Riyadh, March 05, 2024, The Public Investment Fund (PIF) and Mumtalakat Holding Company, the sovereign wealth fund of Bahrain, have signed a memorandum of understanding (MoU) aimed at expanding cooperation and fostering new investment opportunities in Bahrain. The agreement is expected to provide various benefits to PIF and its portfolio companies, enhancing investments in Bahrain and creating opportunities for the private sector in both countries.
The MoU outlines strategic partnerships and collaboration to stimulate economic diversification efforts in line with Bahrain Vision 2030. Mumtalakat Holding Company's CEO, Shaikh Abdulla bin Khalifa Al Khalifa, expressed satisfaction with the cooperation, emphasizing its alignment with the strong relations between the two kingdoms and its contribution to supporting economic diversification.
Deputy Governor and head of MENA Investments at PIF, Yazeed A. Al-Humied, highlighted the significance of the agreement, emphasizing its role in enhancing collaboration and investment opportunities in various sectors in Bahrain. The MoU aligns with PIF's objective of building long-term strategic regional partnerships, contributing to local economies, and creating partnership opportunities for the private sector.
As part of the agreement, PIF aims to increase its investments in targeted sectors in Bahrain, while Mumtalakat seeks attractive investment opportunities for collaboration and partnership with PIF. This follows the establishment of the Saudi-Bahraini Investment Company, a PIF subsidiary with plans to invest up to $5 billion in multiple sectors in Bahrain. The Saudi-Bahraini Investment Company recently inaugurated its office in Manama to expand its range of investment activities.
PIF, one of the world's largest sovereign wealth funds, has played a significant role in advancing Saudi Arabia's economic transformation and diversification. It has established 93 companies in 13 strategic sectors globally since 2017. Mumtalakat Holding Company owns shares in over 50 commercial companies covering various sectors, contributing to Bahrain's economic development.
