Riyadh – Mubasher: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and Mumtalakat Holding Company, the sovereign wealth fund of Bahrain, have inked a memorandum of understanding (MoU) to expand cooperation to enable new investment opportunities in Bahrain.
The MoU offers investment opportunities in Bahrain to the PIF and its portfolio companies, according to a press release.
The protocol also allows for additional opportunities for the private sector in both countries.
Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Bahrain Mumtalakat Holding, stated: “We are pleased to cooperate with PIF. This cooperation is an extension of the strong relations that bring the two kingdoms together.”
“This 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 towards achieving the goals of Bahrain Vision 2030,” Al Khalifa added.
Yazeed Al Humied, Deputy Governor and Head of MENA Investments at PIF, commented: “The MoU with Bahrain’s Mumtalakat Holding Company is an important step that aims to contribute to enhancing collaboration and investment opportunities in various sectors in the Kingdom of Bahrain.”
“The MoU also enables the achievement of sustainable returns that further contribute to maximizing PIF’s assets and diversifying the economy in line with the objectives of Saudi Vision 2030,” Al Humied said.
The recent MoU follows the establishment of the Saudi-Bahraini Investment Company, a PIF subsidiary, which plans to invest up to $5 billion in multiple promising sectors in Bahrain.
Since 2017, PIF has established 93 companies across 13 strategic sectors worldwide. Mumtalakat Holding Company owns shares in over 50 commercial enterprises spanning various industries including manufacturing, real estate, tourism, technology, and healthcare.
Earlier this week, Alat, a PIF’s subsidiary, entered into a partnership agreement with King Abdulaziz City for Science and Technology (KACST) to support the development of the semiconductor industry in Saudi Arabia.
In January, PIF completed the pricing of a $5 billion Reg S international bond offering.
