I. Headlines:
· The cabinet refers two draft laws to the legislative authorities.
· HRH Prime Minister issues his directives to rebuild the Isa Town traditional market very soon.
· Tadhamon Capital and Apache Capital completes the acquisition of Paris Gardens, London.
· Deputy Premier: Youngsters need to follow path of patriotism.
II. Political, Local, Government:
The cabinet refers two draft laws to the legislative authorities.
Prime Minister, HRH Prince Khalifa bin Salman Al Khalifa chaired the weekly cabinet meeting at Al-Gudiabiya Palace yesterday. During the session, the cabinet referred two draft laws to the legislative authorities presented by the Representative council on allocating an additional budget in the general budget for the fiscal financial year 2012. The second draft is related to amending two articles no. 20 and no. 61 of law no. 13 for 1975 on regulating the salaries and bonuses of retirement for government employees.
HRH Prince Salman praises the strong historic relations with the UAE.
The Crown Prince and Deputy Supreme Commander, HRH Prince Salman bin Hamad Al-Khalifa, met yesterday at Albateen Palace in Abu Dhabi the Crown Prince and UAE Armed Forces Deputy Supreme Commander General, Shaikh Mohammed bin Zayed Al-Nahyan. Both sides reviewed the strong historic relations bonding the two countries and ways of bolstering them further. HRH Prince Salman was received on arrival at Al-Bateen Palace by Abu Dhabi Crown Prince, Ruler’s Representative in the Western Region Shaikh Hemdan bin Zayed Al-Nahyan, National Security Advisor and Executive Council Vice Chairman Shaikh Haza’a bin Zayed Al-Nahyan and other senior Emarati officials.
Bahrain Leadership Condole Ghana and Congratulate India.
HM King Hamad bin Isa Al-Khalifa, HRH Prime Minister Prince Khalifa bin Salman Al-Khalifa and HRH Prince Salman bin Hamad Al-Khalifa, Crown Prince and Deputy Supreme Commander sent cables of condolence to the Acting Ghanaian President John Dramani Mahama over the death of President John Evans Atta Mills. On another context, the Leadership of Bahrain sent congratulatory cables to the new Indian President Pranab Mukherjee marking his election. They wished the Indian leader and his friendly people further progress and prosperity.
III. Economic, Trade, Business, Tourism:
Tadhamon Capital and Apache Capital completes the acquisition of Paris Gardens, London.
Tadhamon Capital & Apache Capital Partners, the Bahrain & London based Islamic real estate investment companies announced the successful completion of the acquisition of a prime central London student accommodation development, in a Joint Venture with McLaren Property. The development, known as Paris Gardens is due for completion in September 2013. The transaction is valued at GBP 45mn and forms part of the Tadhamon Capital & Apache Capital Partners (TC-AC) managed Social Infrastructure investment platform with current gross AUM of $140m. It was concluded at a net initial yield of 6.4% and will distribute an average quarterly net cash yield of 7.3% p.a. to investors.
Alba Q2 net profit drops to $95m.
Bahrain Aluminium (Alba), said yesterday that its second quarter net profit dropped by almost half to BD35.6 million ($95 million) on lower metal prices and higher gas costs. According to Alba, the Aluminium prices on the London Metal Exchange dipped close to $600 a ton when compared with the same period of last year. Bahrain's state-run energy supplier also raised Alba's gas supply costs by $0.75 per million British thermal units to $2.25/ on January 1. The firm, made a profit of BD69.7 million in the same quarter of 2011. Announcing the results, Alba said its second quarter sales surged to $523 million amid growing demand for aluminium globally.
IV. Social, Culture, Education, Environment:
HRH Prime Minister issues his directives to rebuild the Isa Town traditional market very soon.
HRH Prime Minister Prince Khalifa bin Salman Al Khalifa received a number of the Isa Town Market’s traders at Al-Gudaibiya Palace yesterday. HRH Premier affirmed that service of the citizens is given top priority, pointing out that Isa Town market is a popular monument and a source of income for many traders. Therefore HRH issued directives to rebuild the Isa Town traditional market as soon as possible and make sure that safety requirements are in place, stressing that the souq’s distinctive character should be preserved.
Deputy Premier: Youngsters need to follow path of patriotism.
Deputy Premier Shaikh Ali bin Khalifa Al-Khalifa hosted his Ramadani majlis in Al-Riffa. Senior members of the Ruling Family, Government officials, Shura Council members, Mps, clerics, leading figures and citizens attended. Shaikh Ali stressed deep-rooted relation bonding all components of Bahraini society and urged youngsters to follow in the steps of fathers and forefathers’ patriotism and dedication, inviting them to join hands in promoting their country’s development and prosperity.
V. Photo of the Day:
* HRH Prime Minister Prince Khalifa bin Salman Al Khalifa with Isa Town Suq traders. 29th July 2012 Al-Wasat.
Issued by:
Embassy of Malaysia,
MANAMA
30th July 2012