Investment opportunities probed
Saudi Investment Minister Khalid 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 co-operation between Bahrain and Saudi Arabia, in line with the directives of Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud to set up a fund to promote 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, he said while addressing the fifth meeting of the Bahrain-Saudi Business Council.
“A special portal for Bahraini investors with priority will also be launched,” said Mr Al Falih, noting that tourism integration between the two countries will also be revitalised.
Transportation and Telecommunications Minister Mohammed 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 chairman and head of the council Sameer 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 and Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.
He hailed the pivotal role played by Saudi Arabia in advocating political and economic issues which contributes to furthering development and prosperity for the GCC nations.
Addressing the fifth meeting, he noted that the overall volume of trade exchanges between the two countries topped $3.9 billion in 2022. Bahrain’s exports topped $3bn, making Saudi Arabia the biggest partner for Bahrain’s exports and the seventh for imports.
Bahrain Chamber and the Saudi Chambers Union also took part in the meeting.
Head of the Saudi side in the council Abdulrahman Al Otaishan said there are great opportunities to increase the volume of trade exchanges, indicating that this meeting with Saudi and Bahraini business owners comes within the framework of strengthening co-operation to develop 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 Fahad Causeway Authority regarding exports and imports, issues related to investments and real estate projects to address the obstacles facing the development of partnership and co-operation between the private sector.
Source: https://www.gdnonline.com/Details/1241651/-Investment-opportunities-probed
