Saudi Arabia and Bahrain have entered into two memoranda of understanding (MoUs) centered around transportation, road maintenance, and safety.
According to the Saudi Press Agency (SPA), these MoUs aims to enhance cooperation in the transportation and logistics services sector between the two countries.
Read more: Trade volume between Saudi Arabia, GCC countries surpasses $14.82 billion in Q4 2023
The signing was attended by Saleh bin Nasser AI-Jasser, the Saudi minister of Transport and Logistic Services, Mohammed bin Thamer Al Kaabi, Bahraini minister of Transportation and Telecommunications, and Ebrahim bin Hasan Al Hawaj, Bahraini minister of Works.
The MoUs entail joint efforts in the aforementioned areas, including knowledge sharing, the organization of training programs and seminars, as well as the promotion of research and development.
In August 2023, data showed that Bahrain’s imports experienced a 3 percent growth, reaching 534 million Bahraini dinars ($1.416 billion), compared to BD520 million ($1.379 billion) recorded in the same month of 2022.
In terms of top export destinations, Saudi Arabia took the lead with a value of BD82 million, followed closely by the UAE with BD41 million, and the U.S. ranking third with BD36 million. The top exported product during August 2023 was Unwrought Aluminum Alloys, valued at BD90 million, followed by Agglomerated Iron Ores and Concentrates Alloyed at BD57 million, and non-alloyed aluminum wire at BD21 million.
Furthermore, re-exports witnessed an 8 percent increase, totaling BD70 million, compared to BD65 million in the same month of 2022. Turbo-jets emerged as the leading re-exported product from Bahrain, valued at BD16 million, followed by Jeep Cars with BD6 million.
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