KSA, Bahrain to boost cooperation in transport sector
Agreements also outline enhanced collaboration in road maintenance
Saudi Arabia and Bahrain signed two memorandums of understanding to strengthen their partnership in transport and logistics, Saudi Press Agency reported.
The agreements also outline enhanced collaboration in the road maintenance sector.
The MoUs focus on a range of cooperative efforts, including the exchange of expertise, the organization of training programs and seminars, and the pursuit of joint research and development initiatives.
They were signed in Manama by Saudi Transport Minister Saleh Al-Jasser, Bahraini Transport Minister Mohamed bin Thamer Al-Kaabi and Minister of Works Ebrahim bin Hasan Al-Hawaj. Saudi Arabia and Bahrain are continuously exploring partnership opportunities across various sectors. Earlier this month, the two nations discussed potential collaborations in social housing and urban planning sectors during 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 Saudi Deputy Minister for Urban Planning and Lands Fahad Al-Mutlaq in attendance, along with Bahrain’s Minister of Housing and Urban Planning Amna Al-Rumaih.
The discussions encompassed several topics, including the establishment of a joint technical committee to develop planning solutions for residential neighborhoods and the exchange of professional expertise and experiences, to enhance opportunities for collaboration, SPA reported earlier this month.
The private sectors of Saudi Arabia and Bahrain are poised
for growth following the signing of a cooperation and investment agreement between the sovereign wealth funds of the two countries. In a joint statement at the beginning of March, the Public Investment Fund and Bahrain Mumtalakat Holding Co. announced the signing of a MoU. It will enhance the partnership between the two entities and facilitate new and promising financing opportunities in Bahrain. The MoU presents various advantages for Saudi sovereign wealth fund and its portfolio companies, providing investment opportunities to strengthen the PIF’s presence in Bahrain.
The MoU follows the establishment of the Saudi-Bahraini Investment Co., a PIF subsidiary, which will invest up to $5 billion in multiple promising sectors in Bahrain. The company has recently inaugurated its office in Manama to expand its range of investment activities. Additionally, it will facilitate the creation of new prospects for the private sectors of both countries, according to a statement released last week.
In October last year, the minister of transport and logistics revealed that the Kingdom is set to invest SR1.6 trillion ($426.72 billion) through partnerships with the private sector and various countries.