Bahrain and Saudi Arabia 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 bin Khalifa Al Khalifa, Minister of Finance and National Economy, 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.
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.
Dr. Mohammed bin Mubarak bin Daina, Oil and Environment Minister and Special Envoy for Climate Affairs, 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.
The minister highlighted the role of the Saudi-Bahraini Coordination Council, headed by 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.
He said that 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.
The minister added that the joint agreement includes cooperation in developing various fields, including, oil, gas, electricity, renewable energy, energy efficiency, and petrochemicals. It would also contribute to boosting collaboration in the circular carbon economy and its technologies and promoting innovation through studies and research in the field of energy in cooperation with universities and research centers.
An MoU was also signed between the Supreme Council for Environment (SCE) and the Saudi National Center for Waste Management in the sustainable waste management sector.
The agreement aimed at enhancing waste management activities, encouraging the private sector to invest in the sector, achieving the principles of the circular economy and developing the capabilities of management workers, as well as unifying stances in regional, international meetings.
Bahrain and Saudi Arabia signed a memorandum of understanding (MoU) for cooperation between the Ministry of Industry, Commerce and Tourism and the Saudi Authority for Intellectual Property, regarding the Patent Application Fast Track Examination (FTE) Programme.
Abdulla bin Adel Fakhro, Minister of Industry and Commerce, 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 highlighted the role of the Saudi-Bahraini Coordination Council, headed by 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 the MoU in encouraging innovation, research, and development activities, noting that it aligns with bilateral strategies to promote manufacturing and empower the private sector.
The meeting also announced that Saudi establishments interested in participating will have their products included in Bahrain’s “Takamul” program, aimed at enhancing local value and preference in government procurement.
Minister Fakhro welcomed this announcement, highlighting progress made in integration initiatives supporting the industrial sector’s role in driving economic development.
He affirmed reciprocity will be applied in treating Bahraini and Saudi products equally regarding local content and government procurement.
The Bahrain Bourse and the Saudi Tadawul Group signed a cooperation agreement, on the sidelines of the third meeting of the Saudi-Bahraini Coordination Council in Riyadh. The agreement aims to enhance cooperation and coordination between both financial entities.
Speaking on the occasion, the Chief Executive Officer of the Bahrain Bourse, His Excellency Shaikh Khalifa bin Ibrahim Al Khalifa, affirmed the strong and longstanding fraternal relations between the Kingdom of Bahrain and the Kingdom of Saudi Arabia, which have been witnessing continuous growth in various fields.
The CEO of the Bahrain Bourse stated that the cooperation agreement would contribute to enhancing integration between the Bahrain Bourse and the Saudi Tadawul Group, where the two parties will work on strengthening and developing an integrated structure to enhance investments in both markets, including the development of new products.
Shaikh Khalifa bin Ibrahim Al Khalifa, said: “This initiative is instrumental in reinforcing the ties of collaboration across the capital market sectors of the two countries. It is a key part of concerted efforts to enhance inter-exchange cooperation and linkages within the GCC countries, resonating with the strategic objectives outlined for the development of the financial services sector during the 2022-2026 period.”
He added: “This agreement seeks to generate a multitude of investment opportunities for investors in both countries. This will be achieved through the development and introduction of various innovative products and the enhancement of trading mechanisms. This includes streamlining deposit and clearing processes in both markets, which is anticipated to considerably boost the linkage and collaboration between the two markets, and in turn, support the economic growth of both countries.”
For his part, the Chief Executive Officer of the Saudi Tadawul Group, Engineer Khalid bin Abdullah Al Hussan said: “The agreement with Bahrain Bourse, allows us to further drive regional integration amongst GCC exchanges, whilst unlocking exciting opportunities for investors regionally and internationally. This agreement is in line with our commitment to elevate the Saudi capital market and we look forward to exploring future opportunities to collaborate on new products, as well as enhancing the infrastructure across both markets for all market participants.”
Bahrain and Saudi Arabia signed a memorandum of understanding (MoU) for cooperation in the health sector between the Ministry of Health and the Saudi Ministry of Health.
Dr. Jaleela bint Al Sayyed Jawad Hasan, Minister of Health, affirmed the deep-rooted 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, Custodian of the Two Holy Mosques.
She 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, for bolstering cooperation.
The minister said that the MoU came in recognition of the outcome of joint work in providing health and treatment services and encouraging cooperation between health institutions in both countries, through mutual visits, exchanging of expertise, and organising conferences, seminars and work sessions.
She added that it would contribute to boosting cooperation in medical training with the Saudi Commission for Health Specialties, and providing Bahraini doctors the opportunity to join the Saudi Board programme.
The minister indicated that the advanced level of bilateral cooperation in the health sector reflects the common interest in enhancing health care provided to citizens.
The Central Bank of Bahrain (CBB) signed a memorandum of understanding with the Capital Market Authority (CMA) of the Kingdom of Saudi Arabia. The MoU aims to enhance bilateral cooperation in the areas of dual listing of issuers in both markets and unifying the Know Your Customer models for capital market institutions.
On this occasion, the Governor of the CBB, His Excellency Khalid Ibrahim Humaidan, affirmed the importance of strengthening bilateral ties between the Kingdom of Bahrain and the Kingdom of Saudi Arabia (KSA) in various fields for the benefit and development of both countries, particularly in the field of financial services in order to serve bilateral interests.
He stated that the MoU includes a number of provisions including the scope of dual listing application, obligations of issuers in this context, violations, and the development of a mechanism for exchanging data and information with listed companies.
The MoU also stipulates procedures for simplifying investment account opening by enabling capital market institutions in both jurisdictions to streamline procedures and allows the reliance on third parties for customer due diligence.
The Governor of the CBB said, “We look forward to enhancing areas of joint cooperation in the capital markets field and benefiting from the experiences of both countries, identifying opportunities for developing relations between the two sides to support joint projects.”
