MANAMA, 3 March 2008 — International credit rating agency Fitch Ratings has affirmed Gulf International Bank’s (GIB) long and short-term ratings at “A” and “F1” respectively, with a stable outlook. The rating of the Bank’s subordinated debt obligations have also been affirmed at “A-.” Moody’s Investor Services has also affirmed the bank’s long and short-term deposit ratings at “A2” and “Prime-1” and the “A3” subordinated debt rating, maintaining a negative outlook. Fitch explained in a public statement that GIB has the strong support of its shareholders and maintains adequate capitalization.
Bahrain to Add 700 New Oil Wells
MANAMA, 3 March 2008 — Bahrain yesterday unveiled an ambitious expansion plan to meet its growing energy related needs in next 15 years. A senior official said that Bahrain would add another 700 oil wells to maintain and increase its oil production. Dr. Abdul-Hussein ibn Ali Mirza, Bahrain’s minister of oil & gas affairs and chairman of the National Oil and Gas Authority, in a keynote address at the opening of GEO 2008 said that many of the proposed wells would be of special architecture wells to maximize reservoir contact in order to improve the well productivities and the field oil production rate.
FTA Offers Huge Trade Opportunities
MANAMA, 3 March 2008 — The Bahrain-US Free Trade Agreement (FTA) offers huge trade, commercial and investment opportunities to the US companies to reap the huge benefits of doing business in this part of the world, a senior US official said. Dr. Lawrence Spinelli, director at Overseas Private Investment Corporation (OPIC), who was in Bahrain, said that FTA with US was an enough proof to lure US investors.
