RIYADH: 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 would increase opportunities for cooperation, according to the Saudi Press Agency.
The event delved into recent trends in smart cities, with a particular focus on models of sustainable smart government projects, the national afforestation plan, and the integration of artificial intelligence and the Internet of Things in urban infrastructure.
Furthermore, it highlighted aspects such as the smart electricity network, the utilization of AI for security and safety in smart cities, and strategies to combat electronic fraud.
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 Saudi Public Investment Fund and Bahrain Mumtalakat Holding Co. announced the signing of a memorandum of understanding. The agreement aims to enhance the partnership between the two entities and facilitate new and promising financing opportunities in Bahrain.
The MoU presents various advantages for PIF and its portfolio companies, providing 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 a statement released last week.
The CEO emphasized at the time that the cooperation represents an extension of the strong relations between the two Kingdoms. Additionally, he highlighted that the MoU aims to enhance collaboration between Mumtalakat and PIF, fostering strategic partnerships and creating opportunities for the private sector to contribute to the economic diversification of both brotherly countries.
He further mentioned that the agreement aligns 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 Vision 2030.
