PIF and Mumtalakat Sign Agreement to Boost Economic Ties and Investment Opportunities

PIF and Mumtalakat Sign Agreement to Boost Economic Ties and Investment Opportunities

By Staff Writer, 06 March 2024

In a significant move aimed at fostering economic ties and exploring new investment prospects, the Saudi sovereign wealth fund PIF (Public Investment Fund) has inked an agreement with Mumtalakat Holding Company in Bahrain.

The agreement, signed on March 5, marks a pivotal step towards enhancing collaboration and unlocking promising investment avenues in the Kingdom of Bahrain.

This strategic partnership is set to yield numerous benefits for PIF and its diverse portfolio companies.

By facilitating access to investment opportunities tailored to bolster PIF's presence in Bahrain, the agreement underscores a commitment to fortifying bilateral economic relations.

The Memorandum of Understanding (MoU) comes on the heels of the establishment of the Saudi-Bahraini Investment Company, a subsidiary of PIF.

With a hefty investment pledge of up to $5 billion earmarked for various sectors in Bahrain, this entity has already set up its operational base in Manama, signaling an intent to broaden its investment horizons.

For Mumtalakat, Bahrain's sovereign wealth fund, the agreement opens doors to fostering greater collaboration and creating additional avenues for private sector engagement in both nations.

It seeks to identify and capitalize on attractive investment opportunities through partnerships with PIF, thereby fueling economic growth and development.

Commenting on the collaboration, Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Bahrain Mumtalakat Holding Company, emphasized its significance in strengthening the longstanding ties between the two kingdoms.

He highlighted the MoU's objective of fostering strategic partnerships and catalyzing private sector involvement to support economic diversification efforts in both countries.

"This collaboration reflects Mumtalakat's steadfast commitment to investing in promising economic sectors, generating quality employment opportunities, and contributing to the realization of Bahrain Vision 2030 goals," Shaikh Abdulla added, underscoring the alignment of the initiative with Bahrain's long-term development objectives.

Source: Trade Arabia

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