Al Baraka Banking Group B.S.C (ABG) and Al Baraka Islamic Bank B.S.C (C) (ABIB) have announced that they provided their main sponsorship of the Bahrain-Egypt Expo, which will be held from 16-18 May at the Bahrain International Center for Exhibitions and conferences under the patronage of His Royal Highness Prince Khalifa bin Salman Al Khalifa, Prime Minister and organized by the Bahrain Chamber of Commerce and industry and supported by the Ministry of industry, trade and Tourism, Bahrain Tourism and Exhibitions Authority, Bahrain Bourse and the Bahrain Authority of Culture and Antiquities.
On the occasion, Mr. Adnan Ahmed Yousif, Board Member and President & Chief Executive of Al Baraka Banking Group, said: "Based on the importance of the historical and deep relations between the Kingdom of Bahrain and the Arab Republic of Egypt, we are keen to do everything in our power to promote and develop these relations in all fields. Given also our wide existence in the Egyptian market, which is witnessing a remarkable boom, since 37 years, through our banking unit there, Al Baraka Bank Egypt, we are very pleased to provide the main support and sponsorship of the Bahrain-Egypt Expo, which we all look forward to its success and achieving its goals in diversification of trade and investment relations between the two brotherly countries."
For his part, Mr. Mohammed Isa Al Mutaweh, Board Member and Chief Executive Officer of Al Baraka Islamic Bank said "We at Al Baraka Islamic Bank are pleased to sponsor the Bahrain-Egypt Expo and look forward to the success of the exhibition as it makes a strong contribution to strengthening the brotherly relations between Bahrain and Egypt. It is our responsibility to support all that contributes to the progress of the Kingdom's economy, especially through the development of trade and investment relations with its sisters from the Arab countries, and we have strong ties with the Egyptian market, and are looking forward to further enhance our joint work and cooperation with our partners there.
The Bahrain-Egypt exhibition aims at increasing the volume of trade between the Kingdom of Bahrain and the Arab Republic of Egypt to meet the aspirations and ambitious of both sides, as well as creating investment opportunities, commercial and investment partnerships and alliances especially in view of the Bahraini market's geographical location in the heart of the Arabian Gulf to enter into the Gulf markets, the existence of attractive laws and legislation to attract various foreign investments, and the incentives and facilities offered by the Arab Republic of Egypt for investors in promising projects in Egypt.
It is expected that the major companies and many of the major economic ministries, institutions and bodies in Egypt and Bahrain will participate in the Expo pavilions, which will attract senior officials in the Kingdom, businessmen and representatives of major companies from the Bahraini and Egyptian sides. It will also include many important economic and investment sectors including industrial, financial and investment, pharmaceutical and medical, traditional and therapeutic tourism, real estate and engineering, textiles and carpets, furniture, food industry, jewelry and other business sectors.
Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor's at BB+ (long term) / B (short term).
Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of Al Baraka is US$ 1.5 billion, while total equity is at about US$ 2 billion. The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in fifteen countries, which in turn provide their services through over 700 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya.