CNBC Arabiya Bahrain News Bureau inaugurated by Bahrain's Minister of Information

CNBC Arabiya Chairman and CEO Zafar Siddiqi praised Bahrain for its pioneering role in the region's financial sector. "Truly Bahrain has led the way in building the financial services sector in the Middle East and continues to inspire and innovate," Siddiqi said, citing Bahrain's role in introducing commercial banking to the Middle East in 1920, in building one of the first capital markets in the region, its early and continued support for the development of Islamic banking and its ground-breaking work in supporting micro-enterprise. Siddiqi mentioned the Bahrain Financial Harbour, Durrat Al Bahrain and the Micro-Start project to develop a micro-finance delivery system as key points of interest for CNBC Arabiya. "Bahrain's massive investment in bringing Formula One racing to the Middle East has become a catalyst for infrastructure and tourism development and will draw the attention of millions of Formula One fans worldwide. This is yet another indication of the country's visionary approach to building its economy."

CNBC Arabiya Chief Editor Dr. Walid Kurdi, said, "Bahrain has been the financial gateway of the Middle East for 30 years and merits the kind of accurate and objective business news coverage that only CNBC Arabiya can provide. Our Manama bureau will allow us to deliver in-depth business news about Bahrain with on-ground understanding and insight.

"CNBC Arabiya is committed to bring our viewers across the region a clear understanding of regional and international business news as it unfolds. We continually strive to meet the demand for on-time information of the business world by building our newsgathering infrastructure and resources. Our presence in the Kingdom of Bahrain will significantly enhance coverage of this dynamic and innovative economy."

Kurdi added that the CNBC Arabiya Manama bureau will work in concert with bureaus in Riyadh, Cairo, London and Beirut to cover business and economic news in-depth and that in 2004 CNBC Arabiya will continue to expand its newsgathering resources with new bureaus in Doha, Kuwait and Jeddah.