Saudi Arabia to invest 5 billion USD in development projects in Bahrain

Saudi Arabia to invest 5 billion USD in development projects in Bahrain
December 10, 2021, 2:27 am

Bahrain/Pixabay

The Xinhua reported according to an official statement, Bahrain and Saudi Arabia on Thursday signed key agreements involving a Saudi investment of 5 billion U.S. dollars in development projects across Bahrain.

It said that the agreements came during the second meeting of the Saudi-Bahraini Coordination Council in Bahrain's Sakhir Palace, co-chaired by Bahraini Crown Prince and Prime Minister Salman bin Hamad Al Khalifa and visiting Saudi Crown Prince, Deputy Prime Minister and Defense Minister Mohammed bin Salman Al Saud.

A feasibility study for establishing a Bahraini-Saudi multi-industry holding company was agreed on during the meeting.

Saudi Arabia-Streets of Jeddah/Pixabay

The meeting also discussed cooperation between Bahrain's Oil and Gas Holding Company and Saudi Aramco, with a focus on oil and gas, the circular economy, and hydrogen production technology.

The Council urged the committee supervising the proposed King Hamad Causeway and railway network projects between the two kingdoms to complete economic and financial feasibility studies within a month.

During a joint press conference on Thursday with his Bahraini counterpart Abdullatif bin Rashid Al Zayani, Saudi Foreign Minister Faisal bin Farhan Al Saud called on Iran to "play a bigger role to return to the (2015) nuclear deal."

The Xinhua noted that Bahrain is the fourth leg of the Saudi crown prince's Gulf tour that has taken him to Qatar, the United Arab Emirates and Oman, and will end in Kuwait, all members of the Gulf Cooperation Council.

Source: xinhua

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