South Korea and Bahrain have signed an agreement for the Avoidance of Double Taxation (DTA) to promote economic cooperation and joint investment between the two countries.

The agreement details the taxing rights of each country and provides for the elimination of double taxation on income which may occur as a result of cross-border economic activities between the two countries.

This agreement was one of the several agreements signed during a three-day state visit by a senior Bahrain delegation led by Crown Prince Shaikh Sulman Bin Hamad Al Khalifa, the Crown Prince of Bahrain and Chairman of the Economic Development Board (EDB), including representatives from the EDB, Bahrain Chamber of Commerce & Industry (BCCI), eGovernment Authority (eGA) and the private sector.

The delegation was visiting the South Korean capital as part of a roadshow to strengthen bilateral relationships between the business communities and to highlight opportunities for investment in the Kingdom.
Bapco launches smart fuel card ‘Sadeem’

Under the patronage of the Minister of Energy and Chairman of National Oil & Gas Authority, Dr Abdulhussain bin Ali Mirza, Bahrain Petroleum Company ‘Bapco’ has launched its new smart fuel card — Sadeem — during a ceremony held last week.

Sadeem is a personalised smart card for the payment of fuel in Bahrain’s service stations. “Sadeem card provides a high level of security, a quicker and more convenient and secure method of payment for fuel”. Through the card customers can now monitor and budget fuel consumption in the simplest and easiest way possible.

World Travel Awards honours Ritz-Carlton, Bahrain Hotel & Spa

The Ritz-Carlton, Bahrain Hotel & Spa has been recognised as ‘Bahrain’s Leading Hotel’ by The World Travel Awards 2012. The success brings the total number of World Travel Awards that the Ritz-Carlton, Bahrain has won over the past years to 16.

Mark Neukomm, general manager, says, “We are very proud that we have been acknowledged with this prestigious award. This honour recognises our ladies and gentlemen for their dedication to providing genuine care and comfort, and leading the way in aspects such as service excellence and guest engagement to create memorable Ritz-Carlton experiences every day.”
New 40% strategic investor for Hidd Power company

Investment agreements involving a new strategic partner in Hidd Power Company (HPC) have been signed at the Ministry of Finance between the Government of Bahrain and the Malaysian independent power producer Malakoff Corporation Berhad (MCB).

Through its subsidiary “Malakoff International Limited”, MCB has purchased 40 per cent of HPC, Bahrain’s power and water generation facility that emerged after the acquisition of Al Hidd Power and Water Station by an international consortium in 2006. The Minister of Finance Shaikh Ahmed bin Mohammed Al Khalifa commended the move and said it underlined the confidence attributed to the national economy and its capacity to attract further foreign direct investment, thanks to Bahrain’s status as a preeminent investment location in the region and a leading centre of financial, banking and business services. As part of its ongoing efforts to develop human capital in line with the Kingdom’s labour market demands,

Tamkeen launched the Warehouse Management Training and Employment Programme in partnership with Bahrain International Retail Development Centre (BIRD) to train 150 Bahrainis in the warehousing management field. Upon successful completion of the training the participants will obtain an internationally recognised qualification from the United Kingdom.

As part of this initiative, Tamkeen will grant BD 200 as a stipend during the 3 months of the training course and BD 200 as a wage subsidy for 9 months after successful completion of the programme.