool, a gym, a private cinema, and a gaming area.

Waterbay West Project:

This is probably the finest example that reflects the foundation’s creativity and willingness to bring brand new concepts not only into the Bahraini market, but also to the whole GCC.

In partnership with Paramount Residences, Bin Faqeeh has unveiled the new Waterbay West project last month; the project, which is planned to be open within the second quarter of 2019, is aiming at bringing about the Hollywood Lifestyle through three towers that consist of 10 stories.

Upon its announcement during an event which was attended by Shaikh Khalid bin Humood Al Khalifa, the chief executive of Bahrain Tourism and Exhibtion Authority (BTEA), as well as Steven Seagal, the famous American actor and producer and Ghassan Aridi, the chairman of Paramount Hotels and Resorts.

According to Bin Faqeeh, this project is considered a challenge for the foundation as they are trying to open the project as soon as possible since Dubai, the top tourism destination in the region, does not have any projects of the same type yet and Riyadh, the capital of the Kingdom of Saudi Arabia, has one that is still not open yet.

Bin Faqeeh also explained that the design and the concept of the trio of towers will be brand new to the architectural landscape of the Kingdom of Bahrain. The first tower will feature 180 apartments, while the second will feature 200 and the third will feature 189 units.

Al Sidra:

Situated at the heart of Diyar Al Muharraq island, Al Sidra’s strategic location grants its residents almost an instant access to some of the top attractions like Marassi Beach, Amwaj Island and Dragon City.

The project is also 15 minutes away from Bahrain International Airport.

In addition to the unique and variant design styles of the residential units, the project will offer multiple luxurious amenities that include the stunning Flamingo Park, the public beaches and the connected waterways.

All of these promising features and upcoming projects reflect the unique brand Bin Faqeeh Foundation has established for itself through the past decade. It is safe to say that such projects will help the Bahraini real estate market to grow more robust as one of the top attractions of investments and tourism in the GCC.