Category: News

Dubai’s state airport operator is hoping for a “flood” of travelers as the coronavirus pandemic eases, targeting passenger traffic through Dubai International Airport to grow 8% to 28 million this year as demand rebuilds.

Terminal 1 is reopening this Thursday after a 15-month closure. Operations were consolidated through Terminals 2 and 3 last year as the pandemic took hold.

“People think it will trickle back. I don’t believe that. I believe it will be an absolute flood of demand when people get the confidence to travel again,” Dubai Airports Chief Executive Paul Griffiths told Reuters on Sunday.

The airport, one of the world’s busiest, could see over 40 million passengers this year if it was “really, really lucky,” Griffiths said, though it was likely to be somewhere between 24.7 million and 34.3 million.

“We’re comfortable with that mid-range of about 28 (million).”

Terminal 1 has an annual passenger capacity of 18 million, while the entire airport can handle up to 100 million.

Griffiths estimated the terminal’s reopening would result in 3,500 additional jobs at the airport, including those working in retail, hospitality, security and immigration.

By the autumn, 90% of the 260 destinations served from Dubai airport prior to the pandemic could be restored, Griffiths said, up from 63% today.

Dubai announced on Saturday some restrictions on passengers flying from India, South Africa and Nigeria would ease from Wednesday.

The airport handled 5.75 million passengers in the first quarter, a 67.8% fall compared to the same quarter in 2020 before the pandemic halted traffic.

In 2020, passenger traffic plummeted 70% to 25.9 million from 86.4 million in 2019. The airport is the base of state carriers Emirates and flydubai whose entire operations are international flights.

Over a two-week period starting Thursday, 66 foreign airlines will move from Terminal 2 and 3 to Terminal 1.

Terminal 3, where Emirates operates from, will continue to operate with two of its three concourses for the time being.

Dubai’s second airport, Al Maktoum International, will also remain closed to commercial passenger flights.

Source:https://economictimes.indiatimes.com/news/international/uae/dubai-airport-targets-28-million-passengers-this-year-ceo-says/articleshow/83684690.cms

Bahrain has topped the globally-recognised AIRINC Global 150 Cities Index financial attractiveness ranking for the third straight year, leading impressive rankings for MENA capitals – with seven leading MENA cities in the top 16 places. Aside from the capital of Bahrain in first place, others cities ranked included Riyadh, Kuwait City, Amman and Abu Dhabi.

The rankings evaluate the salary levels, cost of living, and taxes in a particular market in order to create an overall score for financial attractiveness.

The news of Bahrain’s win follows its recent success in the InterNations Expat Insider 2021 survey, where the country led the GCC across different indicators that included quality of medical care, political stability, ease of settling in and job satisfaction. The country was ranked fifth globally for ease of settling in, and a high number of respondents in Bahrain said they had no immediate or future plansto return home despite the pressures of the pandemic.

The Government of Bahrain was one of the first in the region to develop an economic diversification strategy away from hydrocarbons, successfully creating an economy where more than 80% of its GDP comes from non-oil sectors, providing a broad range of opportunities for Bahrainis and expats working in the country. Bahrain has since become known for its great regional connectivity, regulatory innovation, and best-value operating costs.

AIRINC describes itself as ‘the leading authority on international mobility data since 1954’ and supports multi-national corporations and others with the workforce globalisation strategies. The rankings are put together by an in-house team at AIRINC who ‘continuously research the costs and living conditions of many cities around the world to evaluate international mobility’.

Source:https://www.bahrainedb.com/latest-news/bahrain-tops-global-financial-attractiveness-rankings-for-3rd-consecutive-year/

The Kingdom of Bahrain’s capital Manama has been named as the fifth globally amongst all-sized cities and first amongst small and mid-sized cities for FDI strategy in the 2021 Global cities of the Future index produced by the Financial Times’ fDi Magazine. Both Abu Dhabi and Dubai similarly ranked in the top 10, with Abu Dhabi placing sixth and Dubai placing eighth.

Commenting on the latest rankings, the Bahrain Economic Development Board’s Chief Executive, His Excellency Khalid Humaidan said: “In 2019, FDI stock made up 80% of our nominal GDP which is double the world average. We are very proud of this achievement and for being recognised for our FDI strategy. What is more promising is that three GCC cities have ranked in the top ten, highlighting the clear attraction for FDI in the region.

“This independent recognition is further confirmation that our board has set the right strategy for us to go forward and they continue to be supportive of our agenda.”

