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Election condemned after opposition ban

“But the validity of these elections has been thrown into question by a ban imposed on opposition parties and a life sentence this month handed down to the opposition leader Sheikh Ali Salman, the secretary general of leading opposition political party, Al-Wefaq” writes Patrick Wintour for theguardian.com. Sayed Ahmed Alwadaei, director of the Bahrain Institute for Rights and Democracy, said: “Clearly, legislatures from the world’s leading democratic states believe that the upcoming election in Bahrain lacks legitimacy.Under these conditions, Bahrain’s elections cannot be recognised by the international community as free,…

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Bahrain minister backs boycott of Uber over Khashoggi case

“The Uber investment was the PIF’s first major deal in the technology start-up market, signaling its shift in strategy toward more aggressive and eye-catching foreign investments” writes Midwest Communications Inc for 95kqds.com. Uber’s absence carries a special sting, given both the size of the Saudi investment and its significance for the kingdom’s economic reform plans. Source: 95kqds.com Share This:

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Chepkoech smashes 3,000 steeplechase world record

“Chepkoech smashes 3,000 steeplechase world record Angelica Bengtsson from Sweden reacts as she competes in the women’s pole vault event during the IAAF Diamond League Athletics meeting at the Louis II Stadium in Monaco, Friday, July 20, 2018. (AP Photo/Claude Paris) MONACO (AP) — Beatrice Chepkoech of Kenya smashed the 3,000-meter steeplechase world record by more than eight seconds in 8 minutes 44.32 seconds at the Herculis Diamond League meeting on Friday” reports yahoo.com. Earlier, Olympic champion Shaunae Miller-Uibo of the Bahamas set a world-leading time of 48.97 seconds to…

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Bahrain sees ‘no glimmer of hope’ for ending Qatar crisis soon

“Bahrain sees no resolution in sight to a diplomatic row between Qatar and its neighbors, which cut diplomatic and trade ties with the tiny Gulf Arab state nearly a year ago” writes Photo Mark Runnacles for cnbc.com. Bahrain’s foreign minister said Qatar was prolonging the crisis by taking its case to Western allies, instead of dealing with it inside the Gulf Arab bloc.Saudi Arabia, the United Arab Emirates (UAE), Bahrain and Egypt severed travel and trade ties with Qatar last June, alleging it was backing Iran and supporting terrorism. Source: cnbc.com…

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Bahrain aims to emulate Norway when it comes to oil investment, Tamkeen chair says

“By pointing to Norway, Al Khalifa was referencing the oil-rich Nordic state’s sovereign wealth fund, which is the largest in the world” writes Natasha Turak for cnbc.com. The man leading Bahrain’s private sector development wants to emulate Norway’s model when it comes to oil, he told CNBC on Wednesday.Norway discovered oil after they industrialized, and started to use oil as capital.Established in 1990, the Government Pension Fund of Norway fund has been used to invest the country’s surplus petroleum revenues, putting that oil money to work. Source: cnbc.com Share This:

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We’re prospering despite the conflicts, Middle East ministers say

“In the past 50 years, this region has always been at war, whether it’s the Gulf War, the Israeli-Palestinian conflict, today it’s the Yemen war, this will go on” writes Holly Ellyatt for cnbc.com. Wars and conflicts in the Middle East are nothing new and the Gulf region has still managed to be a success, ministers and chief executives said during an investment forum in Bahrain. Source: cnbc.com Share This:

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‘Greed usually overcomes fear’ when it comes to investing in the Gulf, says Bahrain development head

“The forum is centered around discussions and workshops on the region’s economic transformation and investment opportunities, in Bahrain and beyond” writes Phil Weymouth Bloomberg for cnbc.com. “Greed usually overcomes fear, investors do a risk-reward analysis and they’ve always seen the reward,” Khalid Al Rumaihi told CNBC’s Hadley Gamble.Despite tumultuous events in the Middle East, the financial gains offered to investors usually trump concerns about the region’s stability, the chief executive of the Bahrain Economic Development Board (EDB) told CNBC Wednesday.Al Rumaihi’s comments come after President Donald Trump said the U.S.…

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Bahrain is betting on 80 billion barrels of oil to help clear its budget deficit

“A new, massive oil discovery in Bahrain could help the island kingdom dramatically improve its economic and fiscal strength, according to analysts at Moody’s credit ratings agency” writes Holly Ellyatt for cnbc.com. Like other Gulf nations, Bahrain is keen to diversify its economy away from oil, but revenues from oil exports still make up the bulk of government income.In early April, Bahrain’s Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa announced its biggest discovery of hydrocarbon deposits in decades, estimated to be at least 80 billion barrels of tight oil…

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The smallest oil producer in the Gulf needs a ridiculously high oil price to break even

“Bahrain has become a regular international borrower in a bid to stymie the decline in its foreign exchange reserves amid the oil price collapse” writes Irina Slav for businessinsider.com. Bahrain will need oil to trade at US$113 a barrel this year if it wants to break even, second only to Libya, which needs oil at US$132 a barrel to make ends meet.In 2019, the breakeven price for the tiny kingdom will be US$110.6, according to International Monetary Fund calculations.The numbers suggest that despite projections for positive GDP growth, Bahrain, like…

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