www.bahrainthismonth.com business bites December 2021 45 As purchasing habits shifted offline to online and cash to non-cash following COVID-19, the payments industry subsequently suffered an impact far less severe than initially anticipated, according to a new report by Boston Consulting Group (BCG). The report, titled Global Payments 2021: All In for Growth, sheds light on how national markets will recover over the next decade, with growth set to be driven by newfound momentum – including in Bahrain. “When examining the recent economic recovery in Bahrain, the country’s payments industry has certainly played its part,” explains Mohammad Khan, Partner, BCG. “Changing consumers preferences and the emergence of various digital channels have been a key driver behind the industry’s contributions, with more fulfillment options, digital transaction processes, and empowerment through e-commerce made possible as a result.” In line with findings published in BCG’s 19th annual analysis of the global payments industry, Bahrain shares many commonalities with other regional and international geographies, including manageable revenue losses considering recent turbulence and optimistic projections for the future. From 2015 to 2020, national payment revenues increased by 23pc to USD256 million, and they could reach USD485 million by 2030. Furthermore, Bahrain has the potential to record sustained growth over the next ten years and beyond, with a forecasted compound annual growth rate of 6.6pc from 2020 to 2030. REVENUE OF PAYMENTS EXPECTED TO INCREASE TO USD 485 MILLION A PHENOMENAL GROWTH Zu’bi & Partners, Attorneys & Legal Consultants (Z&P), Bahrain’s oldest established and leading law firm with 100 years of legacy, and one of the region’s top tier law firms, with 50 years in Bahrain and the GCC, won three honours at the recently concluded International Financial Law Review (IFLR) Middle East Awards 2021 and another prestigious recognition from the IFN Awards, both held in Dubai, UAE. At the IFLR Middle East Awards 2021, the Firm won: National Law Firm of the Year for the Kingdom of Bahrain; Debt and Equity Linked Deal of the Year for its work advising Khaleeji Commercial Bank on its Additional Tier 1 Sukuk while Noor Al Taraif, an Associate of the Firm, was recognised as one of the Rising Star Lawyers of the Year. Similarly, the Firm’s expertise as a leading transaction advisor was highlighted in its win at the IFN Awards, held at the Ritz Carlton, DIFC Dubai. Accepted on behalf of the firm by Raghad Hammad, Partner, Z&P won Bahrain Deal of the Year linked to its work on GFH Financial Group’s USD300 million Sukuk. In its 15th year, the IFN Awards recognised the best and leading players in the global Islamic finance industry and their contributions in 2020. Arab Bank Group reported a net income after tax of USD271.7 million as compared to USD215.2 million for the same period last year, recording a growth of 26pc. Arab Bank consolidated the financial statements of Oman Arab Bank under its Group accounts increasing total assets by USD8.4 billion to reach USD63.7 billion compared to USD52.5 billion for the same period last year. Customer deposits grew by 24pc to reach USD46.6 billion, while loans grew by 28pc, to reach USD34.1 billion. The consolidation of Oman Arab Bank has materially increased customer deposits and loans by USD7 billion and USD7.5 billion, respectively. Chairman of the Board of Directors of Arab Bank, Sabih Masri, remarked that the solid results demonstrate the bank’s strategic directive to maintain sustainable growth despite the challenging environment. Arab Bank Chief Executive Officer, Nemeh Sabbagh said: “The Bank’s robust performance confirms its effectiveness in operating in a challenging economic environment with net operating income increasing by 6pc to reach USD856.9 million. The Group enjoys high liquidity and a strong capital base with a loan to deposit ratio of 73.1pc equity of USD10.4 billion, and a capital adequacy ratio of 16.8pc.” THE REGION’S TOP TIER LAW FIRM
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