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Saturday, Apr 20, 2024

Saudi Arabia earmarks $5 billion investment fund for Bahrain

Saudi Arabia earmarks $5 billion investment fund for Bahrain

Minister of Investment Eng. Khalid Al-Falih announced that Saudi Arabia would allocate a specialized investment fund, amounting to about $5 billion, for Bahrain.
Addressing the third Saudi-Bahraini Coordination Council meeting in the Bahraini capital of Manama on Sunday, Al-Falih said that discussions were also held on accelerating the Saudi – Bahrain parallel bridge work.

The minister said that the Saudi investment will be made available in various Saudi and Bahraini private economic sectors. There will also be joint platforms in Bahrain to offer studied investment opportunities that are economically feasible for both the countries.

Al-Falih announced the establishment of the Saudi-Bahraini Urban Planning Council, and holding of an annual Saudi-Bahraini forum, with a special portal for Bahraini investors as a priority.

“The talks also figured mainly on the proposed parallel bridge linking the two countries and the mechanism for accelerating the pace of work to complete this project, which also includes a railway link between the two kingdoms,” he said.

Al-Falih said that 13 initiatives were discussed at the Coordination Council meeting. The activation of tourism integration between the two countries was also figured in the talks.

Regarding memoranda of understanding (MoUs) between the two countries, Al-Falih said that two MoUs will be signed, the first between the National Center for Waste Management in Saudi Arabia and the Supreme Council for the Environment in Bahrain in the field of sustainable waste management, and the second one between the Bahrain Agricultural Development Company and the concerned authority in Saudi Arabia in the field of food security.

Al-Falih stressed the prominent role played by Bahraini-Saudi investment projects in the private sector, as an economic arm and an effective engine to support economic growth. He also emphasized the levels of investment cooperation between Saudi Arabia and Bahrain and the importance of continue strengthening it in order to achieve common aspirations and boost growth and prosperity of the two friendly countries and their peoples.

Al-Falih stated that Saudi Arabia is working on many initiatives to achieve economic integration between the two countries, saying that this is in line with the directives of Crown Prince and Prime Minister Mohammed bin Salman.

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