Latest news with #ShaikhSalman
Zawya
18-07-2025
- Business
- Zawya
Gulf Air to add up to 18 Boeing 787 Dreamliners to its Widebody Fleet
Bahrain Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa and U.S. Commerce Secretary Howard Lutnick joined Boeing and Gulf Air to announce the agreement WASHINGTON, D.C. — Boeing [NYSE: BA] and Gulf Air have announced an agreement for the purchase of 12 787 Dreamliner jets with options for six more as the Bahrain-based airline looks to further develop its international network. Once finalized, this order will bring the carrier's firm order book to 14 of the versatile widebody jets and will support 30,000 jobs across the U.S. Bahrain Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa and U.S. Commerce Secretary Howard Lutnick joined Boeing Commercial Airplanes President and CEO Stephanie Pope and Gulf Air Group Chairman Khalid Taqi to witness the signing. "This agreement marks a transformative step in Gulf Air's strategic growth journey as we expand our global footprint and modernize our fleet with one of the industry's most advanced and efficient aircraft," said Khalid Taqi, chairman of Gulf Air Group. "The Boeing 787 Dreamliner has proven to be an exceptional aircraft for our long-haul operations, and this new order reflects our confidence in its performance, passenger appeal and contribution to our sustainability goals. We are proud to deepen our partnership with Boeing and reaffirm our commitment to positioning Bahrain as a key global aviation hub." The 787 Dreamliner, recognized for its fuel efficiency, range and passenger experience, already serves as the backbone of Gulf Air's long-haul operations connecting over 50 destinations. With 10 787 airplanes in service, the airline is well-positioned to grow its network, serving new and existing markets across Asia, Europe and the U.S. 'We are excited to build on our more than 60-year partnership with Gulf Air as we deliver the market-leading 787 Dreamliner to help the airline serve more passengers and connect more destinations,' said Stephanie Pope, president and CEO of Boeing Commercial Airplanes. 'This investment in the 787 Dreamliner demonstrates Gulf Air's commitment to new technology and sustainable development, reinforcing Bahrain's position in the aviation sector.' The 787 Dreamliner family has transformed global air travel by opening over 425 new nonstop routes and carrying more than 1 billion passengers worldwide since its commercial introduction in 2011. As Gulf Air's flagship airplane, the 787 features the largest windows of any widebody jet, air that is less dry and pressurized at a lower cabin altitude for greater comfort, and technology that senses and counters turbulence for a smoother ride. From its first DC-3 in 1961, Gulf Air has taken delivery of 37 Boeing airplanes, including the 787 jets currently in its fleet. A leading global aerospace company and top U.S. exporter, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. Our U.S. and global workforce and supplier base drive innovation, economic opportunity, sustainability and community impact. Boeing is committed to fostering a culture based on our core values of safety, quality and integrity.
Zawya
09-06-2025
- Business
- Zawya
Food park project plans announced in Bahrain
Bahrain - Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa yesterday launched the strategy for the new Bahrain Food Holding Company, (Ghitha), and announced plans for a significant food park project. The initiatives align with directives from His Majesty King Hamad and follow instructions from Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, to bolster national food security. Ghitha, a subsidiary of Bahrain's sovereign wealth fund Mumtalakat, will consolidate the fund's food-related assets. The food park, developed in partnership with Mumtalakat's real estate arm, Bahrain Real Estate Investment Company (Edamah), is projected to be one of the largest in the kingdom's food sector. Shaikh Salman, who also chairs Mumtalakat, emphasised the importance of private sector partnerships in these efforts, stating that Ghitha's strategy aims to build an integrated food ecosystem focused on innovation, increased local production, and sustainable food practices. The food park's first phase will cover an estimated one million square metres, serving as an integrated industrial centre for food production, manufacturing, and distribution. Basim Al Saie, chairman of Ghitha, said the company's vision is to collaborate with both public and private sectors to drive investments, foster innovation, and enhance local capabilities for healthy and sustainable food production. The launch event saw Ghitha unveil its new identity and details of the food park, which is intended to attract future investments and create job opportunities.
