Bahrain to IPO three companies by 2020 to boost government revenue

      Published on Wednesday, 21 November , 2018      955 Views     
Bahrain to IPO three companies by 2020 to boost government revenue

In line with its plan to boost government revenue, Bahrain will sell stakes in three logistics-related companies on its stock exchange over the next two years, according to the country’s transportation and telecommunications minister Kamal din Ahmed.

It aims to sell around 20% of Bahrain Airport Services, the operator of Bahrain International Airport, Bahrain Duty Free and the $1.1 billion new airport terminal, Ahmed told CNBC Arabia.

“As the main shareholder in these companies, we hope the other shareholders agree and we float a small percentage of about 20% of the companies on the Bahrain Bourse,” he said, adding that the IPOs will also encourage competition and transparency.

Bahrain, which has the smallest economy in the GCC,

revealed a series of reforms after it received $10 billion in aid from Kuwait, Saudi Arabia and the UAE in October to help steady its finances and prevent it from experiencing a credit crunch.

It also introduced a 33-page financial programme dedicated to eliminating its budget deficit by 2022.

It includes reducing public spending, improving efficiency in state expenditure, introducing a voluntary retirement scheme for government employees and implementing 5% VAT next year.

The country’s gross domestic product (GDP) rose 2.4% in the second quarter of 2018 compared to last year due to an increase in crude prices and growth of its non-oil private sector, according to the Bahrain Economic Quarterly Report produced by the Bahrain Economic Development Board.

Category Bahrain, Gulf News | 2018/11/21 latest update at 6:00 PM
Source : Arabian Business | Photocredit : Google
Comments Add comment

Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.

Sponsored Publications