Saudi Investment Minister Khalid bin Abdulaziz Al Falih stressed the importance of Bahrain and Saudi projects in the private sector as an engine to spur growth.

He hailed the advanced level of investment cooperation between the Kingdom of Bahrain and the Kingdom of Saudi Arabia, in line with the directives of His Royal Highness Mohammed bin Salman bin Abdulaziz Al Saudi, Crown Prince and Prime Minister to set up a fund specialized in promoting investments in Bahrain.

He noted that the initiative aims to invest up to $5 billion in key economic sectors in both countries. Joint platforms will also be set up in Bahrain to showcase feasible investment opportunities.

“A special portal for Bahraini investors with priority will also be launched”, said Al Falih, noting that tourism integration between the two countries will also be revitalized.

Transportation and Telecommunications Minister Mohammed bin Thamer Al Kaabi stressed Bahrain’s keenness on creating investment opportunities that contributed to developing vital sectors and spurring growth.

Bahrain Chamber of Commerce and Industry (BCCI) Chairman, Head of the Bahrain-Saudi Business Council, Sameer bin Abdulla Nass, hailed strong ties binding the two countries.

He noted that the council’s meeting reflects commitment to further economic relations, led by His Majesty King Hamad bin Isa Al Khalifa and Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.

He hailed the pivotal role played by the Kingdom of Saudi Arabia in advocating political and economic issues which contributes to furthering development and prosperity for the GCC nationals.

Addressing the fifth meeting of the council, he noted that the overall volume of trade exchanges between the two neighboring countries topped $3.9 billion in 2022. Bahrain’s exports topped $3 billion, making the Kingdom of Saudi Arabia the biggest partner for Bahrain’s exports and the 7th for imports.

Bahrain Chamber of Commerce and Industry, The Saudi Chambers Union and the Saudi Bahrain Business Council also took part in the meeting, in the presence of Saudi Investment Minister, Bahrain’s Minister of Transportation and Telecommunications and other senior officials.

Head of the Saudi side in the council Abdulrahman bin Saleh Al Otaishan said that there are great opportunities to increase the volume of trade exchanges, indicating that this meeting with Saudi Bahraini business owners comes within the framework of strengthening and activating cooperation with the aim of developing trade and investment relations between the two countries.

The session focused on major development projects, key economic strategies, current developments and efforts to mitigate difficulties curbing exports, in addition to a recommendation to reactivate Al Khobar seaport to transport passengers and merchandise.

The two sides agreed to form a working group to follow up with the King Fahd Causeway Authority regarding exports and imports, issues related to investments and real estate projects to address the obstacles facing the development of partnership and cooperation between the private sector

They stressed the importance of enhancing cooperation regarding studies and research procedures related to investments, emphasizing the need to activate cooperation between the two sides to promote tourism investments.

Source: Bahrain News Agency