Arabian Business
09-05-2025
- Business
- Arabian Business
UAE, Bahrain enforce investment protection pact to strengthen bilateral economic ties
The UAE and Bahrain kicked off the implementation of their bilateral Investment Promotion and Protection Agreement. The agreement, which came into effect on Thursday, May 8, follows the completion of the required legal procedures by both sides, in accordance with the provisions of the agreement. The move reflects the strong fraternal ties and the growing economic partnership between the two brotherly nations and reaffirms their commitment to enhancing investment cooperation in a way that serves the interests of investors from both sides and supports the sustainable development goals of both countries, the two countries said. The agreement provides a comprehensive legal framework that ensures full protection for investments and strengthens mutual investor confidence by guaranteeing fair and equitable treatment and providing clear mechanisms for dispute resolution. In light of the rapid developments in the digital economy, the agreement underscores the importance of enhancing cooperation between the two countries in areas related to digital trade, including data protection, privacy, cybersecurity, intellectual property rights, and electronic signatures and authentication. It also promotes the exchange of best practices and the development of technical capacities. Shaikh Salman bin Khalifa Al Khalifa, Bahrain's Minister of Finance and National Economy, said the Kingdom of Bahrain places great importance on opening new avenues of cooperation with the United Arab Emirates, in light of the strong and longstanding fraternal relations between the two countries. He said the bilateral agreements between the two brotherly nations play a vital role in advancing joint cooperation in line with the visions and aspirations of the top leaderships of the two countries. He also highlighted his country's continued efforts to strengthen investment cooperation at the regional and international levels, having signed nearly 40 agreements to promote and protect investments. Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, said the agreement's entry into force reflects the shared will to deepen bilateral economic relations, and marks a new milestone on the path toward greater Gulf economic integration. He added that it also reflects a flexible and forward-looking response to changes in the regional and global economic landscape, particularly in light of current global challenges that require intensified efforts to foster a more stable and attractive investment environment. The minister said the agreement will contribute to enhancing the competitiveness of both economies, besides opening new horizons for high-quality investments, particularly in priority economic sectors. He also said the agreement serves as a foundation for expanding the strategic partnership between the two countries by encouraging mutual investments, facilitating capital flows, and providing an investment environment based on transparency, fairness, and institutional integration.
Zawya
08-05-2025
- Business
- Zawya
Bahrain: Green light for new corporate tax
Bahrain - Parliament yesterday unanimously approved a new tax on multinational enterprises (MNEs). MPs held a retrospective vote on a royal decree issued by His Majesty King Hamad on the Domestic Minimum Top-up Tax for MNEs Law, during the National Assembly recess last year. Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa said 348 multinational companies operating in Bahrain would fall within the scope of the new law, with projected annual tax revenues of approximately BD130 million. He added that the tax would prevent revenue loss and enhance Bahrain's economic environment by fostering stability and transparency. Shaikh Salman emphasised the government's dedication to fiscal sustainability and said the tax would also reinforce the country's attractiveness as a destination for responsible foreign investment. The minister's response followed a parliamentary enquiry from first deputy speaker Abdulnabi Salman regarding the anticipated impact of the tax on multinational projects operating in the kingdom. The minister highlighted Bahrain's participation in the Organisation for Economic Co-operation and Development (OECD) Inclusive Framework since 2018, alongside more than 140 countries, including GCC members. 'This initiative is part of global efforts to combat base erosion and profit shifting (BEPS), ensuring that profits are taxed where economic activities generating them take place,' he explained. 'By adopting the OECD's Pillar Two Model Rules, we are taking a proactive step to uphold international tax fairness, prevent revenue leakage and maintain Bahrain's reputation as a transparent and co-operative jurisdiction,' Shaikh Salman noted. Pillar Two establishes a global minimum corporate tax rate of 15 per cent for large multinational companies, applicable to firms operating in multiple countries and earning at least 750 million euros in revenues in at least two of the past four years. 'Implementing this tax prevents other countries from claiming taxes on profits generated in Bahrain,' Shaikh Salman said. Journalists were yesterday honoured at Parliament during a celebration to mark the Bahrain Press Day, which falls today, and the World Press Freedom Day, which was marked on Saturday. Celebrations were organised by MP Hamad Al Doy in the presence of Social Development Minister Osama Al Alawi and Parliament's financial and economic affairs committee chairman MP Ahmed Al Salloom. Earlier during the session, Parliament Speaker Ahmed Al Musallam read out a statement on both occasions. GDN Chief Reporter Mohammed Al A'ali was honoured for long time coverage of legislative work since its introduction in 2002. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Daily Tribune
03-05-2025
- Business
- Daily Tribune
Global tax local benefit
TDT | Manama An estimated BHD130 million will be added annually to Bahrain's exchequer, when the new 15% global minimum corporate tax comes into play in the Kingdom. Small and medium-sized enterprises (SMEs) in Bahrain will not be directly affected by the tax, as it targets only companies meeting the high revenue threshold. In fact, the policy could help level the playing field by reducing the advantage large multinationals may have gained through tax avoidance. The new tax, part of a global agreement led by the Organisation for Economic Co-operation and Development (OECD), targets multinational enterprises earning over Euro 750 million in at least two of the past four years. Around 300 major companies in Bahrain will fall under this tax regime, according to the Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa. He explained that the move, designed to plug tax revenue losses and curb global tax avoidance, aligns Bahrain with over 140 other countries — including fellow Gulf states — that have signed up to the OECD's global tax framework. 'This tax places Bahrain as a credible, investment-friendly country where companies are encouraged to grow their local presence and support employment,' said the minister. 'It also ensures the Kingdom meets its international commitments and keeps pace with other countries already implementing similar rules.' The decision comes after thorough assessments with international bodies, including the OECD and the International Monetary Fund, to understand its economic impact. By complying with international tax stand - a r d s , t h e Kingdom aims to attract high-quality foreign investment — particularly from companies looking to expand their operations in a compliant and transparent market. Shaikh Salman made the announcement in response to a question by First Deputy Speaker Abdulnabi Salman in parliament. He also thanked lawmakers for their continued collaboration and reaffirmed the government's focus on the goals of Bahrain's Economic Vision 2030.
