Bahrain All Share Index marks 2,037.84 points

Manama, Bahrain All Share Index has closed at 2,037.84 points, marking a decrease of 1.52 points below the previous closing. This decrease was due to the drop in the financial sector and the real estate sector. Bahrain Islamic Index has closed at 826.02 points, marking a decrease of 5.59 points below the previous closing. Results indicated that 82 equity transactions took place with a volume of 1,927,804 worth BD 344,290. Investors traded mainly in the financial sector, representing 59.97% of the total value of securities traded. Source: Bahrain News Agency

CBB Treasury Bills fully subscribed

Manama, This week's BD 70 million issue of Government Treasury Bills has been Fully Subscribed by 100%. The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain (CBB), on behalf of the Government of the Kingdom of Bahrain. The issue date of the bills is June 19 and the maturity date is September 18. The weighted average rate of interest is 5.94% compared to 5.89% in the previous issue on 5th June 2024. The approximate average price for the issue was 98.520% with the lowest accepted price being 98.481%. This is issue No. 2021 (ISIN BH000L612818) of Government Treasury Bills. With this, the total outstanding value of Government Treasury Bills is BD 2.110 billion. Source: Bahrain News Agency

Industry Ministry launches 2nd Edition of eCommerce Champion Overseas programme

Manama, The Ministry of Industry and Commerce launched the second edition of the eCommerce Champion Overseas programme. The programme was launched in cooperation with Export Bahrain, and the Bahrain Institute of Banking and Finance, with the participation of a number of private entities. The programme aims to support exports through eCommerce and contribute to the qualification and spread of companies and commercial institutions in this sector. It also aims to enhance the contribution of eCommerce to exports and push institutions and companies towards digital transformation. Maram Al Mahmeed, Director of Information Systems Directorate at the Ministry of Industry and Commerce, said that the first edition of the programme drew 78 participants who represented 43 companies and institutions. She noted that the programme will feature seminars on eCommerce and export, highlighting the experiences of leading companies in the sector, including the challenges faced and how they overcame them. The programme will al so cover the creation of a successful online store and the company's experience with exporting through eCommerce. Source: Bahrain News Agency

Tourism: Investment Volume Reached MAD 8 Bln by End 2023 (Minister)

Rabat - The volume of investment in the tourism sector reached 8 billion dirhams by the end of 2023, announced, on Tuesday in Rabat, Minister of Tourism, Handicrafts and the Social and Solidarity Economy, Fatim-Zahra Ammor. In terms of accelerating and developing investment in tourist accommodation and entertainment, well-known global brands are showing increasing interest in investing in Morocco, while regional development companies have been set up specifically for small and medium-sized businesses, and the 'Go Siyaha' program has been launched to support 1,700 tourism businesses, stressed Ammor in her reply to a question on the state of the tourism sector in Morocco, during the weekly session of oral questions at the House of Councillors. She also pointed out that Morocco has a clear vision for the tourism sector, aiming to reach 26 million tourists by 2030, with the launch of the 2023-2026 roadmap, backed by a budget of 6.1 billion dirhams, which is already beginning to bear fruit and is based on a new concept of tourism offering centered on the tourist experience through 9 thematic sectors and 5 cross-cutting sectors. To implement this roadmap, 7 regional contracts have been signed to date in the regions of Fez-Meknes, Beni Mellal-Khenifra, Tangier-Tetouan-Al Hoceima, Draa-Tafilalet, Dakhla-Oued Eddahab, Souss-Massa and the Eastern region, in addition to the development of 5 contracts for the other regions, she added. After just 14 months of implementing the roadmap, the Minister reported that significant progress had been made, including the launch of the 'Morocco, Land of Light' promotional campaign on 20 world markets, a 22% increase in the number of air transport seats by 2023, and the signing of a partnership with Ryanair to open up several regions, including the opening of 24 international and 11 national air routes. Source: Agence Marocaine De Presse

