Day: May 6, 2024

Ramallah - Together - The Palestine Stock Exchange, represented by its Chairman of the Board of Directors, Mr. Samir Hulileh, and its General Director, Mr. Nihad Kamal, participated in the annual conference of the Arab Capital Markets Federation for this year 2024, which is considered the most distinguished event for the securities industry in the region, as it constitutes a platform during which representatives of the financial markets meet. Experts and financial service providers in one place. This year's conference sessions were hosted by the Qatar Stock Exchange (which assumed the presidency of the federation for the coming period), during the period between 04/29-30/2024, and was attended by more than 250 participants in addition to experts from financial market regulatory bodies, brokerage companies and managers. Investment funds in the Middle East and North Africa region, with the participation of more than 45 speakers across 9 discussion panels that addressed important and modern titles in various se ctors, in addition to the fact that the conference included announcing and honoring institutions operating in the Arab financial markets according to an approved methodology. It is noteworthy that this event hosts the best speakers in the world and the region to discuss the most pressing topics on the agenda of Arab and global financial markets at the present time, most notably modern trends in artificial intelligence, financial technology, digital assets, Islamic finance in the age of technology, and everything related to the principles of sustainability. Climate change, and how the ecosystem can be preserved as a societal responsibility for all parties involved as a major influence, in addition to managing risks in stock exchange systems and shortening settlement time and its impact. The Chairman of the Board of Directors of the Stock Exchange and its General Manager participated in the work of the General Assembly of the Federation in its forty-ninth session, which was held on 04/28/2024 on the sidelines of the conference, where they met with many heads of Arab stock exchanges and directors of participating financial institutions with the aim of discussing horizons and ways of cooperation. The Palestine Stock Exchange signs an agreement to join the Net Zero Financial Services Providers Alliance (NZFSPA). And its membership in the United Nations Sustainable Stock Markets Initiative (UN SSE) Commenting on this, Hulileh stressed that the participation of the Palestine Stock Exchange in an event of this kind constitutes great importance at the level of financial markets in the Arab region and the world in light of the exceptional circumstances that the local market has been going through since the events of October 7 last year and the continuation of the aggression against the Gaza Strip for more than 200 days, and in light of the great pressures the national economy is exposed to, considering that this is nothing but an affirmation and insistence on the importance of the Palestinian financial market and its p osition among the region's markets. He pointed out that the presence of the Stock Exchange today with the most important and largest financial markets in the region and those who provide competitive investment services, a modern trading environment, and a strong and global infrastructure, comes to share experiences with others and look forward to everything that is new in the world of financial markets, stressing that cooperation between all members of the union An urgent necessity for growth, prosperity and development. Hulileh added, 'The importance of this conference comes from the timing and topics it addresses, as it allowed all parties to learn about the most important developments in this sector in the Arab world and globally, in addition to building bridges of expertise in many technological and professional fields.' In a related context, the Palestine Stock Exchange, along with four Arab financial markets (the Bahrain Stock Exchange, the Muscat Stock Exchange, the Amman Stock Exchange, and the Sau di Tadawul Stock Exchange), signed an agreement to join the Net Zero Financial Services Providers Alliance 'NZFSPA' and its commitment to the United Nations Sustainable Stock Markets Initiative. UN SSE", which aims to enhance performance on environmental, social and corporate governance issues and encourage sustainable investment. In his comment on this, Hulileh stressed that these agreements have remarkably strengthened the presence of the State of Palestine and the Stock Exchange globally, especially in light of the current sensitive stage, if the popular solidarity around the world with this just cause, and the right of the Palestinian people to self-determination and building their institutions, is taken into account. Considering this an important step on this path for the stock exchange. He added, "Our joining the Net Zero Exchange Financial Services Providers Alliance, as well as the United Nations Sustainable Markets Initiative (UN SSE), truly embodies our commitment to building a financial and econo mic future characterized by sustainability and social and environmental responsibility." Hulileh pointed out that global alignment with the Sustainable Development Goals is not just a duty, but rather an opportunity to enhance economic growth in ways that meet the needs of current generations without compromising the ability of future generations to meet their needs, through clear goals and measures in accordance with best practices followed in cooperation with the partners with whom the stock exchange links. Bridges and solid conceptual frameworks, in addition to policy makers and regulators, especially the Palestinian Capital Market Authority, through which the Palestine Stock Exchange seeks to promote innovation and development in the areas of finance and build a financial system that effectively contributes to achieving the set goals and achieving the desired balance between the economy, environment and society. Source: Maan News Agency

Manama, The Labour Market Regulatory Authority (LMRA) announced the implementation of 985 inspection campaigns and visits, during the week of April 28 to May 4, which resulted in the detention of 57 violating and irregular workers, while 181 violators were deported. The inspection campaigns and visits also resulted in monitoring a number of violations related to the provisions of a number of regulating laws, especially the LMRA and the Residency Laws in Bahrain, noting that legal measures were taken regarding the observed violations. The authority pointed out that 998 inspection visits were carried out at various shops in all governorates, in addition to nine joint inspection campaigns, that included six campaigns in the Capital Governorate; two campaigns in the Muharraq Governorate, and a campaign in the Southern Governorate. The government entities that participated in the campaigns are the Ministry of Interior, represented by the Nationality, Passports and Residence Affairs (NPRA), the General Directora te of Crime Detection and Forensic science, the Governorate's respective Police Directorate, the Ministry of Oil and Environment. The Authority affirmed the continuation of joint coordination with government agencies to intensify inspection campaigns in all governorates of the kingdom, and to address any violations or practices that negatively affect the stability and competitiveness of the labour market or harm the economic and social security of the kingdom. The LMRA renewed its call on all members of the society to support the efforts of government agencies in addressing illegal labour practices, by reporting violations via the electronic form on the authority's website www.lmra.gov.bh or by calling the authority's call centre on 17506055 or via the government's Suggestions and Complaints System (Tawasul). Source: Bahrain News Agency

