RIYADH: 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.
