Agreements signed across energy, aviation and commerce sectors
Bahraini companies signed $10bn in trade agreements with US companies in energy, aviation and commerce sectors during a recent visit by the Crown Prince, Prince Salman bin Hamad Al Khalifa, to the US
Bahrain News Agency reported that the agreements were signed during a reception attended by the Bahrain Economic Development Board (EDB), the American Chamber of Commerce and the Bahrain American Business Council.
Prince Salman said a 10-year free trade agreement has boosted bilateral cooperation between the two states across a range of economic and commercial areas.
Bahrain has over 200 American companies currently operating in the kingdom, including Amazon Web Services (AWS), which recently announced plans to open its first regional headquarters in Bahrain.
In an effort to diversify their economy, Bahrain is taking steps to transform the public sector into a private sector regulator and partner, Prince Salman added.
During the meeting, a number of MoUs were signed including a ‘modernisation program’ between Bahrain Petroleum Company (Bapco) and subsea specialists Technip, penned by Bahrain’s Minister of Oil Sheikh Mohammed bin Khalifa Al Khalifa, and Douglas Verdhart, CEO of Technip.
Another deal clinched between Alba Mineral Resources and US-based Bechtel, one of the world's largest industrial contractors, for Alba’s line 6 expansion project, will help see Alba become the world’s largest single-site aluminium smelter.
An MoU was also agreed between Alba Mineral Resources and General Electric (GE) for the implementation of the fourth gas turbine unit at Power Plant 5, was signed by Alba representative Tim Mori and Todd Lamar Smith, Chief Financial Officer of International and Vice President at GE
Another agreement between the Ministry of Industry, Commerce and Tourism and the Small Business Administration (SBA), to boost initiatives aimed at accelerating small businesses, was also signed by the Minister of Industry, Commerce and Tourism and Linda McMahon, Administrator of the SBA.