A deep history and bright future
Published: 05:10 PM,Oct 22,2022 | EDITED : 09:10 PM,Oct 22,2022
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MUSCAT: Bilateral relations between the Sultanate of Oman and the Kingdom of Bahrain are based on solid foundations, framed by warm, stable and constantly enduring ties that are deeply rooted in history.
These relations, which extend to different political, economic, social and cultural domains, are accorded great attention by His Majesty Sultan Haitham bin Tarik and King Hamad bin Issa al Khalifa of the Kingdom of Bahrain.
During the two leaders’ upcoming talks in Manama, the two countries aspire to take their relations towards broader horizons of cooperation in different fields, notably economic areas, to generate more benefits for their respective peoples.
In view of the exceptional bilateral relations, the Omani-Bahraini Committee has worked on a number of memoranda of understanding (MoUs) and executive programmes in cultural and tourism fields. It also coordinated between the Civil Service Employees Pension Fund in Oman and the Public Authority for Social Insurance in Bahrain. Coordination covered areas of civil retirement, youth and sports.
ECONOMIC POTENTIALS
Oman and Bahrain enjoy many economic and tourism potentials that encourage more partnerships. The two countries’ visions (Oman Vision 2040) and (Bahrain Vision 2030) provide wide scopes for economic diversification, which open up opportunities for investment in sectors.
Statistics issued by the National Center for Statistics and Information indicate that the volume of trade exchange between the two countries is witnessing a remarkable growth, to reach by the end of 2021 more than RO 320.7 million. Meanwhile, the volume of trade exchange between the two countries during the first half of 2022 amounted to RO 241.4 million.
The most important commodities exported from the Sultanate of Oman to the Kingdom of Bahrain include electrical, plastic, aluminium, medicines and other commodities, whereas the iron ores, gold ingots and electric wires topped the list of imported commodities from the Kingdom of Bahrain.
The number of Bahraini companies investing in the Sultanate of Oman reached 876, with a total invested capital of RO 566.2 million.
PRIVATE SECTOR COOPERATION
Thanks to the existing cooperation of the private sector between the two countries over the past years, the Kingdom of Bahrain has become one of the most important investment partners of the Sultanate of Oman, which indicates the growth of economic and trade relations between the two countries.
The private sector in the two countries also agreed during March 2022 to establish Oman-Bahrain Investment Holding Company with a capital of RO 10 million to be equally divided between Omani businessmen and their Bahraini counterparts. The company specialises in investing in the field of food security and existing companies operating in this field and in other sectors of importance to Oman Vision 2040.
CULTURAL DEVELOPMENT
In the cultural context, the Gulf Radio and Television Festival, which has been held every year in Bahrain for more than 40 years, takes credit for honing the skills of Omani intellectual, artist and media persons. Oman achieved advanced places in the past editions of the festival held in the Bahraini capital, Manama.
On June 27, 2022, the Embassy of Bahrain in Muscat celebrated the inauguration of the Omani-Bahraini Friendship Society, which will contribute to strengthening relations between the two countries in various fields of culture and cognitive development.
Oman, represented by the National Records and Archives Authority, and Bahrain, represented by Issa Cultural Centre will organise during May 2023, a two-day symposium to be entitled 'Omani-Bahraini Relations: A Deep History and a Bright Future'.
These relations, which extend to different political, economic, social and cultural domains, are accorded great attention by His Majesty Sultan Haitham bin Tarik and King Hamad bin Issa al Khalifa of the Kingdom of Bahrain.
During the two leaders’ upcoming talks in Manama, the two countries aspire to take their relations towards broader horizons of cooperation in different fields, notably economic areas, to generate more benefits for their respective peoples.
In view of the exceptional bilateral relations, the Omani-Bahraini Committee has worked on a number of memoranda of understanding (MoUs) and executive programmes in cultural and tourism fields. It also coordinated between the Civil Service Employees Pension Fund in Oman and the Public Authority for Social Insurance in Bahrain. Coordination covered areas of civil retirement, youth and sports.
ECONOMIC POTENTIALS
Oman and Bahrain enjoy many economic and tourism potentials that encourage more partnerships. The two countries’ visions (Oman Vision 2040) and (Bahrain Vision 2030) provide wide scopes for economic diversification, which open up opportunities for investment in sectors.
Statistics issued by the National Center for Statistics and Information indicate that the volume of trade exchange between the two countries is witnessing a remarkable growth, to reach by the end of 2021 more than RO 320.7 million. Meanwhile, the volume of trade exchange between the two countries during the first half of 2022 amounted to RO 241.4 million.
The most important commodities exported from the Sultanate of Oman to the Kingdom of Bahrain include electrical, plastic, aluminium, medicines and other commodities, whereas the iron ores, gold ingots and electric wires topped the list of imported commodities from the Kingdom of Bahrain.
The number of Bahraini companies investing in the Sultanate of Oman reached 876, with a total invested capital of RO 566.2 million.
PRIVATE SECTOR COOPERATION
Thanks to the existing cooperation of the private sector between the two countries over the past years, the Kingdom of Bahrain has become one of the most important investment partners of the Sultanate of Oman, which indicates the growth of economic and trade relations between the two countries.
The private sector in the two countries also agreed during March 2022 to establish Oman-Bahrain Investment Holding Company with a capital of RO 10 million to be equally divided between Omani businessmen and their Bahraini counterparts. The company specialises in investing in the field of food security and existing companies operating in this field and in other sectors of importance to Oman Vision 2040.
CULTURAL DEVELOPMENT
In the cultural context, the Gulf Radio and Television Festival, which has been held every year in Bahrain for more than 40 years, takes credit for honing the skills of Omani intellectual, artist and media persons. Oman achieved advanced places in the past editions of the festival held in the Bahraini capital, Manama.
On June 27, 2022, the Embassy of Bahrain in Muscat celebrated the inauguration of the Omani-Bahraini Friendship Society, which will contribute to strengthening relations between the two countries in various fields of culture and cognitive development.
Oman, represented by the National Records and Archives Authority, and Bahrain, represented by Issa Cultural Centre will organise during May 2023, a two-day symposium to be entitled 'Omani-Bahraini Relations: A Deep History and a Bright Future'.