The two sides discussed creating an appropriate environment for the private sectors to meet and open up promising perspectives for trade exchanges and joint investment ventures.

They also explored the possibility of launching negotiations to sign a series of economic agreements and draw up the required legal framework. Talks focused on the global economic situation and the emerging indices which reveal the possibility to overcome the downturn.

The event introduced the EMC-VMWare 'Private Cloud Computing' which is a method of storing data and computer resources on virtual (Internet-based) hardware.

This new technological development benefits business in that they do not need to invest in hardware, software and services.

Instead companies only pay for the virtual services they use.

Gulf-based speakers from EMC also delivered presentations on various recent technological advancements, services and products.

Al Hilal Group general manager Geoff Milne and Hilal Computers general manager Hardy Koshy spoke at the event.

Inovest earned a net profit of $11.3 million last year compared to $91.2m in 2008.

Shareholder equity stood at $238m last year, compared to $253m in the previous fiscal year, and earnings per share were 4.3 cents compared to 35.1 cents in 2008.

"Either directly, or indirectly, institutions across the board have seen and felt the repercussions of the crisis on their bottom lines," said chairman Samir Yacoob Al Nafisi.

"With consideration for this, we are especially pleased with our performance and ability to be amongst the exceptional few who made this year a profitable one.

"This we accredit to a sound and duly conservative business approach for selecting and structuring investments, and also to our corporate direction of diversification in strategic sectors."

"Beyond performance, 2009 has also been a year of significant and strategic change for Inovest," he said.

"With the official corporate launch as a category one investment company at the start of the year, we were able to open up and access a number of new business fields and investment venues.

"Inovest has accordingly made leeway in industries such as manufacturing, healthcare, pharmaceuticals, and oilfield services in addition to real estate as a tried and tested sector."

Vice-chairman and managing director Ahmed Rashid Al Qattan said the group's structural transformation was a gateway to new sectors and business ventures, and to the development of the company's resources in order to fulfil the potential of these new activities.

"Inovest introduced its inaugural non-real estate initiative last year, a manufacturing plant in Bahrain Investment Wharf (BIW) to produce water filters with innovative and pioneering US technology for worldwide sale," he said.

"Inovest, of course continues to benefit from real estate activities through Tameer's focus on development and real estate services. In this regard, Tameer's various projects continue to follow the successful path to which investors are accustomed.

"Construction at Tameer's Estiqlal Avenue buildings is underway. On the real estate services side, Tamcon Contracting saw a fruitful year on both development and financial fronts, despite its newcomer status."

The 2009 poll award from Islamic Finance News, a specialised Islamic finance magazine, is a reaffirmation of GBCORP's strategic business initiatives in diversifying its investment portfolio and putting in place strong risk mitigation measures to safeguard its investments against future challenges and address the aspirations of all stakeholders.

"We take pride in adding this acclaimed award to our portfolio of achievements as a leading investment bank in Bahrain," said GBCORP managing director Abdul Rahman Mohammed Al Jasmi.

"The fact that the award came as a result of a 2009 poll gives us more leverage as it reflects industry perception and acknowledges our efforts in making a positive turnaround amidst the ongoing economic crisis."

The fifth annual IFN poll results came after 2,657 votes were cast over a month-long period.

GBCORP has been a client-centric bank, said GBCORP head of investment banking Ahmed Al Khan.

"Since the economic climate deteriorated, we have focused on keeping our investors informed and updated on all investments that they had made through us, ensuring total transparency. Investors have benefited from our consolidated efforts on risk mitigation measures in compliance, operational, financial and strategic risk."

BIC acting chief executive officer Shaikh Salman bin Isa Al Khalifa and Batelco chief executive Bahrain Gert Rieder signed the new deal at Batelco's Hamala headquarters yesterday, ahead of this year's Gulf Air Bahrain Grand Prix 2010, which begins on Friday.

"We would like to take this opportunity to highlight the importance of Batelco's continued presence as part of the BIC family to help activate the community partnership in order to promote motor sports in the Middle East and highlight the importance of championships hosted by the kingdom, as well as its sport, social and commercial returns," said Shaikh Salman.

"In our role as official telecommunications partner of the BIC, Batelco continues to deliver end-to-end communications solutions for all events at the circuit, including the annual Grand Prix," said Mr Rieder.

"We are committed to ensuring that participants and guests at the circuit, can remain in contact efficiently and effectively with friends, colleagues and the media via our modern next generation.

CDN Bahrain is an integral part of CDN's growth in the region and will strengthen its position as a premier supplier of integrated ICT, smart building and security solutions in Bahrain.

The role of this newly-opened branch will be to boost the presence of the company in Bahrain and in the region.

