Cyprus and Bahrain sign maritime cooperation memorandum as IMO talks end without net-zero text
Cyprus and Bahrain agreed to expand maritime cooperation, while a Payward Europe executive outlined fintech’s potential for the Cypriot economy.
Manama, Bahrain. Cyprus and Bahrain signed a memorandum of understanding on maritime cooperation following high-level talks on Sunday, covering safety, training, search and rescue, innovation and the exchange of expertise.
The agreement comes as Cyprus shipping faces renewed uncertainty after four days of International Maritime Organisation negotiations ended without an agreed text on global rules intended to steer international shipping towards net zero.
Maritime agreement
The memorandum was signed during a bilateral meeting between Shipping Deputy Minister Marina Hadjimanolis and Bahrain’s Minister of Transportation and Telecommunications, Sheikh Abdullah bin Ahmed Al Khalifa.
It covers maritime safety and security, education and training, search and rescue, innovation, and the exchange of expertise and best practices.
The two sides agreed that the signing should be followed by practical steps, including the creation of joint working groups to turn the memorandum into specific areas of cooperation.
Hadjimanolis was accompanied by Cyprus Chamber of Commerce and Industry (Keve) president Stavros Stavrou and Cyprus’ ambassador to Bahrain, Andreas Eliades.
During the visit, Hadjimanolis also toured Khalifa Bin Salman Port with Bahrain’s Undersecretary for Ports and Maritime Affairs, Bader Hood Al Mahmood, and other Bahraini officials.
Digital finance sector
Separately, Stavros Vassiliades, COO and Executive Director of Payward Europe Digital Solutions (CY) Ltd, said regulated digital finance could become a new pillar of the Cypriot economy alongside tourism, shipping and professional services, while creating more skilled jobs on the island.
Speaking to the Cyprus Mail, Vassiliades addressed questions about fintech in Cyprus, the role of the Cyprus Securities and Exchange Commission, scams, licences and misconceptions surrounding crypto, as well as education and skills for young people seeking to enter the industry.
He said Kraken, founded in 2011, is one of the oldest and largest digital asset platforms in the world. Kraken’s CySEC-regulated Cypriot Investment Firm is at the centre of its European derivatives business, while spot crypto trading in the European Union operates under its MiCA hub authorised by the Central Bank of Ireland.
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