TEL AVIV — Bahrain Bourse and Israel Diamond Exchange (IDE) have signed a Memorandum of Understanding (MoU) to explore areas of mutual interest and joint cooperation between the two exchanges and to develop channels of communication and foster the relationship between Bahrain Bourse and Israel Diamond Exchange (IDE).

The MoU was signed during a visit to the IDE by Bahrain's Industry, Commerce, and Tourism Minister Zayed bin Rashid Al-Zayani, accompanied by Israeli Minister of Regional Cooperation Ofir Akunis.

Al-Zayani was briefed on the role of IDE in the Israeli economy and on its advanced systems and pioneering experiences.

Bahrain and Israel possess many elements that help them build a successful economic partnership, the minister said.

He noted that Bahrain seeks to establish economic relations with major companies in Israel and to exchange experiences in the commercial and investment sectors that would positively reflect on the economies of the two countries and contribute to achieving shared interests.

Al-Zayani praised the IDE, especially that Israel is one of the world’s major diamond exporting countries, and stressed the Kingdom's aspiration to exchange experiences with Israel in this field, amid Bahrain’s interest in hosting more international events and exhibitions related to jewelry.

The MoU was signed by Bahrain Bourse Chief Executive Officer Shaikh Khalifa bin Ebrahim Al Khalifa and Israel Diamond Exchange (IDE) President Yoram Dvash.

Under the agreements, the two countries will explore joint initiatives that will create efficient opportunities and exchange knowledge and expertise in the area of commodity-based assets trading.