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An agreement has been reached by the Bahraini-Saudi Business Council to form a founding committee from both sides to study the feasibility of establishing the company: official Bahrain and Saudi Arabia are set to give a fresh boost to their investment co-operation with the establishment of a joint firm in the construction materials field. Bahrain Chamber chairman Sameer Nass announced that the move is expected to further enhance collaboration between the two countries in this vital sector and achieve the strategic goals of Bahrain’s Economic Vision 2030. “An agreement has been reached by the Bahraini-Saudi Business Council to form a founding committee from both sides to study the feasibility of establishing the company,” he noted. Mr Nass was speaking on the sidelines of his participation in the Bahrain-Saudi Investment Forum which was organised by Bahrain Economic Development Board (EDB) and the Saudi Investment Ministry, in co-operation with the Bahraini-Saudi Business Council at Dhahran Expo Centre in Dammam. “This is a significant step towards achieving integration and sustainable development between Bahrain and Saudi Arabia,” he said, emphasising the importance to continue developing strategic partnership between both countries. He also praised the outcomes of the Bahraini-Saudi Business Council’s meeting in working out mechanisms to strengthen trade and investment co-operation between the two countries. Mr Nass underscored the key role played by the Bahraini-Saudi Business Council in advancing trade and investment relations, pointing out that trade exchange reached $3.9 billion in 2023, with Saudi Arabia being Bahrain’s fifth largest import partner and its largest export partner. He voiced keenness of the private sector in both countries to further cement bilateral trade ties to achieve common goals. He lauded the pivotal role played by the joint business council in strengthening economic relations in various sectors. “Saudi Arabia remains Bahrain’s top trading partner among the GCC countries due to its large economy, which provides a significant market for Bahrain’s private sector to promote its products,” he said. |
