ABG backs efforts to boost trade

Manama  : Al Baraka Banking Group B.S.C (ABG) yesterday reaffirmed its support for Bahrain’s efforts to enhance its trade relations with Egypt in light of the recent visit of His Majesty King Hamad bin Isa Al Khalifa to the country.  

The visit resulted in the signing of several agreements, programmes and memoranda of understanding, which would open up new horizons for Bahraini and Egyptian businesses and financial institutions to achieve greater partnerships and cooperation among them. 

On the sidelines of the Egyptian Bahraini Business Forum, Al Baraka Bank Egypt hosted a gala dinner for the Bahraini businessmen delegation. The dinner was attended by Mohammed Issa Al Mutaweh, CEO of Al Baraka Islamic Bank, Ashraf El Ghamrawy CEO of Al Baraka Bank Egypt and a number of officials from the two banks, and from the Bahraini side members of the delegation, led by Zayed bin Rashid Al Zayani Minister of Industry, Commerce and Tourism,  Rasheed Al Maraj, Governor of the Central Bank of Bahrain and Khalid Al Moayed Chairman of the Chamber of Commerce and industry, as well as chair and members of the Egyptian businessmen delegation.

The Forum has achieved great success, with the signing of 11 diverse agreements, covering areas including services, research, fertilizer and other important sectors of the economy. The deals are expected to double the volume of trade exchange between the two countries from about US$400 million currently to a billion dollars over the next few years.

On this occasion, Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group said,  “We renew our resolve to continue to make every effort in order to crystallize the results of the auspicious visit into business, financing and investment opportunities, contributing thereby to the achievement of the visit’s benevolent objectives.”