Bahrain's rights record reviewed -Kuwait fund sells stake in Citigroup

HELLO OK:
human rights strides in the era of His Majesty King Hamad were highlighted yesterday.

HRH the Premier stressed Bahrain's successes, paying tribute to His Majesty's recent decision to establish the National Human Rights Authority.

This came as Bahrain joins other nations to celebrate the anniversary of the Universal Human Rights Declaration.

"The move reflects Bahrain's firm resolve to further anchor the concepts of human rights", he said.

He was speaking as he chaired at Gudaibiya Palace the weekly Cabinet meeting. He stressed the government's keenness to protect and respect human rights.

He also pledged to continue encouraging human rights NGOs and comply with all international covenants.

In another development, plans to set up three food companies came under the spotlight. The move is in line with the Premier's directives to define the requirements of Bahrain's food security.

The first company will be specialised in aquaculture to meet people's demand for a certain fish species and ensure affordable and stable prices.

The second firm will be set up to ensure sufficient poultry supplies while the third will provide red meat supplies.

Industry and Commerce Ministry was yesterday instructed to co-ordinate with Municipalities and Agriculture Ministry to scrutinise the projects.

The session also stressed the importance of meetings and forums aimed at unifying the pan-Arab media unity.

"Modern media discourse can play a constructive role, in spearheading development and promoting unity", HRH the Premier said.

He also praised results of the Arab Media Leaders' forum, recently held in Bahrain under his patronage.

The Premier paid tribute to Bahraini women's pioneering role in her country's development and progress.

He also highlighted her active intellectual, political and cultural presence which, he said helped boost the country's status.

"Today Bahraini women are a successful example to emulate regionally and globally," he said.

He also paid homage to the Supreme Council for Women, chaired by Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, wife of His Majesty.

The session congratulated Haj pilgrims and praised the efforts of Saudi Arabia, led by Custodian of the Two Holy Mosques King Abdullah in ensuring a successful prilgrimage.

Services

The session highlighted the role of disabled people in all areas of national work.

It also stressed the resolve to continue efforts to enhance services for this vulnerable social category.

"More schemes will be launched to bolster their social integration and promote their participation in public life", Cabinet affairs Minister Shaikh Ahmed bin Ateyatala Al Khalifa said.

The session approved and referred the law on amending the Free Trade Agreement bonding Bahrain and the US to parliament.

It approved an agreement to avoid double taxation and fiscal evasion with Ireland.

It also gave the green light to an agreement on aviation servives between Bahrain and Ireland.

Oman banks unveil exposure of $77m :
Oman's top banks yesterday said they had a total exposure of $77 million to troubled conglomerate Dubai World, sending shares of most lenders down nearly six per cent.

The country's central bank governor said the exposure announced by three banks was "about the total" and there was no need to require local banks to book provisions for their exposure as it was not related to loans under restructuring.

"There will be no surprises," Hamood Sangour Al Zadjali told Al Arabiya television, referring to the exposure.

Muscat's bourse has asked all listed banks to disclose any exposure to Dubai World Group whether directly or indirectly.

"I don't think (Omani) banks are dealing in these instruments of Islamic banks," he said when asked whether part of the exposure was to Nakheel's Islamic bonds.

Bank Muscat, Oman's largest lender by market value, said it had 19.25m riyals ($50m) in exposure to a syndicated loan from the group, the biggest, which was fairly limited compared to other regional and international banks.

"These are regular loans and their due dates start in mid- next year," he said.

Bank Muscat's shares closed 5.9pc lower at 0.77 rials a share. Bank Sohar declined 3.5pc after it said its exposure was $4.3m. Both said their loans were being serviced.

Shares of National Bank of Oman, the third largest, fell 6pc after it said it had $22.6m of exposure.

Bank Dhofar jumped 9.7pc on thin volumes, after it said it had no exposure, while Oman International Bank and Ahli Bank also said they had no exposure.


Kuwait fund sells stake in Citigroup

Kuwait's sovereign wealth fund yesterday said it had sold its stake in US bank Citigroup, becoming the latest Gulf investor to sell foreign shares as markets improve.

Kuwait Investment Authority (KIA) transferred its preferred stocks to normal stocks and sold them for $4.1 billion. It made a profit of $1.1bn or a 37 per cent return on its initial investment.

KIA had invested $3bn in Citigroup in preferred stocks in January 2008.

It did not disclose the number of shares it had sold or what it planned to do with proceeds.

The fund, which manages state assets, has come under fire from some parliamentarians for investing $5bn in Citigroup and Merrill Lynch. Merrill Lynch has since been bought by Bank of America.

"Every sovereign wealth fund has its own agenda and plan for investments ... but one reason (for KIA's Citigroup stake sale) might be that the situation is better than before in the US and ... maybe investors can pull back their money," said Naser Al Nafisi, general manager for Al Joman Centre for Economic Consultancy in Kuwait.

In November, Qatar sold half its Volkswagen preference shares, cashing in on recent gains and raising around 1.5bn euros ($2.26bn) for possible deals.

The value of foreign assets managed by the KIA fell by about 9bn dinars ($31.58bn) in the nine months to December 2008, due to the financial crisis, two lawmakers said in February after a government briefing.

Since October 2008, KIA has reduced the exposure of its key Future Generation fund to global equities markets.






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