The Saudi-Bahraini Coordination Council announced that Saudi Arabia will invest $5 billion in new development projects in Bahrain, part of some $30 billion worth of projects set to be undertaken by Bahrain.
The meeting on Thursday of the Saudi-Bahraini Coordination Council was led by the Crown Prince of Bahrain, Salman bin Hamad Al Khalifa, and the Crown Prince of Saudi Arabia, Mohammad Bin Salman Al Saud, who is visiting Bahrain as part of a Gulf tour that began on Monday in Oman and ends on Friday in Kuwait.
The specific projects in which Saudi Arabia will invest in Bahrain have not yet been announced.
With this announcement, Saudi investments in Bahrain will rise to more than $7.5 billion, as Riyadh had previously pumped some $2.5 billion into development projects in Bahrain.
During the meeting, 65 joint initiatives were launched between Bahrain and Saudi Arabia, in the political, economic, security, tourism, infrastructure and transport fields.
In a statement following the meeting, the crown prince of Bahrain said: “We will continue cooperation and effective joint projects in all fields with Saudi Arabia.”
The Saudi crown prince said: “There is a high level of coordination between the two countries, and there are initiatives that have been agreed upon and will be implemented soon within the framework of the Coordination Council between the two countries.”