Bahrain’s Al-Salam Bank appoints new chairman

Sheikh Khalid bin Mustahail Al-Mashani
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Updated 14 April 2020

Bahrain’s Al-Salam Bank appoints new chairman

Al-Salam Bank-Bahrain has announced the appointment of Sheikh Khalid bin Mustahail Al-Mashani as the chairman of the board of directors, replacing Khaleefa Butti bin Omair bin Yousif Al-Muhairi, who submitted his resignation as chairman and board member of the bank.
Sheikh Khalid said: “We regret to announce the resignation of our colleague, Al-Muhairi, as chairman and board member for personal reasons. We would like to take this opportunity to put on record our sincere thanks to Al-Muhairi for his instrumental contribution to achieving the bank’s objectives during his chairmanship since 2018. During his tenor, the bank was successful in acquiring market share, increasing profitability, and growing the deposit base and financing book.”
He added: “We, as board of directors, would like to confirm that the bank will continue its solid strides toward implementing the three-year strategy which is designed to gear us for further financial success in the local, regional and global markets. Building on our key core values of sound corporate governance, transparency and prudent financial policies, we plan to continue our journey toward maximizing shareholder value. We are confident that with our robust capital and liquidity positions and our strong management team, the bank will be able to navigate through current market challenges, including the outbreak of COVID-19 and its implications on the global economies.”
Sheikh Khalid has more than 24 years of banking experience.


Work progresses as planned on Makkah’s Masar project

Updated 08 July 2020

Work progresses as planned on Makkah’s Masar project

Umm Alqura for Development and Construction (UAQ) — the owner and developer of the Masar destination in Makkah — has confirmed that work is underway to complete the remainder of the infrastructure phase for the project.

It features King Abdul Aziz Road as its core component and is being brought to life under the slogan “Dedicated to Makkah.”

The company began the infrastructure work after completing the preliminary stage, which included the inventory and demolition of properties in the six unplanned neighborhoods of Al-Hafayer, Al-Hindawiyyah, Al-Tandabawy, Mansour Street, Jabal Ghurab, Al-Raseefa, and Al-Zahareen.

Before the work began, property treatment procedures were finalized with the owners of around 4,000 residences in these neighborhoods.

Yasser Abuateek, CEO of UAQ, noted that Masar would be a vital and distinguished addition to Makkah, as it aims to become a modern landmark and an advanced cultural destination.

“We are looking forward to cooperating with investors and companies in the destination, which will set new standards by establishing an integrated development structure and providing investment opportunities.

“Masar will play an active role in diversifying economic activity and promoting Makkah’s position as a modern developed city. In addition, it will contribute to fulfilling the objectives of the Kingdom’s Vision 2030 by increasing the number of pilgrims to 30 million by the year 2030.”

The infrastructure phase of Masar comprises several key elements, including pedestrian underpasses and service tunnels 3,650 meters long and 320 meters wide over an area of 1.25 million square meters.

This will be complemented by a rapid transit bus network and the  Makkah Metro as well as car parks and bridges, connecting the destination to the western entrance of Makkah. Seventy-one percent of the bridge work has been completed with construction progressing as planned.

Meanwhile, the pouring and building of concrete blocks for the Makkah Metro Tunnel is 99.8 percent completed. The construction of Makkah Metro Station A has been 96.99 percent completed, which includes lines A and B as well as the Abdullah Areef Road Tunnel.

The infrastructure work for Makkah Metro Line B near the King Abdullah Mosque has reached 85 percent, including construction on the Mansour Road Tunnel.

Abuateek stressed that the infrastructure features an underground utility gallery dedicated to electricity, communication, sewage, district cooling, and solid waste management system services. This is to ensure that the area is prepared for development.

UAQ has devoted attention to safety, sustainability, and the preservation of Makkah’s natural environment. The company has handled the destination’s environmental elements with professionalism, particularly groundwater.