business bites Bahrainthismonth.com 58 December 2023 ALBA CLINCHES MAJOR INVESTOR RELATIONS AWARDS FOR 2023 A business forum entitled ‘Prospects of Cooperation for Sustainable Development between Italy and Bahrain: Introduction of the Italy-Bahrain Business Council’s Activities’ was recently held under the patronage of Minister of Industry and Commerce, HE Abdulla bin Adel Fakhro. The conference was hosted in collaboration with the Italy-Bahrain Business Council (IBBC), the Embassy of Italy in Bahrain, the Embassy of Bahrain in Italy, the Italian Trade Agency (ITA), and the Bahrain Economic Development Board (Bahrain EDB). The forum featured presentations with a focus on high-impact trade and economic bilateral opportunities between Italy and Bahrain, as well as potential areas of cooperation in the field of sustainable development. Bahrain and Italy share a robust history of economic and trade ties since several agreements, across a range of sectors, have been signed that include the protection of investments and the mutual exemption of taxes on sea transport. Bilateral trade, in 2020, amounted to USD634 million, while two years later in 2022 the total volume almost doubled, reaching USD954.8 million. Furthermore, over the past three years, the ITA’s Desk in Manama has assisted over 250 Italian companies and made it possible for over 100 Bahraini delegates to attend exhibitions and fairs in Italy. In the Bahraini import landscape, Italy ranks first for mechanical components, appreciated for its high-level technology and fashion — which imports have shown an increase of about 49 percent between 2021 and 2022 — and food imports doubled between 2020 and 2022, reaching an overall amount of about USD40 million. The main products exported from Italy have been industrial machinery, semi-finished products, furniture, and vehicles. From the Bahraini side, aluminium and chemicals have been the most exported categories to Italy. The Bahraini exports to Italy have increased overall by about 141,6 percent on a yearly basis. Approximately 130 Italian individuals play significant roles within the corporate landscape of Bahrain, either as members of the board of directors or as enterprise owners with the largest concentration of firms in the manufacturing sector. Aluminium Bahrain (Alba) has scooped two major awards: ‘Leading Corporate for Investor Relations (IR) in Bahrain’ and ‘Best Investor Relations Professional – Bahrain’, at the 2023 Middle East Investor Relations Association (MEIRA) Annual Conference and Awards. The MEIRA 2023: From ESG to Sustainable Capital Markets was hosted by Bahrain Bourse in collaboration with the Central Bank of Bahrain, and featured a diverse lineup of discussions and panels that explored the GCC market’s structure, growth potential, regulatory environment, and emerging trends, ESG landscape, and IR developments. Alba’s Chief Executive Officer, Ali Al Baqali, expressed their pride in being recognised as the top Investor Relations Lead Corporate in Bahrain. “Scooping this award for the 12th year in a row is a strong vote of confidence for everything we do in Investor Relations,” says Mr. Al Baqali. Alba’s Director of Investor Relations, Insurance & Corporate Secretary, Eline Hilal, was the recipient of the Best Investor Relations Professional – Bahrain Award, Eline Hilal. “I am incredibly humbled to receive this award as the top Investor Relations lead in Bahrain and the region for more than a decade” the director said. Eline Hilal was a key panellist on the topic of ‘Integrating ESG into IR’ at the Conference on November 13, alongside investment, sustainability and IR professionals from wellknown companies in the region. BAHRAIN-ITALY TRADE HIGHLIGHTED AT FORUM
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