"This new addition to our branches across the region comes just at the right time and the right place" said a senior CDN official.

"We consider the opening of Bahrain office as a step forward in our company's vision to more rapidly and affordably meet the needs of our clientele."

By the year end a total of 14,137 people were employed in the sector compared with 13,922 at the end of 2008.

The main driver of job growth was the non-bank financial sector, including insurance firms, money brokers, money changers, investment advisory businesses, capital market brokers and the Bahrain Stock Exchange, which added 851 new jobs, an increase of 19.6pc, taking the number to 5,191 employees.

Job growth in the insurance sector hit 10.6pc to 1,524 from 1,378 in 2008.

The banking sector underwent a slight decrease in employment.

Total employment reached 8,946 compared with 9,582 at the end of 2008.

According to the annual survey conducted by the Central Bank of Bahrain (CBB), the Bahraini workforce employed by the financial services sector reached 9,313 last year, a slight increase of 30 jobs over the 2008 figure of 9,283.

"These figures are a testimony that despite the global financial crisis, the Bahraini financial services sector was able to continue to create additional jobs during the year," a CBB spokesperson said.

"This reflects the successful implementation of the CBB's policy in ensuring a well-diversified financial sector and in bolstering non-bank financial services in a way that provides for balanced development of this sector and limits the impact of the changing economic cycle."

The new company, BDP Kanoo Chemical Logistics, will be based in Dammam, Saudi Arabia.

Financial terms of the agreement between the two privately-held companies have not been disclosed.

Kanoo was one of the first shipping and logistics agencies in Saudi Arabia and has grown to become one of the largest privately-held regional conglomerates in the Middle East.

BDP, which is headquartered in Philadelphia, US serves nine of the world's top ten multi-national chemical producers, as well as hundreds of others through a global network of wholly-owned offices, joint ventures and affiliates in more than 120 countries.

Kanoo is a charter member of the BDP Global Network.

"The establishment of this joint venture will provide the services needed for the region to fulfil its vision of economic diversification and adding more value downstream in the hydrocarbon industries," said Kanoo Freight chairman Fawzi Ahmed Kanoo.

"With the emergence of the Middle East as a global logistics hub, customers in the chemical and petrochemical sector place a great deal of importance on reliable on-time supply, and BDP Kanoo is designed to focus on delivering or exceeding these expectations."

"With significant investments in the downstream petrochemical industries and an abundance of feedstocks, the Middle East, and Saudi Arabia in particular, is becoming the epicentre of the global petrochemical industry," said BDP president and chief executive officer Richard J Bolte.

"We have a substantial base of clients operating in the region, who stand to benefit from our strong presence in the global chemical and petrochemical sector, complemented by Kanoo's deep expertise in regional and local trade and regulatory practices."

According to World Trade Organisation figures, Saudi Arabia's petrochemical exports topped $14 billion in 2008.

While petrochemical production was down 12 per cent in North America and 6pc in Europe last year, Middle East production grew 14pc, a trend which is forecast to continue.

Industry analysts forecast that within 10 years, the Middle East will account for approximately 75pc of the world's petrochemical exports, led by Saudi Arabia. business@gdn.com.bh

It earned $28.6 million for its first period of operations from September 15 2008 to the end of last year.

Total revenues for the period was $34m, including fee income of $30.3m from arranging transactions and managing portfolios for clients, while profits from proprietary investments contributed $3.7m.

Total operating expenses for the period, which included one-time initial set-up costs, amounted to $5.4m.

"We commenced our business at a time when the world was gripped by the worst financial crisis in a century," said chairman Abdulgabbar Hayel Saeed.

"In spite of some difficult challenges, we are extremely pleased with our performance.

"The company has achieved outstanding results due to its ability to source superior investments for its clients, who have vested their deep faith in our abilities."

Tadhamon Capital's vision is to become a leading financial institution that promotes Islamic finance on a global level by providing its investors with attractive, diversified and innovative Sharia-compliant solutions.

During its first period of operations, the company successfully arranged major property acquisitions and development projects in Saudi Arabia and other GCC and North African countries.

It has recently launched a regional equity fund to invest in listed stocks, and will shortly be launching a sukuk fund and two other private equity funds. Client assets managed by the company have already exceeded $600m.

"Our specialist team discerningly identifies and evaluates attractive investment opportunities based on a solid understanding of the market, strong fundamental research and analysis, and extensive experience which we can offer to local and regional investors with greater ease of access to a wide range of markets," said chief executive officer Waleed Rashdan.

Tadhamon Capital is a 100 per cent owned subsidiary of Tadhamon International Islamic Bank which, in turn, is majority owned by Hayel Saeed Anam & Company Group, with Qatar Islamic Bank also a prominent shareholder.