ARABIALINK Daily News – Bahrain – Excerpts from International Media Reports
[Links to full articles were active on the date posted here]
Dubai Islamic Bank Faces Legal Fight in Bahrain [Jun 3]
“Dubai Islamic Bank PJSC, the emirate’s largest Shariah-compliant lender, faces a $651 million legal battle in Bahrain with four businessmen who it accuses separately of fraud in Dubai, legal documents show. Bahrain resident Charles Ridley and business partners Ryan Cornelius, Erin Nil and Arthur Fitzwilliam have filed a civil suit in Manama requesting a precautionary attachment order on 245.5 million Bahrain dinars ($651 million) of the Islamic bank’s funds held by the Central Bank of Bahrain, according to the filing. The Bahrain civil case comes after prosecutors in Dubai charged Mr. Ridley and his fellow plaintiffs in the Bahrain claim with alleged fraud of $501 million. A judge in Manama is scheduled to hear the request for an attachment on DIB’s funds in Bahrain on June 14. A spokesman for the partly government-owned Dubai Islamic Bank, or DIB, declined to comment on the case when called by Zawya Dow Jones. “We are of the firm opinion the court will pass its judgment in favor of our clients against the Dubai Islamic Bank,”..” [Complete Report]
Bahrain Posts an All-time Record Industrial Growth [Jun 3]
“Bahrain has posted an all time record industrial growth over the last few years. The contribution of the industrial sector in the Gross Domestic Product (GDP) stands at 17 per cent. “The performance builds on other landmark achievements in the era of His Majesty King Hamad”, His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Economic Development Board chairman said. Chairing the EDB executive committee meeting, he paid tribute to His Majesty for initiating the reform project which ensured Bahrain a quantum leap forward. He cited Bahrain’s legislative, political, economic and industrial development strides. He also urged more coordination with concerned parties in charge of carrying out industrial projects. “This would streamline the execution of projects to reflect our aspirations, growth momentum and soaring industrial investments”..” [Complete Report]
