Madinah: The Eastern Region Municipality and the Portuguese municipality of Vila Nova de Gaia have entered into a memorandum of understanding (MoU) aimed at fostering municipal and investment cooperation. This agreement was formalized during the Eastern Region Municipality's involvement in the Saudi-Portuguese Business Council held in Portugal.

According to Saudi Press Agency, the MoU's purpose is to facilitate the exchange of expertise, promote municipal work development, and attract investment opportunities. These initiatives are intended to support urban development and enhance service quality, aligning with the objectives of Saudi Vision 2030.

The memorandum sets forth multiple strategic objectives, such as the strengthening of cooperation and the exchange of best practices in municipal services. It also emphasizes building institutional and technical capacities, supporting sustainable urban planning and smart cities, promoting high-quality sustainable municipal investment, and encouraging public-private partnerships to advance innovation and digital transformation.

Furthermore, the agreement involves the exchange of lists of municipal investment opportunities, sharing of preliminary and feasibility studies, organization of joint investment forums and meetings, encouragement of investor partnerships, and the exchange of expertise in the preparation of investment contract models.