Saudi Arabia’s Public Investment Fund (PIF) and its Bahrani counterpart, Mumtalakat, have signed a memorandum of understanding (MoU) to expand cooperation and enable new and promising investment opportunities in Bahrain.
The MoU provides multiple benefits to PIF and its portfolio companies by providing investment opportunities aimed at boosting PIF’s investments in Bahrain. It also allows for the creation of additional opportunities for the private sector in both countries, said a PIF statement.
“We are pleased to cooperate with PIF. This cooperation is an extension of the strong relations that bring the two kingdoms together,” said Bahrain Mumtalakat Holding Company CEO Shaikh Abdulla bin Khalifa Al Khalifa.
“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.”
Currently, the PIF has invested in 13 strategic sectors and has created 93 portfolio companies and has over $700 billion AUM.
PIF invests both locally in Saudi Arabia and abroad.
