KSA, Bahrain discuss cooperation in housing, urban planning
Saudi Arabia and Bahrain are exploring partnership opportunities in the social housing and urban planning sectors following a high-level meeting.
The discussions took place on the sidelines of the Bahrain Smart Cities Summit 2024 held in the country’s capital, Manama, with the Saudi Deputy Minister for Urban Planning and Lands Engineer Fahad Al-Mutlaq in attendance, along with the Minister of Housing and Urban Planning Amna Al-Rumaih. A number of topics were discussed, including the formation of a joint technical committee to develop planning solutions for residential neighborhoods and the exchange of professional and specialized expertise and experiences that will increase opportunities for cooperation, according to the Saudi Press Agency. The participants of the meeting discussed recent trends related to smart cities, the most prominent of which are models of sustainable smart government projects, the national afforestation plan, the use of artificial intelligence and the internet of things in urban infrastructure.
Additionally, they shed light on the smart electricity network and the use of AI for security and safety in smart cities, and addressing electronic fraud.
The private sectors of Saudi Arabia and Bahrain are poised to flourish after the two countries’ sovereign wealth funds sealed a cooperation and investment agreement.
In a joint statement last week, the
Kingdom’s Public Investment Fund and Bahrain Mumtalakat Holding Co. announced they had inked a memorandum of understanding to expand the partnership between the two parties and enable new and promising financing opportunities in Bahrain.
The MoU offers numerous benefits to PIF and its portfolio companies, including investment opportunities to strengthen the Saudi sovereign wealth fund’s presence in Bahrain.
Additionally, it facilitates the creation of new prospects for the private sectors of both countries, according to the statement.
“This cooperation is an extension of the strong relations that bring the two kingdoms together. “The MoU signed today aims to enhance cooperation between Mumtalakat and PIF by establishing strategic partnerships and stimulating partnership opportunities for the private sector to support the diversification of the economy in the two brotherly countries,” the CEO said.
He added that the agreement is also in line with Mumtalakat’s efforts to invest in promising economic sectors, provide quality job opportunities, continue to contribute to the national economy, and work toward achieving the goals of Bahrain’s Vision 2030.