Oman, Bahrain look forward to more partnerships

Muscat: The Sultanate of Oman and the Kingdom of Bahrain look forward to more partnerships that reflect the advanced ties between the two countries.

The Oman-Bahrain meeting will be held on  Tuesday, at Al Alam Palace, led by His Majesty Sultan Haitham bin Tarik and King Hamad bin Issa Al Khalifa of the Kingdom of Bahrain is an embodiment of the historical, strategic cooperation and constant coordination.

The Oman-Bahrain relations represent a role model in the GCC march, since the roots of these ties extend back to decades. These ties were established on solid foundations of affinity and mutual understanding, and were built on solid foundations since the prehistoric era of pearl fishing trade and the frankincense trade. This kind of trade was prosperous between the two countries and their peoples as the Omani and Bahraini grandfathers and fathers ventured into the seas while mastering this trade and connection.

The civilizations of Magan and Dilmun represented the cornerstone of a firm and strategic relationship, which has grown stronger and more solid year after year. The era of His Majesty Sultan Haitham bin Tarik and King Hamad bin Issa Al Khalifa outline the features of a bright future between the two countries.

His Majesty’s visit to the Kingdom of Bahrain in 2022, which witnessed the signing of a number of cooperation agreements, memoranda of understanding, and executive programmes, confirmed the determination and sincere will to translate the two countries’ long-standing relations into tangible and evident benefits.

Statistics issued by the National Centre for Statistics and Information (NCSI) showed that the volume of trade exchange between the Sultanate of Oman and the Kingdom of Bahrain stood at about RO 247.1 million (USD 642.6 million) in 2023. It declined at the end of September 2024 to RO 131.1 million (USD 340.8 million).

Statistics also indicated that the value of Omani exports to the Kingdom of Bahrain in 2023 stood at about RO 41.6 million (USD 108.3 million), to decrease at the end of September 2024 to RO 29 million (USD 75.6 million).

As for the volume of Bahraini investment in the Sultanate of Oman, the number of companies with Bahraini shares increased significantly until the end of October 2024 to about 315 companies, compared to 296 companies in 2023.

The value of the Bahraini contribution amounted to RO 27.7 million (USD 72.1 million), or 80.1 percent of the total invested capital. Omani companies invest in the Kingdom of Bahrain mainly in the commercial and service sectors.

Sayyid Faisal bin Hareb Al Busaidi, Ambassador of the Sultanate of Oman to the Kingdom of Bahrain, said in a statement to Oman News Agency (ONA) that King Hamad bin Issa Al Khalifa will be a dear guest of the Sultanate of Oman, its leadership, government and people.

The ambassador added that the historical visit of the King of Bahrain to Oman embodies the depth of the advanced and close bilateral relations, and translates the nature and strength of the relationship between the two wise leaderships and their brotherly peoples in various spheres. The bilateral relations have been witnessing progress and prosperity. He pointed out that the state visit of the King of Bahrain to Oman establishes a promising phase of sincere, fruitful joint cooperation in various fields. This visit, the ambassador affirmed, will constitute a milestone in the nature of the fraternal relationship and bilateral cooperation in accordance with the farsighted vision of the two leaderships.

He explained that this visit is a testament to the historical Oman-Bahrain relations. It represents a great significance and a political value that enhances the strength of relations between the two countries towards broader horizons that reflect on the two countries and the aspirations of their peoples. This visit, the ambassador asserted, will seek to achieve further cooperation, integration and harmony in all spheres in light of the two countries’ common visions namely Oman Vision 2040 and Bahrain Vision 2030.

He pointed out that this visit provides an opportunity to exchange views in light of the perils and threats facing the region. This visit, the ambassador said, embodies the commitment of the two countries to join hands to confront regional and international challenges, and enhance security and stability in the region.

He further said that this visit will bring about welfare and development to the two countries and their peoples. He explained that this visit will seek to advance and support bilateral cooperation in all political, economic, cultural and other fields in a manner that meet sthe aspirations of the two countries’ peoples.

In the economic level, the ambassador added that the trade and economic relationship between the Sultanate of Oman and the Kingdom of Bahrain is an old relationship that extends back to the port of Samharam and Dilmun. He explained that the Kingdom of Bahrain is one of the most important trade partners of the Sultanate of Oman.

The ambassador said that the fraternal meeting between His Majesty the Sultan and the of Bahrain will explore ways to promote the bilateral relations and sustain the partnership between the two countries in various areas of bilateral cooperation in order to realize the common interests and mutual benefits.

He added that in light of the mutual sincere intentions between the two sides, this visit will contribute to boosting cooperation and joint coordination in investment and economic areas. He pointed out that the Sultanate of Oman is one of Bahrain's largest trading partners in the fields of import and export.

The ambassador pointed out that the royal visit of His Majesty Sultan Haitham bin Tarik to the Kingdom of Bahrain in October 2022 witnessed broad prospects for joint cooperation in various sectors through a series of agreements that were signed, amounting to 24 agreements, memoranda of understanding and executive programmes between the Sultanate of Oman and the Kingdom of Bahrain. The agreements, MoUs and programmes covered fields of security, maritime transport, freedom of maritime navigation and development of port transport, cooperation between the Bahrain Center for Strategic, International and Energy Studies and Sultan Qaboos University (SQU) in the field of studies and research, in addition to the agreement to establish Oman-Bahrain holding company in investment fields, granting the Sultanate of Oman the right to sovereignty over the information of its subscribers in the provided electronic services and cloud computing centers located in the Kingdom of Bahrain, and granting the Sultanate of Oman the status of an accredited partner of the Goods At Consolidator (GAC) for Freight Services.

