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 to be held on Tuesday at Al Alam Palace, is being 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 OMR247.1 million ($642.6 million) in 2023. It declined at the end of September 2024 to OMR131.1 million ($340.8 million).

Statistics also indicated that the value of Omani exports to the Kingdom of Bahrain in 2023 stood at about OMR41.6 million ($108.3 million), to decrease at the end of September 2024 to OMR29 million ($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 OMR27.7 million ($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 theirpeoples. 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 meets the 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, Juma Ahmed Al Kaabi, Ambassador of the Kingdom of Bahrain to the Sultanate of Oman,said that the “State Visit” of King Hamad bin Issa, King of the Kingdom of Bahrain, to the Sultanate of Oman constitutes an embodiment of bilateral relations that have been established for decades, the ties that stem from the common bonds of fraternity between the two countries and the two brotherly peoples.

Al Kaabi described the Bahraini-Omani relations as deep-rooted in history and that they were established by fathers and forefathers of both nations.

“They are fraternal relations that go deep into history from the sites of civilizations in Dilmun (Bahrain) and Magan (Oman), coupled with the strategic, commercial and cultural relations and based on bonds of amity and kinship. Today, bilateral relations are at their peak, thanks to the Royal directives of His Majesty Sultan Haitham bin Tarik and Majesty King Hamad bin Issa Al Khalifa and their enlightened visions that will continue to invigorate bilateral relations and upgrade them further,” he added.

Al Kaabi said told Oman News Agency (ONA) that the two countries have consensus about the fundamentals of foreign policy, including positive neutrality, good neighbourliness, non-interference in the political affairs of other countries and the predominance of the dialogue.

He added that Oman and Bahrain also share values of balanced stands in tackling issues of human coexistence and the promotion of international cooperation, the realization of sustainable peace and sustainable development, the protection of human rights and freedoms, and the protection of the environment due to its central role in promoting the status of the two countries at regional and international levels.

The Bahraini ambassador pointed out that the State Visit bears testimony to the depth of bilateral relations and that it will open up vistas for cooperation in various fields leading to integration. It is hoped that the visit will see the signing of agreements, memoranda of understanding and executive programmes in several fields, including cooperation in museum affairs, education, food security, investment, the development of industries and in-country value (ICV), the media, health, endowments, labour, human resources development, insurance, social protection, agricultural production and stock market fields.

He pointed out that the Omani-Bahraini Investment Company will be announced (with an estimated capital of OMR10 million). He added that the company, whose contract was signed in Bahrain during the visit of His Majesty Sultan Haitham bin Tarik to the Kingdom of Bahrain, would constitute a new start to establish investment projects that benefit the two countries and the two peoples.

He added that, since the formation of the Omani-Bahraini Joint Committee, eight agreements, 30 memoranda of understanding and 10 executive programmes have been signed in various diplomatic, economic, cultural, social, sports, environmental and other fields. He pointed out that the recommendations of the Bahraini-Omani Joint Committee aim to maximise the volume of cooperation in all development areas that generated positive outcomes.

Al Kaabi said that the Bahraini-Omani Business Council, which brings together the chambers of commerce and industry in the two countries, embarked on studying prospects for cooperation in many economic, commercial and investment fields, with the prime objective of achieving integration between Oman 2040 and Bahrain 2030.

Al Kaabi added that the volume of commercial exchange between the two countries in 2023 ranged between $850 million and $1.4 billion. He added that the volume of Bahraini exports to the Sultanate of Oman stood at about $843 million in 2023, while the volume of Omani exports to Bahrain amounted to about $558 million in the same year.

As many as 876 Bahraini companies do business in the Sultanate of Oman, while the number of Omani companies operating in the Kingdom of Bahrain is about 270 companies, and there are 1,362 Omani investors who own shares in companies listed on the Bahrain Stock Exchange, while the number of Bahraini investors who own shares in companies listed on the Muscat Stock Exchange is 696 investors.

Al Kaabi said that the number of tourists from the Sultanate of Oman to the Kingdom of Bahrain reached 57,000 during 2023, while the number of tourists from the Kingdom of Bahrain to the Sultanate of Oman stood at 47,000.

He pointed out that the volume of Bahraini investment in the Sultanate of Oman stood at 470 million dinars or about $1.25 billion, while the volume of Omani direct investment in Bahrain amounted to about 290 million dinars, or about $772 million.

The number of licenses for economic activities, issued in favour of Omani citizens in the Kingdom of Bahrain, stood at about 1,236 in 2023, while the number of licenses for economic activities granted to Bahraini citizens in the Sultanate of Oman amounted to about 1140 in the same year.

He explained that the number of partnerships between entrepreneurs in both countries reached about 500 in 2024, noting that these numbers offer a future vision and chart out a roadmap to explore more investment opportunities available between in the two countries.

Speaking about cooperation in the field of education, Al Kaabi said that the year 2024 saw the signing of an agreement between the University of Bahrain and Sultan Qaboos University in the field of cooperation and research, in addition to exchange expertise and educational programmes, in addition to the school performance evaluation system.

He added that about 12 Omani universities have been accredited in Bahrain, while the number of accredited Bahraini universities in the Sultanate of Oman stood at eight. He pointed out that studies are underway to add other universities in the list of accreditations in both countries, noting that 300 Omani students study in Bahraini universities, while about 120 Bahraini students study in Omani universities.

In the cultural field, Al Kaabi explained that, in October 2022, the two countries signed a memorandum of understanding (MoU) in the field of cultural cooperation and that the MoU is currently being implemented.

Al Kaabi pointed out that cultural cooperation between the two countries also included holding a Bahraini Cultural Week, organizing an exhibition to showcase Bahraini-Omani fine arts and organizing visits for specialists in the field of handicrafts. He added that steps are underway to hold an “Omani-Bahraini Identity Festival”.

Al Kaabi affirmed that the two countries are preparing to develop a joint action plan on how to promote Omani and Bahraini culture, with special emphasis 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.