TDT | manama
The Daily Tribune – www.newsofbahrain.com
An agreement to establish an Omani-Bahraini investment holding company, with a joint capital of 10 million riyals, to enhance food security was signed during the Bahrain-Oman Business Forum.
The forum, held at the headquarters of the Oman Chamber of Commerce and Industry in Muscat, brought together Ahmed Abdullah bin Hindi, President of the Bahrain Businessmen’s Association, and Rida bin Juma Al Saleh, Chairman of the Board of the Oman Chamber of Commerce and Industry.
This decision was taken during bilateral sessions on the sidelines of the forum. Dr. Juma bin Ahmed Al Kaabi, the Bahraini Ambassador to Oman, Dr. Saleh bin Saeed Al-Masn, the Undersecretary of the Ministry of Trade and Industry and Omani Investment Promotion, and members of the business world were present.
Bin Hindi highlighted the depth of trade ties, where the trade volume over the past year reached US$672 million from nearly US$616 million in 2020.
Bahraini exports to Oman grew by more than 19% last year to reach US$570 million from US$479 million in 2020. Electrical equipment, food distribution appliances, cleaning products, jewelry and perfumes are among the most important Bahraini exports to the Sultanate, while electric cables, aluminum, medicines and construction materials are among the main Bahraini imports from Oman.
Bin Hindi called on the Omani business sector to visit the Kingdom to explore investment opportunities. Ambassador Dr. Juma bin Ahmed Al Kaabi pointed out that there are around 490 Bahraini-Omani partnerships in various fields and nearly 900 Bahraini business establishments operating in Oman, the majority of which are small and medium-sized enterprises.
The forum included dialogue sessions, feasibility studies and an overview of the business environment in Oman.