PIF and Mumtalakat Holding Company, Bahrain's sovereign wealth fund, have officially inked a memorandum of understanding (MoU) to strengthen collaboration. This agreement is poised to foster increased cooperation and unlock fresh investment prospects within Bahrain.
Under the MoU, PIF and its portfolio firms stand to gain access to enriched investment avenues in Bahrain, bolstering PIF's presence in the region. Additionally, the agreement paves the way for the emergence of new opportunities in the private sector across both nations.
His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Bahrain Mumtalakat Holding Company, said, “We are pleased to cooperate with PIF. This cooperation is an extension of the strong relations that bring the two kingdoms together. The memorandum 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. 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.”
Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said, “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 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. It 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.”
The memorandum of understanding underscores PIF's commitment to expanding its presence across various sectors in Bahrain through increased investments. Concurrently, Mumtalakat is poised to leverage this partnership to identify and pursue compelling investment prospects in collaboration with PIF.
This collaboration follows the establishment of the Saudi-Bahraini Investment Company, a subsidiary of PIF, which is dedicated to channeling investments of up to $5 billion into diverse sectors within Bahrain. Recently inaugurating its office in Manama, the company aims to broaden its investment portfolio and activities to enhance economic growth and development in Bahrain.
As one of the largest sovereign wealth funds globally, PIF holds a pivotal role in driving Saudi Arabia's economic diversification and growth trajectory. With a robust track record spanning numerous sectors, PIF has been instrumental in establishing 93 companies across 13 strategic sectors since 2017. Meanwhile, Mumtalakat Holding Company's extensive portfolio encompasses shares in over 50 commercial entities spanning diverse sectors, including manufacturing, real estate, technology, and healthcare, contributing significantly to Bahrain's economic landscape.
Source: PIF
