SUNDAY, JANUARY 24, 2021 05 Real estate market bounced back in H1, 2020

national economy. 808,934,154 in 2019. forcing precautionary measures, The volume of real The sector jumped “about 14% Shaikh Salman said that and providing the appropriate • and 20% in the third and fourth the results are positive, given environment to ensure the con- estate trading in the Positive results quarters, respectively.” the exceptional circumstanc- tinuity of vital economic sectors, Kingdom decreased by attained in the The figures are according to es created by the spread of the which contributed to their rela- 11% to BD 717,436,872 second half were the the latest data released by the novel coronavirus (COVID-19) tive stability.” in 2020, from BD fruitful outcome of Survey and Land Registration pandemic and its economic He said the adoption of digital 808,934,154 in 2019. the measures taken Bureau (SLRB) President and impacts. work had played a role in facil- by the government Board of Directors Chairman “Positive results attained in itating transactions during such to support the of the Real Estate Regulatory the second half were the fruitful conditions. TDT | Manama Authority (RERA), Shaikh Sal- outcome of the measures taken He further affirmed that the economic activities, man bin Abdulla bin Hamad Al by the government to support Kingdom’s real estate sector ahrain’s real estate sector in general, and the Khalifa. the economic activities, in gen- boasts an investment-attract- had bounced back during real estate sector, in He, however, said that the vol- eral, and the real estate sector, in ing environment, thanks to laws Bthe second half of 2020, particular ume of real estate trading in the particular,” Shaikh Salman said. protecting the rights of dealers, despite pains inflicted by the SHAIKH SALMAN BIN ABDULLA BIN Kingdom decreased by 11% to “The government was keen and the support of the govern- coronavirus pandemic on the HAMAD AL KHALIFA. BD 717,436,872 in 2020, from BD to strike a balance between en- ment.

AUB launches MyHassad 2021 with 4 grand prizes Japan ‘Financial Market Entry of US$1 Million each Office’ starts services in English TDT | Manama TDT | Manama economic growth rates in Japan. hli United Bank has an- “We hope the initiative to Anounced the 2021 Cash or businessmen and compa- use the English language for Prize structure of MyHassad, Fnies wishing to invest in the We hope the the first time in the “Japanese Bahrain’s longest-running sav- Japanese economy, the language initiative to use the financial market entry office” ings scheme. The revamped is no longer a barrier. English language would establish a starting point edition is set to make no less The Japanese Embassy in Ma- for the first time towards more opportunities than four millionaires this nama has announced it is now and experiences in the finan- year, along with many more providing all its services related in the “Japanese cial sectors in both Bahrain and winners every month. to “Japanese Financial Market financial market Japan,” Dr Waheed Al Qassim, With a US$1 million grand Entry Office” in English. entry office” would CEO of the Bahrain Association prize every three months, Ahli The office is a single point of establish a starting of Banks (BAB). United Bank is going to make contact for all financial com- The virtual session discussed Suvrat Saigal point towards more more millionaires this year. panies wishing to invest in the opportunities and cooperation between the finan- Additionally, four winners Deputy Group Chief Execu- Japanese market. experiences in the cial and banking sectors in Bah- will take home prizes worth tive Officer – Retail Banking, The announcement came rain and Japan, the initiatives US$100,000 each. Total of 400 “For 2021, based on market during a remote session hosted financial sectors in of the Japanese government to winners will also take home research and customer feed- by the Bahrain Association of both Bahrain and boost its financial market, and US$1,000 each as part of the back, we decided to enhance Banks (BAB) with the Japanese Japan attract more businessmen and monthly draws. the number of Grand Prizes to Embassy in Manama. DR WAHEED AL QASSIM, CEO OF THE professionals. This marks the second con- bring more customers’ dreams The Japanese side pointed BAHRAIN ASSOCIATION OF BANKS Bahrain and Japan started in secutive year where Ahli Unit- to reality.” out that the development of this (BAB) 1934 with the first oil shipment ed Bank overhauls MyHassad. Every BD 50 held in a My- office’s work is part of the Jap- then the formal relations kicked MyHassad remains open to Hassad account for 15 days or anese government’s range of Japan into a global financial and contributes to creating new off between the two countries both the citizens and residents longer entitles customers to initiatives aiming to transform centre in Asia and the world, job opportunities and increases in 1971. of Bahrain and the prize pool enter the draws. The chanc- will be exclusive to the King- es can be doubled when the dom. balance is held for 3 months “MyHassad is the centre- and tripled when held for 6 piece of our retail customer months. There are no caps on journey, and as such, it is al- the number of entries a cus- Investcorp