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- MoUs outline enhanced collaboration in the future of transportation and road maintenance sectors
RIYADH: Saudi Arabia and Bahrain signed two memorandums of understanding to strengthen their partnership in transportation 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 bin Nasser 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, aiming 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 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 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.