Bahraini businesses ink deals worth $2bn with French firms

As part of His Majesty King Hamad bin Isa Al Khalifa’s visit to the French Republic, the Bahraini business delegation accompanying His Majesty the King signed twelve agreements and memoranda of understanding with French companies and institutions worth $2 billion.

The agreements were signed with the aim of strengthening bilateral economic relations between the two countries and increasing investment cooperation in various fields. This brings the total value of the agreements with France up to $4.63 billion. The agreements signed by the Bahraini business delegation include: an agreement signed between Tatweer petroleum and TOTAL SA around co-operation for the new oil field exploration, five agreements signed by Gulf Air with EPCOR, Thales Inc, Michelin, CFM and SAFRAN Landing Systems, two agreements were signed by Osool with Amundi Asset Management and Tikehau.

The first agreement is linked to the capital market, while the second one targets alternative investments. They also include an agreement was signed by Yousef Bin Ahmed Kanoo with AXA Insurance Company to construct AXA’s headquarters in Bahrain and three agreements signed by the Bahrain Airport Company with Thales, who will be implementing an ICT package under the Airport Modernisation Programme.

An agreement was as well signed with ADPI, which will provide the design and supervision of the Bahrain Airport Modernisation Programme. Over 150 Bahraini businessmen and their French counterparts attended the business lunch inaugurated by Zayed Al Zayani, Minister of Industry, Commerce, and Tourism.

The meeting aimed to explore opportunities for investment and trade co-operation between the two countries and discuss ways to further develop relations between the Bahraini and French business sectors. Frédéric Sanchez, President of the French Chamber of Commerce and Industry, delivered a speech in which he commended the growth and development of economic and commercial ties following greater Bahraini-French relations.