Bahrain, Saudi sign key economic cooperation deals

Agencies | Riyadh                                                     

The Daily Tribune – www.newsofbahrain.com

Minister of Finance and National Economy, His Excellency Shaikh Salman bin Khalifa Al Khalifa, stressed the importance of consolidating financial and economic cooperation relations between Bahrain and the Kingdom of Saudi Arabia.

This came as the two kingdoms signed a memorandum of understanding (MoU) for cooperation in the finance sector between the Ministry of Finance and National Economy and the Saudi Ministry of Finance, and an MoU in economics and planning between the Ministry of Finance and National Economy and the Saudi Ministry of Economy and Planning, within the framework of the third meeting of the Saudi-Bahraini Coordination Council.

Shaikh Salman praised the deep-rooted and historic Bahraini-Saudi relations and their constant development in various sectors, under the leadership of His Majesty King Hamad bin Isa Al Khalifa and His Majesty King Salman bin Abdulaziz Al Saud, the Custodian of the Two Holy Mosques.

He hailed the support of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Saudi Crown Prince and Prime Minister, in strengthening cooperation and working towards more integration.

The minister stressed the importance of MoUs in consolidating financial and economic cooperation relations between the two kingdoms, highlighting the role of the Saudi-Bahraini Coordination Council in enhancing joint work to build on previous achievements.

Energy partnership

Bahrain and Saudi Arabia signed a memorandum of understanding (MoU) for cooperation in the energy sector between the Ministry of Oil and Environment and the Saudi Ministry of Energy, within the framework of the third meeting of the Saudi-Bahraini Coordination Council.

The MoU aimed at fostering cooperation in this vital sector to develop innovative plans towards digital transformation in the sector, in addition to developing partnerships to nationalise materials, products and services, as well as developing standards and relevant regulations and benefiting from expertise and modern technological systems.

It includes cooperation in developing various fields, including, oil, gas, electricity, renewable energy, energy efficiency, and petrochemicals.

Major sectors

The two countries also signed cooperation deals in the education, health, legal, and media sectors, and for Intellectual Property, regarding the Patent Application Fast Track Examination (FTE) Programme.