During the Bahrain Smart Cities Summit 2024 in Manama, Saudi Arabia and Bahrain discussed a collaboration on social housing and urban planning. Engineer Fahad Al-Mutlaq, Saudi Deputy Minister for Urban Planning and Lands, and Minister of Housing and Urban Planning Amna Al-Rumaih led the discussions. They explored ways to collaborate and improve housing and urban development strategies.

JOINT TECHNICAL COMMITTEE FORMATION

The meeting explored forming a joint technical committee to develop planning solutions for residential neighbourhoods. Both countries aim to exchange expertise and experiences to enhance cooperation.

FOCUS ON SMART CITY TRENDS

The Saudi Press Agency reported discussions about smart cities, focusing on current trends. These talks highlighted sustainable government projects, national tree-planting plans, and the use of artificial intelligence and the Internet of Things in city infrastructure.

PRIVATE SECTOR GROWTH

The sovereign wealth funds of Saudi Arabia and Bahrain have signed a cooperation and investment agreement. This agreement looks to boost growth in both countries' private sectors. The Saudi Public Investment Fund and Bahrain Mumtalakat Holding Co. aim to create new financing opportunities in Bahrain.

ADVANTAGES OF THE AGREEMENT

The agreement benefits both countries' private sectors. It boosts the Saudi sovereign wealth fund's presence in Bahrain and builds strategic partnerships. The cooperation also aligns with Bahrain Mumtalakat Holding Co's efforts. These efforts focus on investing in promising economic sectors. They also contribute to the Bahrain Vision 2030 goals.

ENHANCING COLLABORATION

The agreement highlights the close ties between the two Kingdoms. Its goal is to boost cooperation between Mumtalakat and PIF. In doing so, it opens up opportunities for the private sector to help diversify the economy.

FUTURE PROSPECTS

The collaboration aims to create good jobs and help the national economy grow. It also supports Bahrain's vision for economic growth by investing in important sectors. This helps achieve long-term goals.

In conclusion, Saudi Arabia and Bahrain's discussions pave the way for enhanced cooperation in social housing, urban planning, and economic development. This benefits both nations' private sectors and will contribute to sustainable growth.