Mechanisms to deepen economic ties and unlock new avenues for collaboration were the focus of the high-level Bahraini-Emirati Business Forum bringing together a broad spectrum of government officials and business leaders from both nations.
Held at the Four Seasons Hotel Bahrain Bay, the forum was organised by the Bahrain Chamber with Industry and Commerce Minister Abdulla bin Adel Fakhro and UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi leading the discussions.
Mr Fakhro highlighted the forum’s significance at a critical juncture for the global economy, stressing that effective implementation and monitoring of bilateral agreements are paramount for achieving economic integration.
He lauded the integration agreement, which offers preferential government procurement and bolsters private sector growth in both countries, as a vital step towards sustainable development and attracting more investors.
Dr Al Zeyoudi underscored Bahrain’s esteemed position in the UAE, noting the steady growth in bilateral relations, particularly through the Joint Higher Committee’s efforts. He revealed that non-oil trade between the two countries recently reached approximately AED33.9 billion ($9.23bn), a 23 per cent increase, positioning the UAE as Bahrain’s second-largest trading partner and third-largest investor. The forum aims to solidify long-term private sector partnerships, leveraging joint agreements and initiatives.
Bahrain Chamber chairman Sameer Nass stated that the economic relations between Bahrain and the UAE serve as a model for innovation, entrepreneurship, and the digital economy. He affirmed that bilateral co-operation reflects a shared resolve to tackle global challenges with a flexible and integrated vision.
Mr Nass explained that the forum offers a strategic platform to discuss key areas such as the role of free zones as new growth enablers, strengthening innovation and technology partnerships, and anticipating future economic opportunities. He also reiterated the chamber’s commitment to supporting small and medium-sized enterprises (SMEs) through initiatives like the Jadarah Award and the ‘Try It Hard’ programme, which hones Bahraini youth skills for the labour market.
UAE Ambassador to Bahrain Fahad Al Ameri praised the forum’s pivotal role in advancing bilateral relations. He noted recent key initiatives, including the Investment Protection Agreement, the Double Taxation Avoidance Agreement, and the National Content Framework, which have significantly enhanced the investment environment and boosted Emirati investor confidence.
The ambassador lauded Bahrain’s efforts in fostering an attractive investment climate, citing the opening of the Emirati Investor Centre as a prime example of public and private sector integration supporting Gulf investments. He described the centre as a strategic move reflecting Bahrain and the UAE’s integrated economic vision, streamlining procedures, enhancing transparency, and broadening investment partnerships.
Bahrain Chamber first vice-chairman Khalid Najibi underscored the robust and ever-growing relations between Bahrain and the UAE, driven by shared visions and a distinguished strategic partnership. He attributed this strength to the unwavering attention from His Majesty King Hamad and UAE President Shaikh Mohammed bin Zayed Al Nahyan.
Mr Najibi highlighted the forum as a crucial milestone in the economic integration journey, embodying the shared desire to elevate economic partnerships. He emphasised the chamber’s dedication to fostering direct communication between the business communities, facilitating joint ventures, and opening new investment channels, particularly in strategic sectors like food security, financial technology, and water resources.
Dr Ali Al Dhaheri, first vice-chairman of the Abu Dhabi Chamber of Commerce and Industry, described the forum as a pivotal step towards effective and sustainable economic integration. He affirmed the Abu Dhabi Chamber’s commitment to expanding Emirati-Bahraini partnerships, especially in vital sectors.
Dr Al Dhaheri stressed the importance of encouraging the private sector to invest in promising opportunities and develop innovative business models capable of regional and international competitiveness.
The forum concluded by reaffirming the need to build on existing momentum, strengthen co-ordination between public and private sector institutions, and intensify efforts to forge long-term strategic partnerships that propel economic growth and realise the national visions of both Bahrain and the UAE.
avinash@gdnmedia.bh
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