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GULF Arab countries plan to resolve all outstanding issues about their customs union over the next three years in order to have it fully operational by 2015, a top UAE official said.
"What we have agreed upon, that in the next three years, meaning 2011 to 2014, we should complete all the pending issues in regard to the customs union," UAE Minister of State for Financial Affairs, Obaid Humaid Al Tayer, told a news conference.
"We hope it becomes effective January 1, 2015," he said after a Gulf finance ministers' meeting in the UAE capital Abu Dhabi.
BNH net profit boost
BAHRAIN National Holding Company (BNH) reported a net profit of BD1.1 million ($2.8 million) for its financial performance in the first quarter of 2011; the figure represents an increase of 15 per cent compared to the same period last year.
Total gross written premiums for the period were BD5.3 million, whereas net earned premiums reached BD3.1 million. The underwriting profit was BD500,000 and net investment income was BD1 million.
Lining up new system
BMMI has laid the ground to implement an Integrated Management System (IMS) that incorporates all the common elements of four management standards under a framework that facilitates this integration.
BMMI will integrate its system for Quality (ISO 9001), Occupational Health & Safety (OHSAS 18001), Environment (ISO 14001) and Food Safety (ISO 22000), to create a holistic structure in which the processes, interfaces, structures and documentation of the individual systems are integrated into one standard management system.