Manama, Bahrain has achieved impressive results on the Global Connectedness Index 2024, published by international logistics giant DHL, climbing seven ranks to secure the 25th position globally and the most improving country since 2021. This remarkable progress reflects the kingdom's growing integration with the global economy. The report measures 181 countries on how well they integrate and connect with the rest of the world based on international flows across the four main domains of Trade, Capital, Information, and People. In an impressive display of its ability to attract investment, Bahrain now stands as 1st globally in Inward Merger and Acquisitions percentage of GDP, representing 19% of its GDP. This achievement underscores Bahrain's attractiveness as a destination for investment and indicates the confidence that the international business community has in its business-friendly environment. Bahrain's economic diversity is further showcased in its dominance in the Trade of Services as a percentage o f GDP, leading the Gulf Cooperation Council (GCC) in this category. The kingdom has also emerged as a premier destination for tourists within the region, ranking first in the GCC for Inbound Tourism when measured by departure and arrival per capita. These accomplishments reflect Bahrain's successful efforts to diversify its economy and enhance its priority sectors, including tourism, which continues to grow and contribute to the Kingdom's sustainable economic growth. Nada Alsaeed, Chief of Strategy at Bahrain Economic Development Board (Bahrain EDB), said that Bahrain's status as the most improved nation in the Global Connectedness Index affirms its robust economic strategy and proactive engagement in the international economy. "Since last year's report, the seven-position climb is a testament to Bahrain's dedication to building a resilient and open market economy that actively participates in the global exchange of goods, services, and capital," she added. Moreover, the kingdom's 2nd place ranking in the Middle East and North Africa (MENA) region for Global Trade Connectedness highlights its significant role in the international trade ecosystem. The Kingdom has effectively leveraged its strategic location and logistics capabilities to integrate with global markets, facilitating free trade flows with 25 countries, which provides duty-free access to 32% of the World's GDP. The DHL's Global Connectedness Index 2024 stated: "The key factors in Bahrain's growing connectedness were increases in both merchandise exports and inwards MandA activity. Bahrain has long sought to boost international business activity as part of its economic development strategy." Bahrain has consistently invested in its infrastructure, regulatory reforms, and digital transformation, creating an ecosystem that supports innovation, diversification, and global collaboration. These efforts have not only enhanced the kingdom's competitiveness on the world stage but have also fostered a resilient economy. Over a two-decade period, Bahrain's n ominal GDP increased from around $11 billion in 2003 to over $43 billion in 2023, marking an average annual growth of 7%, surpassing the global average of 5%. Source: Bahrain News Agency

Manama, This week's BD 70 million issue of Government Treasury Bills has been oversubscribed by 129%. The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain (CBB), on behalf of the Government of the Kingdom of Bahrain. The issue date of the bills is May 8 and the maturity date is August 7. The weighted average rate of interest is 5.92% compared to 5.93% in the previous issue on May 1. The approximate average price for the issue was 98.527% with the lowest accepted price being 98.518%. This is issue No. 2016 (ISIN BH00074J5422) of Government Treasury Bills. With this, the total outstanding value of Government Treasury Bills is BD 2.110 billion. Source: Bahrain News Agency

Manama, The Bahrain All Share Index closed at 2,022.29 points, marking a decrease of 8.89 points below the previous closing. This decrease was due to the fall in the communications services sector and financials sector. The Bahrain Islamic Index closed at 774.13 points, marking a decrease of 11.42 points below the previous closing. Results indicated that 61 equity transactions took place with a volume of 591,295 worth BD 217,929. Investors traded mainly in the financials sector, representing 57.80% of the total value of securities traded. Source: Bahrain News Agency

Manama, Seef Properties announced its financial results for the first quarter ended 31st March 2024. The Company reported a net profit and comprehensive income attributable to the parent of BD 1.4 million during the first quarter of 2024, compared to BD 1.6m for the same period of the previous year, a decrease of 10.6%. The change is attributable to grace periods given to new tenants as the company's occupancy rates continue to rise, with this rental revenue expected to be realised in future quarters. Diluted earnings per share attributable to the parent for the first quarter of 2024 amounted to 3.04 Fils, compared to 3.4 Fils for the same period the previous year. The Company's operating profits stood at BD 3.3m for the first quarter of 2024, compared to BD 3.7m for the same period in the previous year, a decrease of 9.9%. The Company's total equity (after excluding the equity attributable to minority) for the first quarter of 2024 decreased by 1.7%, reaching BD 158.3m , compared to BD 161.1m for the same period in the previous year. Total assets for the first quarter decreased by 1.8%, reaching BD 175.8m compared to BD 179.0m for the same period in the previous year. Source: Bahrain News Agency