Bahraini-Omani Joint Business Council holds meeting

Muscat, May 4 (BNA): Bahraini-Omani Joint Business Council held a meeting on Sunday chaired by Shaikh Salim bin Ahmed al-Ghazali, Head of the Omani side in the Council and Khalid Abdurrahman Almoayed, Chairman of the Chamber of Commerce and Industry of Bahrain, Head of the Bahraini side in the Council to establish a company to be adopted by the private sector where nine businessmen and businesswomen from each side are named in preparation for the establishment of the company and to identify activities that the company would invest in. The establishment of the company aims to take advantage of the various investment opportunities and incentives available in the Sultanate and Bahrain, according to trade and economic foundations and to contribute to economic and social development in the two countries, according to Oman News Agency (ONA). The proposed capital of the company is RO 50-75 million and have the company's headquarters in the City of Muscat. The company can have a branch in the Kingdom of Bahrain and form an executive committee to follow up the implementation of the company's business. It is proposed that the company takes advantage of opportunities in food security, insurance, mining, and tourism and real estate sectors. Shaikh Salim bin Ahmed al-Ghazali, gave a speech in which he said that the total Omani exports to Bahrain at the end of 2013 was RO 40 million and the Omani imports from Bahrain for the same year was RO 80 million, adding that the applies to the joint investment as there are 35 Omani projects in Bahrain and 21 Bahraini projects in Oman till the end of 2013. Said bin Saleh al-Kayoumi, Chairman of Oman Chamber of Commerce and Industry (OCCI), said that the Bahraini-Omani Joint Business Council meeting aims to establish an Bahraini-Omani Company owned by the private sector and that two meetings for 9 businessmen from each side had already been held. He said the initial activities identified by the Omani side is concentrated in tourism, education and communications sectors, pointing that the Omani side named the sectors of tourism and education while the Bahraini side named the telecommunications sector, adding that the proposed capital will be evenly paid by both sides, saying that the ministry of Tourism was asked to highlight the requirements associated with the tourism sector and available tourism land, and that few lands that can be used for tourism investment were presented, ONA reported.