BUSINESS Thursday, September 28, 20176

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Manama

Minister of Oil, Shaikh Mohammed

bin Khalifa Al Khalifa, yesterday, inaugurated the 8th Fertiliser Conference of the Gulf Petrochemicals and Chemicals Union (GPCA) highlighting the “huge growth in population” and the “urgent need to speed up food production” as a “great opportunity for fertiliser producers in the GCC.”

“There is a dramatic rise in the world population,” the minister said adding: “It is expected to increase by 6.5 billion to 9.6 billion by 2050.”

This, according to Shaikh Mohammed, offers tremendous growth opportunities for fertiliser

producers in the GCC, which is an important global centre for the chemical fertiliser industry.

Addressing the conference the minister also stressed the need to have true strategic partnership and cooperation to overcome the challenges represented by climate change, conflicts and migration to continue on the path of sustainable development.

“The GCC countries and the Middle East and North Africa region should adopt the vision of the United Nations, the five pillars of which are “individuals”, “planet”, “prosperity”, “partnerships” and “peace” as the framework through which to achieve

sustainability,” he told the participants of the conference held at the Ritz Carlton Hotel Bahrain.This year the event, hosted by Bahrain for the first time, is held under the slogan: “New Beginnings: Return to Growth”.

The Minister also expressed his confidence in the ability of the fertiliser industry to improve and create effective food systems through cooperation that will directly benefit the local agricultural sector and the GDP.

Participants from the United States, the United Kingdom, China and many Gulf, Arab and European countries attended the conference. Dr Saad Abu Al-Maati, President

of the Arab Fertilizer Union, Dr Abdulrahman Jawahery, Chairman of Gulf Petrochemical Industries Company, Dr Abdulwahab Al Saadoon, Secretary General of the Gulf Petrochemicals and Chemicals Union (GPIC), and a number of dignitaries were present. The event is being organised by the GPCA in cooperation with GPIC and in coordination with the National Oil and Gas Authority (NOGA).

The Minister also inaugurated an accompanying exhibition, which was attended by a number of local and international companies.

The three-day event, which began Tuesday, concludes today.

GCC fertiliser industry on a ‘growth path’

eCommerce expo in Oct.Manama

The Ministry of Industry, Commerce and Tourism

announced the establishment of the fourth edition of the eCommerce Forum and Exhibition 2017 under the slogan “eCommerce ... a Bahraini Platform ... For a Global Market”. The event will be held from 8:00am to 2:00pm on 17 October 2017 at the Bahrain Exhibition Hall in the Crown Plaza Hotel.

Held under the patronage of the Minister of Industry, Commerce and Tourism, Zayed bin Rashid Al Zayani,

the event has Tamkeen and Bahrain Technology Companies Society (BTECH) as strategic partners, with the support of Gulf Petrochemical Company as a silver sponsor.

This year’s event will be launched in an altered way to suit the needs of the local market and bridge the technical gap between local businesses in terms of eCommerce and its applications.

Commenting on the expo, Tamkeen’s Chief Executive, Dr. Ebrahim Mohammed Janahi, stressed the importance of the added value gained from

eCommerce. “This event provides a

great platform for knowledge sharing and exchange of best international practices, that ultimately supports our commercial institutions and contribute to the welfare of Bahrain,” he said.

Talking about the event, President of the Bahrain Technology Companies Society, (BTECH) Ubaydli AL Ubaydli stressed the need to pay quick and creative attention to the changes taking place in the ICT industry in order to prepare the national

economy to interact positively with these transformations.

He pointed out the importance of generating a creative formula based on accurate scientific study of market transformations, derived from accurate information.

Dr. Abdulrahman Jawahery, Chairman of Gulf Petrochemical Industries Company, expressed his wishes for the success of the forum and exhibition and hopes that the goals are achieved to elevate eCommerce projects to wider horizons.

COUNTRY 1 US DLR 1 UK STG 1 SFR 100 YEN

BAHRAIN 0.3770 0.5738 0.3869 0.3361

KUWAIT 0.2855 32.0274 0.2930 0.2545

OMAN 0.3849 0.3750 0.3951 0.3431

QATAR 3.6420 3.5484 3.7381 3.2466

UAE 3.6730 3.5786 3.7699 3.2742

SAUDI 3.7500 3.6536 3.8489 3.3428

AUSTRALIA 0.3080 0.3055BANGLADESH 0.00476 0.00465CANADA 0.3124 0.3092DENMARK 0.0639 EGYPT 0.0234 0.0217EURO 0.4587 0.4562HONGKONG 0.04969 0.04929INDIA 0.00606 0.00586INDONESIA 0.00003055 0.00002899IRAN TUMAN 0.000323 IRAQI DINAR 0.000304 JAPAN 0.00353 0.003460JORDAN 0.5350 0.5354KOREA 0.00038297 KUWAIT 1.249 1.249MALAYSIA 0.0924 0.0921NEW ZEALAND 0.2819 0.2820NORWAY 0.0506 NEPAL 0.00395 0.00364OMAN 0.98014 0.98301PAKISTAN 0.00380 0.00358PHILIPPINES 0.00766 0.00745QATAR 0.2831 0.10376SAUDI ARABIA 0.10058 0.10066SINGAPORE 0.2849 0.2829SOUTH AFRICA 0.02990 0.02980SRI LANKA 0.00274 0.00248SWEDISH 0.0505 SWITZERLAND 0.3980 0.3950SYRIA 0.001740 0.0017TAIWAN 0.013100 THAILAND 0.011620 0.011600TURKEY 0.1140 UNITED KINGDOM 0.5180 0.5151UNITED ARAB EMIRATES 0.102500 0.102840UNITED STATES OF AMERICA 0.37790 0.37800YUAN 0.056800 0.056800

Minister of Oil, Shaikh Mohammed bin Khalifa Al Khalifa opens the 8th Fertiliser Conference

BUSINESSThursday, September 28, 2017 7

Dubai

Tobacco and energy drink prices are set to double in the United Arab Emirates, which is imposing steep excise

taxes. Khaled al-Bustani, director general of the newly established UAE Federal Tax Authority, said that the 100-percent tax would be introduced from October 1. Prices of other types of soft drinks will increase by 50pc, Bustani told a press conference.

