Arab News, Wed, Mar 13, 2024 | Ramadan 3, 1445
Saudi Arabia, Bahrain discuss joint cooperation in social housing and urban planning
Saudi Arabia, Bahrain :
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.