Plans of setting up a $326 Million unit in Syria, Bahrain's Gulf Finance House intends to come up with Islamic investment bank in order to elevate revenues in a banking market which is almost unused.

This investment bank is intended to get fee income in a year. Local investors will fund 10% while GFH along with other financial bodies will offer 60% of funds for the budding bank. It was stated that Approval from the Central Bank is anticipated and the remaining 30% of Syria Finance House in an IPO will be proposed to the public.

His Majesty King Hamad bin Isa Al Khalifa of Bahrain has expressed shock over the sudden demise of Shaikh Mubarak bin Mohammed Al Nahyan, father of Shaikh Nahyan bin Mubarak, Shaikh Hamdan bin Mubarak.

In his condolence message to President His Highness Shaikh Khalifa bin Zayed Al Nahyan on Friday, he termed Al Nahyan as a visionary and a great leader.

Today, His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa expressed his happiness for Bahraini competencies in economic, industrial and educational fields. He said at his court today, in the presence of senior officials, scholars and clerics that they are used to such boundless dedication for the sake of the nation and its prosperity.

During the first Bahrain International Air Show (BIAS), SALES agreements worth over $1 billion (BD378 million) were signed.

The grand three-day show at the Sakhir Airbase, which ended on Saturday, was attended by some 30,000 visitors.

Farnborough International Limited (FIL), which coordinated the event in partnership with Civil Aviation Affairs for the Kingdom of Bahrain, released the figures.

Saturday witnessed the conclusion of the inaugural Bahrain International Airshow 2010, organized by Civil Aviation Affairs of the Kingdom of Bahrain.

Bahrain-based Islamic investment bank- Global Banking Corporation (GB Corp) has acquired 11 per cent stakes in GSM service provider S Tell through Batelco Millenium India Company (BMIC) which already owns a 42.7% stake in the telecom firm. The move helped S Tell promoted by C Sivasankaran to raise $50 million which would be used for enhancing its telecom operations.

The Sakhir airbase where the inaugural function of Bahrain International Air Show was held is ready for a new Formula One role for turning Bahrain as a leading player in the aviation sector.