Bahrain’s economic outlook remains positive


Jamal Al-Hazeem, left with Yousif Hassan Yousif and Eyad Sater after the opening of the BMI Bank Salmabad branch on Wednesday

Jamal Al-Hazeem, left with Yousif Hassan Yousif and Eyad Sater after the opening of the BMI Bank Salmabad branch on Wednesday
With the positive financials reported by the major banking institutions, the economic outlook of Bahrain is likely to be positive in 2013, thanks to the robust economic indicators, a top official at the BMI Bank on Wednesday, said.

Jamal Al-Hazeem BMI Bank Chief Executive Officer (CEO), on the sidelines of the opening of the bank’s latest branch in Sanad area, told reporters that ground indicators show that 2013 will be much better year in terms of progress and growth.

“We are expecting a major infrastructure development backed by the Government will usher in a new era of growth for each segment of the economy including banks. Unless something extraordinary negative development takes place, all is set for growth,” Al Hazeem.

Talking about BMI’s swinging back to profit after a lull of five year, Al Hazeem said that as of now the balance sheet was clear major provisions and the bank would continue to tread on the path of progress.

Earlier, BMI Bank opened its 10th full-service branch in Salmabad, to cater to its fast growing business and residential clientele in the area. The new branch which officially opened for business on 6th February 2013, was inaugurated by Yousif Hassan Yousif, Director – Banking Supervision Directorate, Central Bank of Bahrain along with the Bank’s Chief Executive Officer (CEO) Jamal Al-Hazeem in the presence of officials from the Bank, guests and members of the media.

Yousif Hassan Yousif, Director – Banking Supervision Directorate, Central Bank of Bahrain said that he was delighted to open BMI Bank’s 10th full service branch located strategically in Salmabad.

“The CBB will continue to extend full support to the Bank’s future endeavors. This new branch is a reflection of Bahrain’s prudent regulatory environment which promotes the continued growth and development of the banking and financial sector.”

“Salmabad boasts of a multitude of businesses, factories and several government housing projects currently underway which will lead to a significant influx of residential traffic within the area. With a new full-service branch in the rapidly developing area of Salmabad added to our growing portfolio of retail presence, we are well-positioned to effectively reach out to our customers across all key districts of Bahrain through our widest range of products and services that accommodates our customers’ busy lifestyles and caters to their discerning financial requirements,”
Jamal Al-Hazeem, the CEO of BMI Bank said.

“We remain committed to enhance convenience for our customers through our continuous branch network expansion which has driven BMI Bank’s growth in recent years in terms of offering value-added banking services with easy access to the local community. We would like to thank the Central Bank of Bahrain and our stakeholders for their constant support and cooperation to the bank.”

The new BMI Bank Salmabad branch will offer a comprehensive selection of advanced financial solutions which have been tailored for both individual and business customers to meet their banking requirements that fit in with their situations, budgets and financial goals. The full range of retail banking and wealth management services including loan and overdraft facilities, credit cards, deposit products, savings accounts and Ayadi savings scheme will be backed by a team of professionals with excellent customer service.

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