Riyadh, Saudi Arabia — The Public Investment Fund (PIF) and Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, Tuesday signed a memorandum of understanding (MoU) to expand cooperation and enable investment opportunities in Bahrain, PIF said.
PIF said in a statement that the MoU provides multiple benefits to PIF and its portfolio companies, by providing investment opportunities aimed at enhancing PIF’s investments in Bahrain. It also allows for the creation of additional opportunities for the private sector in both countries.
Bahrain Mumtalakat Holding Company CEO Shaikh Abdulla bin Khalifa Al Khalifa 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.”
He added: “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.”
Deputy Governor and head of MENA Investments at PIF Yazeed A. Al-Humied 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 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,” he said.
Through this agreement, PIF seeks to increase its investments in multiple targeted sectors in Bahrain, while Mumtalakat aims to explore attractive investment opportunities for cooperation and partnership with PIF.
The MoU follows the establishment of the Saudi-Bahraini Investment Company – a PIF subsidiary – which aims to invest up to $5 billion in multiple promising sectors in the Kingdom of Bahrain. The company has recently inaugurated its office, in Manama, to expand its range of investment activities.
PIF is one of the largest and most impactful sovereign wealth funds in the world. It plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 93 companies in 13 strategic sectors locally and globally.
Mumtalakat Holding Company owns shares in more than 50 commercial companies covering a variety of sectors, including manufacturing, real estate and tourism, logistics, technology and media, communications, financial services, public services, consumer goods, healthcare, and education.