Omani-Bahraini holding company on the way in food sector

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 boost food security has been signed during the Bahrain-Oman Business Forum.

The forum, held at the headquarters of the Oman Chamber of Commerce and Industry in Muscat, was attended by Ahmed Abdullah bin Hindi, the President of the Bahrain Businessmen Association, and Rida bin Juma Al Saleh, the Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry.

This decision came during the bilateral sessions on the sidelines of the forum. Dr Juma bin Ahmed Al Kaabi, the Ambassador of Bahrain to Oman, Dr Saleh bin Saeed Al-Masn, the Undersecretary of the Ministry of Commerce and Industry and Omani Investment Promotion, and members of the business community were present.

Bin Hindi stressed the depth of the commercial ties, where the volume of trade exchange during the past year reached 672 million US dollars, compared to nearly 616 million US dollars in 2020.

Bahraini exports to Oman grew by more than 19% last year to 570 million US dollars from 479 million US dollars in 2020. Electrical equipment, food distribution devices, cleaning materials, jewellery and perfumes are among the most prominent Bahraini exports to the Sultanate, while electrical cables, aluminium, medicines and building materials are among the top 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 about 490 Bahraini-Omani partnerships in various fields and nearly 900 Bahraini commercial establishments operating in Oman, the majority of which are small and medium enterprises.

The forum included dialogue sessions, feasibility studies and an overview of the business environment in Oman.