MANAMA // Bahrain's stock exchange is considering a tie-up with another bourse to halt a decline in liquidity, the market's director says.
Low levels of trading have long afflicted the Bahraini market, the second-smallest in the Gulf after Muscat, but volumes have declined further recently with the unrest that has closed most of Manama's financial district and dampened investor confidence across the region.
"It will be important to bring in a strategic partner but all the options are open right now," said Fouad Rahman Rashid, the director of the Bahrain Bourse. "We have to find ways to see an improvement in liquidity [and] we are addressing this."
Mr Rashid said the market was dominated by big companies who look at long-term investments rather than daily trading.
Unlike some regional markets that are skewed towards retail investors, the Bahrain Bourse is made up mostly of institutions including family offices that tend to buy and sell shares infrequently and in large blocks.
Mumtalakat, the state-owned investment fund, is one of these shareholders and has US$9.5 billion (Dh34.89bn) in assets under management, with shares in some of the biggest companies, including Aluminium Bahrain (Alba), Gulf Air and Bank of Bahrain.
The few individual traders on the Manama market also hold on to shares tightly , said Anthony Mallis, the chief executive of Securities & Investment Company, Bahrain's largest listed brokerage.
A consolidation of all the region's stock exchanges would be one way of addressing the lack of liquidity, Mr Mallis said.
"The opportunities are glaringly obvious," he said, adding that floating shares of large government organisations could also increase trade.
"The nature of investors here is to stuff it under the mat," he added. "That has been a problem for a long time. But it's about floating the right amount at the right time."
Last year, Alba priced its initial public offering on the Bahrain market at the bottom of the proposed range after it drew just enough buyers to cover the listing.
Regional investors cited a lack of liquidity as one reason for the lukewarm response.
Of the 40 companies listed on the exchange, shares in only six companies were traded yesterday.
Despite the unrest, Bahrain's all-share index has fallen by only 3.7 per cent in the year so far. Local institutions own 55 per cent of the Bahrain stock market, while non-Bahrainis, of which most are from the GCC, own 45 per cent.
In January, Bahrain's exchange went a step towards becoming an independent company when it announced plans to devolve its management to the private sector.
fhalime@thenational.ae
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Zayed Sustainability Prize
Royal Birkdale Golf Course
Location: Southport, Merseyside, England
Established: 1889
Type: Private
Total holes: 18
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
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UAE release: January 31
THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
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Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
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Fuel consumption: 9.1L/100km
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