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Saudi Arabia, Bahrain Deepen Cooperation in Joint Efforts

Saudi-Bahrain Coordination Council announced the opening of the first office of the Saudi-Bahraini Company (SPA)
Saudi-Bahrain Coordination Council announced the opening of the first office of the Saudi-Bahraini Company (SPA)
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Saudi Arabia, Bahrain Deepen Cooperation in Joint Efforts

Saudi-Bahrain Coordination Council announced the opening of the first office of the Saudi-Bahraini Company (SPA)
Saudi-Bahrain Coordination Council announced the opening of the first office of the Saudi-Bahraini Company (SPA)

The Saudi-Bahrain Coordination Council held its third meeting on Wednesday, chaired by Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud, and Bahraini Crown Prince Salman bin Hamad Al Khalifa.

During the meeting, they announced the opening of the first office of the Saudi-Bahraini Company, established in November 2022 between the Saudi Public Investment Fund (PIF) and the Sovereign Wealth Fund of Bahrain (Mumtalakat), with an investment of $ 5 billion.

The meeting also saw the announcement of the completion of the construction of King Abdullah Medical City Hospital in Bahrain, which is expected to start operations in mid-2024.

Discussions covered joint projects in training, technology, healthcare, and trade. Agreements were signed across various sectors including energy, finance, culture, education, and media.

At the onset of the meeting, Crown Prince Mohammed bin Salman welcomed Crown Prince Salman bin Hamad Al Khalifa, underscoring the strong historical ties between Saudi Arabia and Bahrain.

The Saudi Crown Prince expressed commitment to Gulf Cooperation Council (GCC) unity, aiming for stability and prosperity. He also praised the Saudi-Bahrain Coordination Council’s ongoing efforts, aiming to benefit citizens and meet leadership aspirations.

On his part, Bahraini Crown Prince Salman bin Hamad Al Khalifa highlighted the strong historical bonds between Bahrain and Saudi Arabia, stressing the importance of meetings like these in boosting strategic partnerships.

He praised Crown Prince Mohammed bin Salman’s efforts in supporting joint projects that aim to enhance growth in both nations.

The Bahraini Crown Prince also applauded the collaborative initiatives of the Saudi-Bahrain Coordination Council, aimed at achieving shared goals.

The meeting, attended by dignitaries and ministers from both sides, underlined the close fraternal relations between Saudi Arabia and Bahrain.

The session concluded with plans for the fourth meeting of the Saudi-Bahrain Coordination Council to take place in Bahrain, with the date to be confirmed through mutual agreement.

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Gulf

Albudaiwi Affirms Solidity of GCC Economy to Face Economic Challenges

Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi
Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi
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Albudaiwi Affirms Solidity of GCC Economy to Face Economic Challenges

Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi
Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi

Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi affirmed the solidity and strength of the GCC economy and its ability to face economic challenges, the Saudi Press Agency said on Saturday.
Albudaiwi’s statement came in his recorded speech at the roundtable meeting between the GCC and American companies, which was held under the patronage of the US Chamber of Commerce on Thursday, June 27, 2024, in the US capital, Washington.
The steps taken by the GCC countries to strengthen trade and investment ties with the US focused greatly on the mutual benefits of this economic partnership, said Albudaiwi.
He also stressed that the six GCC countries enjoy long-term and strong trade and investment relations with the US, and these relations are witnessing clear and significant progress, explaining that these partnerships play a pivotal role in enhancing economic growth, innovation and development across various sectors.
During his speech, he projected some statistics that confirm the progress of cooperation between the two sides, such as achieving bilateral trade between the GCC countries and the US in 2023 of around $180 billion.
GCC countries have also achieved great success in the energy sectors, ranking first globally in crude oil production and reserves and second in natural gas reserves, he noted.
Touching on future strategic GCC projects, such as the GCC railway project, he said it will enhance connectivity between Middle Eastern countries and provide great cooperation opportunities with American partners. He added that the Council countries are working at an accelerated pace to develop digital infrastructure and transition to a technology-based diversified economy.
Albudaiwi concluded by expressing the commitment of the GCC countries to enhancing stability and development in the region, pointing to the ongoing GCC's efforts to resolve regional conflicts and maintain peace and security to achieve more growth and prosperity. He underscored the determination of the GCC countries to deepen cooperation with the US, and ensure sustainable economic growth for future generations on both sides.