The Kingdom’s FDI strategy is pinned on a diverse multi-sectoral approach which is showing results and gaining recognition, as evidenced by Bahrain’s leading performance in the survey.

In addition to the Kingdom’s ranking in FDI Strategy, Bahrain was also ranked highly in cost-effectiveness and business friendliness, being 6th globally and third in MENA, and seventh globally and second in MENA respectively for small and mid-sized cities.

Bahrain has undertaken an ambitious and comprehensive programme of economic reform, which has been further recognised by other independent studies and surveys. The 2020 World Bank Doing Business Report named Bahrain the fourth most improved country in the world, and research by KPMG in a Cost of Doing Business Report highlighted that Bahrain is between 20-30 percent more cost-effective than some of its neighbors across multiple industries.

Source:https://www.bahrainedb.com/latest-news/manama-listed-in-the-top-5-globally-for-fdi-strategy-in-latest-fdi-magazine-ranking/

The real estate market in the Kingdom of Bahrain is gaining pace despite the challenges faced by the pandemic, with a series of major projects and initiatives driving sector growth. The rebound of Bahrain’s real estate sector fuelled a 14% and 20% rise in real estate deals in the third and fourth quarter of 2020 respectively, with the total value of real estate transactions in Bahrain reaching $1.9 billion (BD 717.4 million) in 2020.

Bahrain’s National Real Estate plan for 2021-2024 is set to further increase the sector’s contribution to the national economy as part of continued economic diversification efforts. The plan includes five initiatives and 17 projects, including laws and regulations, long-term plans and operational initiatives for developing the real estate sector.

Mixed-use major real estate projects in the Kingdom set to exceed US$ 12 billion which includes Eagle Hills Marassi Al Bahrain, Diyar Al Muharraq, Dilmunia and Bahrain Bay, which are creating prosperity through attractive and unique real estate destinations. Bahrain is a multidimensional marketplace that enables investment in a diverse range of properties that focus on addressing the growing consumer demand in Bahrain and the region for integrated communities that offer opportunities for the live, work, play lifestyle.

Commenting on the latest real estate developments, Ali Al Mudaifa, Executive Director – Investment Origination at Bahrain Economic Development Board said, “Bahrain’s bounce back in the real estate sector is testament to the Kingdom’s dedication towards economic growth.”

“Seeing these projects come to life has been a rewarding experience and we are confident that Bahrain’s real estate sector will continue to grow in the coming years.”

In addition to delivering a total of 30,000 homes over the past five years, Bahrain’s housing ministry is currently in the process of digitising their services to improve their offering. During 2020, the ministry completed around 45,000 transactions online, increasing efficiency and resulting in a 75% reduction in congestion time for housing service applications.

Source:https://www.bahrainedb.com/latest-news/bahrain-real-estate-sector-deals-valued-at-us-1-9-billion-in-2020/

Bahrain-based GFH Financial Group has announced that its subsidiary, Roebuck Asset Management, has concluded the off-market sale of a UK logistics centre for $123 million.

The sale of Accolade Park to Tritax Big Box REIT marks the end of a successful hold period for Roebuck, who acquired the asset for $84 million in May 2017 on behalf of a consortium of institutional Korean investors.

Accolade Park is a prime logistics centre comprising of 875,000 sq ft located in Avonmouth which is the principal logistics and manufacturing area for the South West of the country, centred around the Port of Bristol.

During the hold period, Roebuck has completed a number of acquisitions with Korean and other Asian institutional investors investing into mainly mission critical logistics assets across Europe including Tesco’s Avonmouth Distribution Centre, in the UK, which was acquired for about $102 million.

GFH acquired a majority stake in Roebuck, which continues to operate independently, in December. With GFH’s backing, Roebuck said it is set to execute on significant growth plans for 2021.

Together, GFH and Roebuck are working on over €1 billion of new third party mandates, a statement said.

Nael Mustafa, board member at Roebuck Asset Management and co- chief investment officer at GFH, said: “We’re pleased to announce this important exit by Roebuck of one of the prime logistics assets in the portfolio. The strategy to sell Accolade Park is in line with the Roebuck’s plans. Mainly, to acquire core and core plus logistics assets, add value through execution of asset management initiatives and to exit within a medium term.

“We look forward to announcing new transactions in this space and offering investors the opportunity to benefit from positive trends in the UK and European logistics, a segment of the market showing solid fundamentals and continued prospects for growth.”

Source:https://www.arabianbusiness.com/banking-finance/462599-unit-of-bahrains-gfh-sells-uk-logistics-hub-for-123m