Manama: During the fourth meeting of the Bahrain-Saudi Coordination Council, held in the Kingdom of Bahrain under the chairmanship of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, a Memorandum of Understanding (MoU) was signed between the Ministry of Industry and Trade in Bahrain and the General Authority for Competition in Saudi Arabia. The agreement was signed by Abdullah bin Adel Fakhro, Minister of Industry and Trade, on behalf of Bahrain, and by Faisal bin Fadhil Alibrahim, Minister of Economy and Planning, on behalf of Saudi Arabia.
According to Bahrain News Agency, Minister Fakhro stated that the signing of the MoU represents an important step in advancing economic integration and strengthening the investment environment in ways that support innovation and sustainable growth in both economies. He highlighted the expected impact of the MoU in developing and implementing an institutional framework for bilateral cooperation in promoting and safeguarding competition and preventing anticompetitive practices, supporting fairness and transparency in the markets of both countries.