Peaceful Uses of Nuclear Energy: Morocco’s Experience Highlighted in Washington

Washington - Morocco's ambassador to the United States, Youssef Amrani, on Monday took part, in Washington, in a meeting chaired by U.S. Under Secretary of State for Arms Control and International Security, Bonnie Jenkins, on the the Sustained Dialogue on Peaceful Uses of Nuclear Energy, Science and Technology (SDPU). During this meeting held at the State Department, Mr. Amrani welcomed efforts made within the framework of the SDPU initiative, "an important platform and a precious partner" for scientific and technological cooperation in several key sectors, particularly water, environment, food and health. The diplomat stressed that the objectives of this initiative are in line with Morocco's national priorities set out in the New Development Model, as well as with the Kingdom's commitments to the Sustainable Development Goals (SDGs). The ambassador said in this regard that Morocco takes part in activities related to SDPU in particular through its competent agencies, namely the National Center for Energy a nd Nuclear Science and Technology (CNESTEN) and the Moroccan Agency for Nuclear and Radiological Safety and Security (AMSSNuR). Since joining the IAEA in 1957, Morocco has introduced nuclear techniques for peaceful uses in various sectors and has benefited from the IAEA's effective cooperation and support, including through training, expertise and the acquisition of cutting-edge equipment, he added. AMSSNuR and CNESTEN are both recognized, at the regional and continental levels, as centers of excellence in capacity building, training and technical support, in addition to their regulatory missions in this area, the ambassador pointed out. Regarding the support provided by Morocco to African countries in this area, the diplomat expressed the Kingdom's readiness to promote triangular and multilateral cooperation initiatives, involving on the one hand the SDPU and the IAEA, and on the other the Member States concerned. Such partnerships would further strengthen knowledge and expertise in this important area a cross Africa, Mr. Amrani underlined. The SDPU aims to expand the conversation on peaceful uses of nuclear technology and identify opportunities for enhancing access to such technology in a manner guided by the interest of those engaged in the dialogue. With a participant-driven approach, the program brings together diverse stakeholders including national policy makers, the private sector, and the broader international development community. Source: Agence Marocaine De Presse

Bahrain All Share Index marks 2,039.37 points

Manama, Bahrain All Share Index has closed at 2,039.37 points, marking a decrease of 0.56 points below the previous closing. This decrease was due to the drop in the consumer discretionary sector, the financial sector and the consumer staples sector. Bahrain Islamic Index has closed at 831.60 points, marking a decrease of 2.54 points below the previous closing. Results indicated that 62 equity transactions took place with a volume of 1,148,804 worth BD 265,348. Investors traded mainly in the financial sector, representing 48.95% of the total value of securities traded. Source: Bahrain News Agency

Morocco Participates in 175th FAO Session in Rome

Rome - The 175th session of the Food and Agriculture Organization (FAO) of the United Nations commenced on Monday in Rome, with Morocco actively participating. The session, which runs until June 14, addresses key issues related to global food security and agricultural initiatives. Morocco's delegation is led by Ambassador Youssef Balla, the Kingdom's Permanent Representative to the UN agencies in Rome. The team includes Redouane Arrach, Secretary-General of the Ministry of Agriculture, Maritime Fisheries, Rural Development, and Water and Forests; Abdellah Larhmaid, Deputy Permanent Representative; and Reda Ayouch, Director of Strategy and Statistics at the Ministry of Agriculture. During the session, the Moroccan delegation underscored the significance of the 33rd FAO Regional Conference for Africa, which took place in Rabat from April 18 to 20, 2024. They lauded the outcomes of the conference, highlighting it as a pivotal platform for African nations to reaffirm their commitment to sustainable agricultural growth and to bolster the FAO's role in this endeavor. As the newly appointed President of the FAO Conference for Africa for the next two years, Morocco emphasized the collective dedication of African countries to contribute to agricultural development in alignment with the Sustainable Development Goals (SDGs) and the 2030 Agenda. The Moroccan delegation also called on the FAO to enhance its partnership with African member states to optimize their efforts, particularly regarding the implementation of the post-Malabo action plan within the Comprehensive Africa Agriculture Development Programme (CAADP). The 175th FAO Council session will tackle critical topics, including global food security challenges, the effects of geopolitical events on food systems, and the execution of regional agricultural initiatives. The FAO Council, consisting of 49 members including Morocco, serves as the executive arm of the United Nations Food and Agriculture Organization, overseeing the implementation of its programs and polic ies. Source: Agence Marocaine De Presse

CBB Sukuk Al-Salam Securities oversubscribed 119%

Manama, The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al-Salam Islamic securities, has been oversubscribed by 119%. Subscriptions worth BD 51.120 million were received for the BD 43 million issue, which carries a maturity of 91 days. The expected return on the issue, which begins on June 12 and matures on September 11, is 5.92% equivalent to the previous issue on May 15. The Sukuk Al-Salam are issued by the CBB on behalf of the Government of the Kingdom of Bahrain. This is issue No.278 (BH0009230317) of the short-term Sukuk Al-Salam series. Source: Bahrain News Agency