Berlin

Germany’s hardline finance minister Wolfgang Schaeuble is to leave his post to become speaker of the new parliament,

party sources said. The chief whip of Chancellor Angela Merkel’s Christian Democrats (CDU) and his counterpart with their Bavarian sister party CSU, Alexander Dobrindt, are to formally nominate, the officials who spoke on condition of anonymity said.

Donald Trump,

UAE to double tobacco, energy drink prices Schaeuble to leave German ministry This is a positive step toward promoting the rights and opportunities of women in Saudi Arabia. We will continue to support Saudi Arabia in its efforts to strengthen Saudi society and the economy through reforms like this,”

France’s Alstom and Germany’s Siemens have agreed to merge in a dealthat brings the former arch-rivals together to create a new European

champion to counter competition from China

Sources: Siemens, Reuters Picture: Getty Images © GRAPHIC NEWS

Siemens VelaroAlstom AGV REVENUE OF RAIL ACTIVITIES(€bn, last available financial year)

Siemens Alstom: New group– combined sales of €15.3bn –to be led by Alstom CEOHenri Poupart-Lafargewith HQ in Paris area

CRRC: Revenue of China’s state-backedoperator is bigger than SiemensMobility, Alstom and BombardierTransportation combined

CRRC SiemensAlstom

SiemensMobility

Alstom Bombardier

Siemens to hold 50%of shares initially

Canadian groupheld separatemerger talks withSiemens

0

5

10

15

20

25

30

© GRAPHIC NEWSSources: Flight Global, Aviation Week, Zerohedge.com

The U.S. has hit Montreal-based Bombardier with punitive import tariffsof up to 219.63% after Boeing alleged its rival could sell its regional

C Series jets at below cost because of subsidies from the UK and Canada

Glass cockpitFly-by-wire,sidestick control

Bombardier CS100: Length, 35m; range, 5,741kmComposite wings: Made and assembledin Belfast, Northern Ireland, usingresin transfer injection (RTI) process

Powerplant: Pratt & WhitneyPW1500 turbofan. Boostsfuel efficiency by 20% overcurrent generation aircraftBoeing versus Bombardier (aircraft at list price, max. seat capacity)

Alleged unfairstate subsidies toBombardier

737-700149-seat

737-MAX 7126-seat

CS100133-seat $62m

$83.4m

$92.2m

Fuselage: Aluminium-lithium.C Series uses 70% advancedmaterials. Final assembly is donein Mirabel, north of Montreal

Apr 2017: In petition to U.S. CommerceDepartment, Boeing claims Bombardieroffered its planes to Delta Air Lines at“absurdly low” price of $19.6m

C$1 billion

C$372.5m £134m(C$223)

Pledge by Canadiangovernment to financeBombardier projects

Grants, loansfrom UK

governmentto Belfast plantInvested by Quebec

provincial authoritiesfor 49.5% stake

in C Seriesprogramme

US President on allowing women to drive

Line 6 expansionproject on target

Manama

Aluminium Bahrain B.S.C. (Alba), the

Bahrain-based international aluminium smelter, is taking solid steps in building its present with Line 6 Expansion Project and creating its future with the pouring of its First Hot Metal (FHM) by January 01, 2019, according

to a statement issued by the Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa.

The statement was made following the third quarterly meeting for this year, which was held on Wednesday, September 27, 2017 at Alba.

Adding further, Shaikh Daij said: “We are pleased

with the speedy recovery of Reduction Line 5 and we look forward to have a strong finish for 2017. We also look forward to secure the second tranche of the Export Credit Agency (ECAs) by the end of 2017.”

During the meeting, the Board approved the minutes of the previous meeting,

which was held on May 25, 2017, the half-yearly financial statements as well as 2018 Marketing Plan.

The board, also, approved the appointments of Ali Al Baqali as the Deputy Chief Executive Officer and Chief Supply Chain Officer as well as Waleed Tamimi as the Chief Administration Officer.

BisB participates in Islamic Finance News conferenceManama

Bahrain Islamic Bank (BisB) took part in

a panel discussion on Financial Technology (FinTech) for Islamic Finance in London earlier this month.

Commenting on the event, Hassan Jarrar, the CEO of BisB said, “Our participation in IFN 2017 conference comes as a direct support to Bahrain vision & the Economic Development Board (EDB), a strategic partner

for the Islamic Finance News 2017 conference, to make Bahrain the region’s FinTech hub”.

A representative of the Central Bank of Bahrain (CBB) attended the conference to highlight Bahrain’s banking regulators’ leadership in being one of the first Central Banks to launch a FinTech regulatory sandbox.

BisB was represented by Maisa Shunnar, Head of Strategy & Transformation. Hasan Jarrar

Aluminium Bahrain held its third quarterly meeting