CEO of SFD Participates in Opening of Al Fateh Highway Project
The Chief Executive Officer (CEO) of Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad participated in the opening of Al Fateh Highway upgrade project, reported Saudi Press Agency.
The Bahraini Crown Prince Salman bin Hamad Al Khalifa and Deputy Prime Minister Khalid bin Abdulla Al Khalifa attended the opening of the project as well.
The Saudi Fund for Development is financing the project of upgrading Al Fateh Highway in Bahrain.
Al Fateh Highway upgrade project
The SFD also worked to strengthen existing efforts with the Bahraini Ministry of Works during the project work until its completion. Al-Fateh Street is one of the the main roads in the transportation network. It has a capacity of about 140 thousand vehicles a day.
It is noteworthy that Al Fateh Highway upgrade project comes within the framework of the established development relations. These relations extend since 1976 between the two countries.
In light of the relations between Kingdom of Saudi Arabia and Bahrain, the Fund has presented, over a period of about 47 years, 30 development projects and programs in sectors including Energy, transport, communications and social infrastructure sectors.
This is through soft development loans and grants. This will contribute to the development of vital and development sectors and support them to achieve sustainable development.
Trade Volume
The trade volume between Bahrain and Saudi Arabia has reached to approximately $4 billion in 2022, marking a 15% increase compared to the previous year.
This significant growth is a testament to the strong trade ties and close collaboration between these two fraternal nations.
During a meeting held at the Bahrain Chamber’s headquarters, Sameer Nass, Chairman of the Bahrain Chamber, expressed optimism about the robust trade relationship between Bahrain and Saudi Arabia.
He highlighted the importance of increasing joint investments and broadening the horizons for investments.
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