The Ambassador of the Sultanate of Oman to the Kingdom of Bahrain pointed out that the Oman-Bahrain Joint Committee, through its periodic meetings between Muscat and Manama, has succeeded in fostering the bilateral cooperation between the two countries in all fields. The meetings of the eight sessions of the Committee witnessed the signing of a number of agreements and memoranda of understanding.

The ambassador concluded his statement by saying that the Oman-Bahrain Friendship Association was established to build a new bridge of affinity, reflecting the level of harmony and fraternal relations binding the two countries’ peoples. This association plays an active role in various youth, sports, cultural and social programmes through organizing exhibitions, forums and workshops.

For his part, Dr. Juma bin Ahmed Al Kaabi, Ambassador of the Kingdom of Bahrain to the Sultanate of Oman said that the state visit of King Hamad bin Issa of the Kingdom of Bahrain to the Sultanate of Oman embodies the decade-long historical, fraternal relations. These relations are based on common bonds of affinity between the two countries and their peoples.

The ambassador added in a statement to Oman News Agency (ONA) that the visit is a testimony of the depth of historical relations enjoyed by the two countries. This visit, he said, will open many horizons for cooperation in various fields leading to integration.

He pointed out that during the visit, agreements and memoranda of understanding will be signed in several fields pertaining to fintech, digital transformation, artificial intelligence, food security, investment and export development between small and medium enterprises and entrepreneurs.

The ambassador added that Bahrain-Oman Investment Company, whose founding contract was signed in Bahrain during the royal visit of His Majesty Sultan Haitham bin Tarik to the Kingdom of Bahrain, will be also announced. This company, he affirmed, will constitute a new start for achieving investment projects that benefit the two countries and their peoples.

He described Bahrain-Oman relations as solid, historical relations dating back to the civilizations of Dilmun and Magan and were established by ancestors. Nowadays, these relations, the ambassador affirmed, are at their peak, thanks to the royal directives of His Majesty Sultan Haitham bin Tarik and King Hamad bin Issa Al Khalifa and their farsighted visions to strengthen these relations and move them forward towards broader prospects.

He pointed out that since the establishment of Bahrain-Oman Joint Committee, 8 agreements, 30 memoranda of understanding and 10 executive programmes were signed in various diplomatic, economic, cultural, social, sports, environmental and other fields. He added that the recommendations of Bahrain-Oman Joint Committee aim to augment the volume of cooperation in all development fields that have achieved fruitful results in line with the visions of the two brotherly countries.

The ambassador said that Bahrain-Oman Business Council, which brings together the chambers of commerce and industry in both countries, seeks to enhance prospects for cooperation in many economic, commercial and investment fields to achieve integration between the Oman Vision 2040 and Bahrain Economic Vision 2030.

He added that this cooperation resulted in the establishment of Oman-Bahrain Investment Company with a capital of RO 10 million. This company began setting its strategic objectives and identifying investment projects to maximize the volume of trade exchange between the two countries and meet their needs for food security, consumer goods, providing clean energy and other projects that contribute to achieving comprehensive sustainable development.

In this regard, the ambassador pointed out that the volume of Bahrain’s investments in the Sultanate of Oman stood at about 430 million Bahraini dinars, and the volume of trade exchange between the two brotherly countries in 2023 ranged between USD 850 million and USD 1.4 billion. The volume of Bahrain’s exports to the Sultanate of Oman stood at about USD 843 million in 2023 while the volume of the Sultanate of Oman’s exports to Bahrain stood at about USD 558 million in the same year.

He explained that the number of Bahraini companies operating in the Sultanate of Oman is about 876 companies, while the number of Omani companies operating in the Kingdom of Bahrain is about 270 companies. There are 1,336 Omani investors who own shares in companies listed on Bahrain Stock Exchange, while the number of Bahraini investors who own shares in companies listed on Muscat Stock Exchange is 696 investors.

In the field of tourism, he added that the number of tourists coming from the Sultanate of Oman to the Kingdom of Bahrain reached 57,000 tourists during 2023, while the number of tourists coming from the Kingdom of Bahrain to the Sultanate of Oman reached 47,000. This figure, the ambassador said, is an indicator that we are working to increase during the upcoming period.

Additionally, he pointed out that the volume of Bahraini investment in the Sultanate of Oman reached 470 million dinars, while the volume of Omani direct investment in Bahrain reached about 290 million dinars. These figures draw a roadmap and a future vision to explore more investment opportunities available in the two countries.

As for cooperation in the field of education, the ambassador explained that approximately 12 Omani universities have been accredited in Bahrain, while the number of Bahraini universities accredited in the Sultanate of Oman has reached 8 universities. He further said that studies are underway to add other universities for accreditation in both countries, noting that 300 Omani students study in Bahraini universities, while approximately 120 Bahraini students study in Omani universities.

In the cultural and academic field, he explained that the memorandum of understanding in this field was signed in October 2022 and is being implemented as Bahrain Cultural Week was held and preparations are underway to hold the Omani and Bahraini Identity Festival.

The Ambassador of the Kingdom of Bahrain to the Sultanate of Oman concluded his statement by affirming that coordination is maintained between the embassies of the two countries to develop a joint action plan on how to promote Omani and Bahraini culture with a focus on tourism and investment.

The determination of the two leaders to advance the relations between the two countries elevates the spirit of cooperation and affinity, preserves the depth of the close historical ties, and heralds a bright future that brings welfare to the two countries and their brotherly peoples.