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Crypto exchange giant Binance launches in Bahrain

Global blockchain services giant Binance has launched binance.bh, a new platform that allows users to access Binance’s range of regulated products and services.

This includes direct top-ups and withdrawals, in local currencies, the company said in an emailed statement on Monday. All users have to do is link their bank accounts with their binance.bh account.

Bahrain’s position as the region’s fintech hub
“As part of the ongoing collaboration between banks and industry and sector leaders, The Central Bank of Bahrain (CBB) welcomes Binance’s decision to establish a regional headquarters for its Middle East operations in Bahrain. CBB aims to develop a supervisory framework that facilitates innovation and appropriate regulatory controls for encrypted asset trading service providers and their clients, based on global trends and developments in financial services,” Bahrain Central Bank governor Rasheed Al Maraj said.

Bahrain Economic Development Board chief executive Khalid Humaidan also added that Binance’s launch in the country “reaffirms” Bahrain’s position as a crypto assets, blockchain and fintech innovations leader, regionally and globally.

“Bahrainis have become steadfast early adopters of crypto assets, and it is fantastic that Binance can play a part in addressing the local population’s keen interest to be on the cutting edge of financial innovation,” Binance regional head of europe and MENA Richard Teng said.

Binance has placed its focus on compliance and security controls, and is working with regulators to ensure user protection as well as market integrity.

This commitment has “allowed the company to establish a strong foothold in the GCC and contribute to the region’s status as a fast-emerging global crypto asset hub,” the statement added.

SOurce:https://www.arabianbusiness.com/industries/banking-finance/crypto-exchange-giant-binance-launches-in-bahrain

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United Arab Emirates: PMI reaches multi-year high in December

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The Emirates NDB Purchasing Managers’ Index (PMI) increased from 57.0 in November to 57.7 in December. As a result, the index moved further above the 50-point threshold that separates expansion from contraction in the non-oil producing private sector, and marked the highest reading in 34 months.

December’s figure was underpinned by an acceleration in new order growth, with new export orders returning to expansion after November’s contraction. Anecdotal evidence suggested that fellow GCC countries were an important source of new foreign business in the month. Output also increased sharply, albeit at a slightly slower rate than in the prior month. As a result of strong economic activity, firms continued to take on staff, although employment and wage growth remained mild overall. On the price front, input prices fell in December, while output prices declined.

According to Khatija Haque, Head of MENA Research at Emirates NBD: “It is likely that the introduction of VAT in January has spurred activity and purchasing in Q4 2017, which is in line with our expectations. Nevertheless, employment and wage growth has been relatively muted, not just in December but for 2017 as a whole”.

FocusEconomics Consensus Forecast participants expect GDP to expand 2.9% in 2018 and 3.1% in 2019. Panelists expect fixed investment to increase 3.8% in 2018 and 4.3% in 2019.

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Technip lands $4.2bn Bahrain refinery contract

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Contract will extend production capacity at the site on Sitra island from a current 267,000 to 360,000 barrels per day.

A consortium led by France-US petroleum services group TechnipFMC has secured a $4.2 billion (3.5 billion euro) contract to extend capacity at Bahrain’s Sitra refinery, the company said Monday.

The contract, awarded by Bahrain Petroleum Company (Bapco), will extend production capacity at the site on Sitra island in the Gulf of Bahrain from a current 267,000 to 360,000 barrels per day, TechnipFMC said.

The refinery exports some 95 percent of its current production, mainly to India and the Far East.

The consortium includes South Korea’s refinery and electrical plants designer Samsung Engineering as well as Spanish petroleum engineering firm Tecnicas Reunidas, TechnipFMC said, adding construction should be completed by 2022.

Nello Uccelletti, head of Onshore Offshore activity at TechnipFMC, hailed the “prestigious” contract as being a “testimonial of the long-term partnership with Bapco and strengthen(ing) our leadership in the refining sector.”

Bahrain was the first Arab Gulf state to produce oil, in 1932, but its reserves have all but dried up and the Sunni Muslim kingdom depends primarily on the Abu Safa field it shares with Saudi Arabia for its own supplies which are pumped via a 230,000 bpd capacity subsea pipeline.

Source:http://www.arabianbusiness.com/industries/energy/384864-technip-lands-42bn-bahrain-refinery-contract