Arab News, Wed, Mar 06, 2024 | Shaban 25, 1445
Saudi PIF, Bahrain Mumtalakat ink cooperation, investment deal
Saudi Arabia:
Private sectors of Saudi Arabia and Bahrain are poised to flourish after the two
countries’ sovereign wealth funds sealed a cooperation and investment agreement.
In a joint statement, the Saudi Public Investment
Fund and Bahrain Mumtalakat Holding Co. announced they had inked a memorandum of
understanding aiming to expand the partnership between the two parties and
enable new and promising financing opportunities in Bahrain.
The MoU offers numerous benefits to PIF and its
portfolio companies, including investment opportunities to strengthen the Saudi
sovereign wealth fund’s presence in Bahrain. Additionally, it facilitates the
creation of new prospects for the private sectors of both countries, according
to the statement.
Sheikh Abdullah bin Khalifa Al-Khalifa, CEO of
Mumtalakat, expressed his company’s satisfaction in collaborating with PIF.
“This cooperation is an extension of the strong
relations that bring the two kingdoms together. The MoU signed today aims to
enhance cooperation between Mumtalakat and PIF by establishing strategic
partnerships and stimulating partnership opportunities for the private sector to
support the diversification of the economy in the two brotherly countries,” the
CEO said.
He added that the agreement is also in line with
Mumtalakat’s efforts to invest in promising economic sectors, provide quality
job opportunities, continue to contribute to the national economy, and work
toward achieving the goals of Bahrain Vision 2030.
Yazeed Al-Humied, deputy governor and head of
Middle East and North Africa Investments at PIF, underscored the importance of
the agreement as a pivotal step toward bolstering cooperation and unlocking
investment potential across multiple sectors in Bahrain.
“The MoU also supports PIF’s objectives of
building long-term strategic regional partnerships that bring additional value
to local economies and which create more partnership opportunities for the
private sector,” he said, adding that it also enables the achievement of
sustainable returns that further contribute to maximizing the sovereign wealth
fund’s assets and diversifying the economy in line with the objectives of Saudi
Vision 2030.
The MoU follows the establishment of the
Saudi-Bahraini Investment Co., a PIF subsidiary, which aims to invest up to $5
billion in multiple promising sectors in Bahrain. The company has recently
inaugurated its office in Manama to expand its range of investment activities.