launches inaugural ways special seeing custom- tomer can earn; the more a ers’ dreams getting fulfilled. client deposits, the higher his/ We continue to enhance the her chances! “House View” on credit markets product based on customer Since its inception, over needs and work on ways to en- 17,800 MyHassad customers sure our customers are amply have taken home over BD 70 January 2021 negatively impacted by COV- Key insights highlighted in the report, include: rewarded.” said Suvrat Saigal, million in cash prizes. ID-19 and have been offset by significant fiscal and monetary support. Looking ahead, we * Global economic momentum slowed during the fourth quarter expect there will continue to of 2020 due to rising COVID-19 cases, but the impact has been more be significant volatility across limited compared to the initial lock-down in the spring of 2020. UIC names Maysa Al Kooheji markets, but we also believe that * US and European markets have been significantly “risk-on” following this will create opportunities for General Manager INVESTCORP CREDIT MANAGEMENT skilled active managers to cap- the November vaccine news. GLOBAL CREDIT ture value as portfolios are re- * In US credit, high yield spreads tightened over 140 bps over the final HOUSE VIEW balanced amidst the recovery.” two months of the year with yields recently sitting at an all-time low of Philip Yeates, Head of Euro- 4.57%. pean Credit Funds at Invest- * US high yield returned 5.48% in 2020. Leveraged loans returned Dear Investors and Friends, Welcome to the inaugural Investcorp Credit Management House View. This quarterly note discusses the corp commented, “While we events over the past quarter and based on our insight into both the US and European credit markets 2.78% in 2020, an exceptional recovery from the (19.76%) YTD returns and offers our views as to the market dynamics we expect to see in Q1 2021. are encouraged by the improv- at the March nadir. ing overall macro outlook and TDT | Manama credit fundamentals entering * Credit fundamentals and loan market technicals remain strong in 2021, we recognize the various the US. The market technical continues to be supported by strong CLO nvestcorp yesterday released challenges and uncertainties formation, an increasing pace of prepayments, a restrained supply of Iits inaugural “House View” that could emerge and lead to new issue loans and expectations for continued Fed support and fiscal Maysa Al Kooheji Sameer Al Wazzan on the state of global credit mar- periods of volatility.” stimulus from the new administration. kets. “We expect improving credit * European leveraged loans have extended their nine-year record of TDT | Manama Manager and has now been ap- The report analyzes the re- fundamentals and decreasing positive annual returns in 2020 and are poised to benefit from several pointed to the position of GM. cent performance of US and default rates in the US as the technical tailwinds, including: a pronounced structural supply deficit, nited Insurance Company Commenting on the ap - European credit markets and economy recovers from the led by subdued primary issuance and continued new CLO issuance. U(UIC) has announced the pointment, UIC Chairman provides an outlook for key ex- pandemic resulting in credit appointment of Maysa Al Koo- Sameer Al Wazzan said, “The pectations in 2021. spreads tightening further,” * However, European market fundamentals are facing significant heji as General Manager (GM). appointment of Al Kooheji “Credit markets once again said David Moffitt, Co-Head pressure and uncertainties from the COVID-19 pandemic and the related Al Kooheji has over 12 years brings a wealth of youth expe- demonstrated their resiliency in of US Credit Management at lockdown measures to contain the virus. of experience in the insurance rience and skills to the compa- 2020, staging an extraordinary Investcorp. “We further expect * The report predicts European default rates will remain relatively and reinsurance sector. ny’s management team, which recovery following the market loan issuance to increase from elevated through 2021 and the over reliance of European markets She started her career in is something the Board of Di- rout last March and highlight- depressed levels in 2020 driv- on Central Bank stimulus poses significant medium-term risks as the Arab Insurance Group (ARIG) rectors looks forward to to im- ing the need for disciplined and en by a significant recovery in support is eventually reduced or removed. and occupied different posi- prove workflow and keep pace active portfolio management,” M&A and LBO activity. Demand tions in Globemed Bahrain. with modern technology and said Jeremy Ghose, Global Head for loans will be driven by a tively attractive loan yields and this link: https://www.investcorp. Al Kooheji joined UIC in modern challenges. We wish of Investcorp Credit Manage- strong anticipated recovery in the rate protection afforded by com/investcorp-credit-man- April 2017. She was holding her all the best and success in ment. “Overall, defaults have CLO issuance and by high yield floating-rate assets.” agement-house-view-on-cred- the position of Deputy General her new position”. been focused on sectors most crossover buyers drawn to rela- To read the report in full use it-markets.