Bahrain, Saudi Arabia sign agreement on expanding private sector cooperation

By Abdelsalam Fayez

RIYADH (AA) – Saudi Arabia and Bahrain have signed a memorandum of understanding (MoU) on developing a partnership in the private sector for artificial intelligence, networking, electronic connectivity and data sharing.

Saudi Crown Prince Mohammed bin Salman and his Bahraini counterpart Salman bin Hamad Al Khalifa witnessed the signing ceremony Wednesday evening in Riyadh to open the first office of the Saudi-Bahraini Company, local media reported.

In the presence of the two crown princes, “the opening of the first office of the Saudi-Bahraini Company, established in November 2022, between the Public Investment Fund in the Kingdom of Saudi Arabia and Bahrain Mumtalakat Holding Company, with an investment of $5 billion, was announced,” the official Saudi News Agency reported.

Earlier on Wednesday, Al Khalifa arrived in Riyadh, where Mohammed bin Salman was at the forefront to welcome him, according to the news agency.

“The construction of the King Abdullah Medical City Hospital in the Kingdom of Bahrain has been completed. It is expected to start operating in the second quarter of 2024, in addition to several projects related to providing training opportunities, hosting private sector institutions concerned with artificial intelligence, networking, electronic connectivity, and data sharing,” the news agency said.

During the meeting, several agreements and memoranda of understanding were signed in the areas of energy, economy, finance and financial markets, legal affairs, culture, education, administrative development, health, television, radio and news, it added.

*Writing by Rania Abu Shamala