Alwasat (Translation) 21st May
I. Headlines:
· Cabinet praises the massive support for GCC Union and Condemns Iranian Statements.
· Bahraini delegation to Geneva to be questioned about alleged HR’s Violations.
· Investors hold $1.5t in Shari’ah compliant assets.
· Bahrain signs region’s first major solar energy project.
II. Political:
Cabinet praises the massive support for GCC Union and Condemns Iranian Statements.
The Cabinet, presided over by HRH Prince Khalifa bin Salman Al Khalifa the Prime Minister, praised the massive popular support and blessings for the sake of moving from the phase of cooperation to the phase of fully-fledged union between the GCC countries. The Cabinet emphasized that the GCC unity has become a popular demand and an official goal in order to magnify the gains and to fend off hazards posed by regional and international challenges at a time when the forming of blocks and unions between countries has become an imperative. However, when commenting on the latest Iranian Officials’ statements about Bahrain, the Cabinet strongly condemned what it described “flagrant intervention in the country’s internal affairs.”
Bahraini delegation to Geneva to be questioned about alleged HR’s Violations.
Headed by Minister of State for Human Rights Affairs Dr. Salah bin Ali Abdulrahman, the Bahraini delegation in Geneva will be later today (21 May 2012) asked tentatively about the Human Rights violations that were allegedly committed during the unrest of 2011 last year and also about the actions taken against those involved in committing such crimes. The questions will be presented by 9 European countries which are Denmark, Germany, Sweden, Ireland, Liechtenstein, Slovenia, Norway and the Netherlands and UK.
Nabeel Rajab remains in police custody.
The Chief Prosecutor of the Northern Governorate, Nawaf Al Awadhi said that the Minor Criminal Court discussed the case of the Activist Nabeel Ahmed Rajab, who is ascribed to charges of insulting a statutory body in public. The court ordered of releasing him on bail, prevented him from travelling, and postponed reviewing the case to the session of May 23rd 2012 for the closing hearing. Mr. Al Awadhi pointed out that despite of the decision of the court, but the accused will not be released for he is remanded in custody, awaiting trial in connection with another case, which is still under investigation on charges of participating in and calling for an illegal gathering.
III. Economic, Trade, Business:
Investors hold $1.5t in Shari’ah compliant assets.
Investors globally hold more than $1.5 trillion in Sharia-compliant assets which include equities that are in line with Islamic principles, Sukuk (Islamic Bonds) and Islamic funds, according to a senior official at the Central Bank of Bahrain.“Islamic financial products represent a class of investment which appeals to those looking for socially responsible or ethical investments, as these products comply with strict Islamic Shariah rules that have religious as well as ethical underpinnings,” Abdul Rahman Mohammed Al Baker, Executive Director Financial Institutions Supervision at the CBB told the audience as he was speaking in the “8th Annual World Islamic Funds and Financial Markets Conference” (WIFFMC 2012).The WIFFMC 2012 witnessed a high-profile opening at the Gulf Hotel in the Kingdom of Bahrain.
Bahrain signs region’s first major solar energy project.
The National Oil and Gas Authority (NOGA), the Bahrain Petroleum Company (BAPCO) and Caspian Energy Holdings inked an agreement for a five megawatt with distributed smart solar energy project that will bring solar and smart grid benefits to the BAPCO township of Awali, the University of Bahrain and other locations in Bahrain. NOGA, Bapco and Caspian Holdings signed an agreement with Petra Solar, a technology company focused on providing reliable, cost-effective smart energy solutions to the electric supply industry.
GFH gets nod to repay its $110m debt in six years.
Bahrain-based Islamic investment bank, Gulf Finance House (GFH) has obtained the approval of its Sukuk holders to restructure its outstanding debt amounting to $110 million. As part of the new terms agreed, the repayment of the Sukuk will be extended over the next six years. The restructuring will help pave the way to significantly bolster the asset liability management (ALM) position of the bank and accelerate business growth. More than 92 percent of the Sukuk holders voted in an Extra-ordinary General Meeting (EGM), which 100 percent voted in favor of the new terms. The GFH Sukuk will mature in June 2018 and will also provide GFH a two-year grace period for the principal repayment amount in 2012 and 2013. Liquidity Management Centre and KPMG acted as Advisors for this transaction.
IV. Social, Culture, Tourism:
Maintaining social fabric intact is a collective responsibility.
“Maintaining social harmony is the responsibility of everybody,” His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa has asserted as he received at Al-Gudaibiya Palace senior officials, in the presence of Shura Council Chairman Ali bin Saleh Al Saleh and the Representatives Council Speaker Khalifa bin Ahmed Al Dhahrani. “Bahrain will always remain a land of security for the Bahraini people are peaceful and conscious of the conspiracies targeting their stability,” HRH affirmed.