Oman and Bahrain signed a package of agreements covering security, energy and finance as the leaders of the Gulf states met in Manama.
The deals were signed by Oman’s Sultan Haitham and Bahrain’s King Hamad at the Sakhir Palace in Bahrain's capital, the Bahrain news agency reported on Tuesday.
The signing of the deals came as Sultan Haitham concluded a two-day official visit to Bahrain.
The leaders “affirmed their determination to continue developing joint co-operation in the economic, trade and investment fields,” the news agency reported.
This will “enhance and develop co-operation between the two states in the private sector, to increase trade that will benefit the two countries and peoples,” it said.
During the visit, an agreement was signed to establish the Bahrain-Oman Investment Company.
It will be a base “for investment and for investors to build upon in various fields in order to achieve greater partnerships and productive business between private sector institutions,” said the statement.
Sultan Haitham was joined by a number of senior Omani officials, including the foreign, interior and finance ministers.
Oman said Sultan Haitham's visit to Manama was “to consolidate the solid historical relations existing between the Sultanate of Oman and the Kingdom of Bahrain, and the keenness of their leaderships to strengthen them and take them to broader and more comprehensive horizons.”
On regional issues, the two leaders stressed “the need to work for Gulf Co-operation Council cohesion and affirm the unity of its countries and peoples in order to confront all current challenges.”
“They also underlined the importance of continuing efforts to achieve the aspirations of member states and their people towards greater solidarity, integration and joint action to achieve Gulf economic unity,” said the statement.
The leaders also discussed the upcoming Arab summit that will be held in Algeria in early November.
The summit will “promote joint Arab action, protect Arab national security, and achieve the aspirations of the Arab people for security, development and prosperity,” said the statement.
Oman and Bahrain's leaders “expressed their interest in joint action and coordination to maintain regional security and promote cooperation to protect freedom of navigation and international trade, combat terrorism and its financing, and combat extremist ideology.”
Sultan Haitham first visited Bahrain in 2020 after he assumed the post following the death of Sultan Qaboos.
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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Results:
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1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
Green ambitions
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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