HM's Bahrain visit: Big boost for economic ties
Published: 07:11 AM,Nov 02,2022 | EDITED : 11:11 AM,Nov 02,2022
The signing of memoranda of understanding and executive programs between the Sultanate of Oman and the Kingdom of Bahrain within the framework of the official visit paid by His Majesty Sultan Haitham bin Tariq to the Kingdom of Bahrain is an important step to enhance joint cooperation in the economic fields - tourism, higher education, scientific research, and innovation, as well as cultural and youth fields.
The memoranda of understanding and executive programs in the economic field included the establishment of an Omani-Bahraini investment company and granting the Sultanate of Oman the status of an authorized partner for the Global Center for Maritime and Air Shipping Services and cooperation in the fields of information technology, maritime transport, ports, space science and technologies, competition protection, anti-monopoly, development of small and medium enterprises, entrepreneurship and cooperation Tourism and remote trading of brokerage companies through the electronic trading system.
Eng. Redha bin Juma al Saleh, chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, said that the Omani Bahrain Investment Company will be divided equally between Omani and Bahraini businessmen, with a capital of RO10 million, to be a nucleus for investment and for investors to build upon in all fields.
Haitham bin Salem al-Salmi, CEO of the Muscat Stock Exchange, said that based on the memorandum of understanding between the Bourse and the Bahrain Bourse, the Muscat Stock Exchange will join the 'Tadawul' platform, which was designed to promote investments across markets, linking the two markets and enabling investors to trade directly in both the Muscat Stock Exchange and the Bahrain Stock Exchange.
The Ministry of Transport, Communications, and Information Technology clarified that the two sides signed two memoranda of understanding in the fields of information technology and space science and technology.
With the aim of cooperating in space activities for peaceful purposes, space technologies and sciences, related projects, studies related to space systems and satellites, developing joint research projects, training, exchanging experiences, professional visits, and organizing joint events in those fields between the two countries.
The Civil Aviation Authority (CAA) confirmed that signing a memorandum of understanding with the Ministry of Transport and Communications for cooperation in the Kingdom of Bahrain in the field of air navigation aims to link networks of air control systems and exchange data and information related to air navigation services.
The Ministry of Commerce, Industry and Investment Promotion also indicated that signing a memorandum of understanding with the Ministry of Industry and Commerce in the Kingdom of Bahrain in the field of competition protection and anti-monopoly aims to strengthen relations between them and expand mutual knowledge through the exchange of information and experiences and cooperation in the field of competition protection.
The Small and Medium Enterprises Development Authority indicated that the memorandum of understanding signed with the Labor Fund "Tamkeen" in the Kingdom of Bahrain in the field of small and medium enterprises development and entrepreneurship will contribute to the development of cooperation in the field of small and medium enterprise development, entrepreneurship and craft industries. On the basis of the principle of mutual interests.
The Ministry of Heritage and Tourism said that the executive program of the memorandum of understanding with the Ministry of Tourism in the Kingdom of Bahrain for the years 2022-2026, will work to strengthen cooperation in the tourism field and activate and exchange the organization and promotion of tourism weeks between the two brotherly countries.
The memoranda of understanding and executive programs in the economic field included the establishment of an Omani-Bahraini investment company and granting the Sultanate of Oman the status of an authorized partner for the Global Center for Maritime and Air Shipping Services and cooperation in the fields of information technology, maritime transport, ports, space science and technologies, competition protection, anti-monopoly, development of small and medium enterprises, entrepreneurship and cooperation Tourism and remote trading of brokerage companies through the electronic trading system.
Eng. Redha bin Juma al Saleh, chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, said that the Omani Bahrain Investment Company will be divided equally between Omani and Bahraini businessmen, with a capital of RO10 million, to be a nucleus for investment and for investors to build upon in all fields.
Haitham bin Salem al-Salmi, CEO of the Muscat Stock Exchange, said that based on the memorandum of understanding between the Bourse and the Bahrain Bourse, the Muscat Stock Exchange will join the 'Tadawul' platform, which was designed to promote investments across markets, linking the two markets and enabling investors to trade directly in both the Muscat Stock Exchange and the Bahrain Stock Exchange.
The Ministry of Transport, Communications, and Information Technology clarified that the two sides signed two memoranda of understanding in the fields of information technology and space science and technology.
With the aim of cooperating in space activities for peaceful purposes, space technologies and sciences, related projects, studies related to space systems and satellites, developing joint research projects, training, exchanging experiences, professional visits, and organizing joint events in those fields between the two countries.
The Civil Aviation Authority (CAA) confirmed that signing a memorandum of understanding with the Ministry of Transport and Communications for cooperation in the Kingdom of Bahrain in the field of air navigation aims to link networks of air control systems and exchange data and information related to air navigation services.
The Ministry of Commerce, Industry and Investment Promotion also indicated that signing a memorandum of understanding with the Ministry of Industry and Commerce in the Kingdom of Bahrain in the field of competition protection and anti-monopoly aims to strengthen relations between them and expand mutual knowledge through the exchange of information and experiences and cooperation in the field of competition protection.
The Small and Medium Enterprises Development Authority indicated that the memorandum of understanding signed with the Labor Fund "Tamkeen" in the Kingdom of Bahrain in the field of small and medium enterprises development and entrepreneurship will contribute to the development of cooperation in the field of small and medium enterprise development, entrepreneurship and craft industries. On the basis of the principle of mutual interests.
The Ministry of Heritage and Tourism said that the executive program of the memorandum of understanding with the Ministry of Tourism in the Kingdom of Bahrain for the years 2022-2026, will work to strengthen cooperation in the tourism field and activate and exchange the organization and promotion of tourism weeks between the two brotherly countries.