BAHRAIN, CHINA TO ENHANCE TRADE TIES

The growing understanding and the presence of potential grown opportunities in the Kingdom has created greater interest for Chinese investors in Bahrain, said Chief Executive of the EDB Khalid Al Rumaihi. 

This came during the visit of delegates from a leading Chinese corporation, CITIC Group to learn about Kingdom’s business environment and investment opportunities.

According to Economic Development Board (EDB), the visit includes a series of business meetings  with several Bahraini officials from the public and private sector.

The delegation, headed by Wang Jiong, Vice Chairman and President of CITIC Group, met with Khalid Al Rumaihi and other EDB officials at the Bahrain Financial Harbour. The delegation also included senior officials who represent the group’s different business lines such as engineering contracting and infrastructure.

CITIC Group is a Chinese state-owned conglomerate whose business lines include full-range financial services, real estate and infrastructure, engineering contracting, energy & resources, manufacturing and others. CITIC Limited is its major business platform which is listed in Hong Kong Stock Exchange. By the end of 2014, CITIC Limited has a total assets value of 5,948 billion HK dollars, with revenue totaling 402 billion HK dollars and net profit standing at 39.8 billion HK dollars. CITIC Group’s ranking has risen in the Fortune Global 500 list of the world’s largest corporations from 194 in 2012 to 160 in 2014.

“There is an increasing interest from Chinese investors in Bahrain. This is a result of the growing understanding of the benefits and potential growth opportunities the Kingdom offers for international investors. The CITIC group visit today reflects this interest and the strength of the historical bilateral relations between the Kingdom and China,”  said Al Rumaihi.

“Such opportunities go in line with our aim to diversify Bahrain’s economy and ensure quality jobs for Bahrainis.”

Commenting on the visit, Wang Jiong said: “We look forward to meet with the private and public sector representatives during this visit to discuss the investment opportunities in the Kingdom, and benefit from the competitive advantages Bahrain offers for investors which is key for Chinese businesses.”

The visit includes meetings with officials from Bahrain Mumtalakat Holding Company and the Ministry of Housing, along with several private sector organisations. The visit follows a successful 10 day roadshow to China last year which was organised by the EDB.