Amid discussions on the fringes of the Bahrain Smart Cities Summit 2024 in Manama, Saudi Arabia and Bahrain are delving into potential collaborations in the realms of social housing and urban planning. The summit saw the presence of key figures such as the Saudi Deputy Minister for Urban Planning and Lands, Engineer Fahad Al-Mutlaq, and Bahrain’s Minister of Housing and Urban Planning, Amna Al-Rumaih.
The dialogues, reported by the Saudi Press Agency, included talks of establishing a joint technical committee to craft innovative planning solutions for housing communities, as well as the mutual exchange of specialized knowledge and experience to bolster cooperative efforts.
Key themes at the summit encompassed advancements in smart city concepts, spotlighting sustainable smart government initiatives, a national afforestation scheme, and the incorporation of artificial intelligence and the Internet of Things into city infrastructures.
Additional focus areas were the smart power grid, leveraging AI for public safety in smart cities, and strategies to counteract electronic fraud.
The private sectors in both nations are set to benefit from a cooperation and investment pact signed by their sovereign wealth funds. Early March witnessed the Saudi Public Investment Fund and Bahrain Mumtalakat Holding Co. formalizing their partnership through a memorandum of understanding aimed at unlocking new investment avenues in Bahrain.
This MoU offers numerous benefits for the Saudi Public Investment Fund and its affiliated companies by presenting investment openings to solidify the Fund’s influence in Bahrain. Concurrently, it paves the way for private sector expansion in both countries, as reported last week.
The CEO underscored that this collaboration is a testament to the robust ties between the two kingdoms, with the aim to bolster joint efforts between Mumtalakat and PIF, fostering strategic partnerships and spurring private sector contributions to the economic diversification of both nations.
Furthermore, the partnership aligns with Mumtalakat’s mission to invest in sectors with growth potential, generate quality employment, support the national economy, and achieve the objectives set forth in Bahrain Vision 2030.