PIF, Mumtalakat sign MoU to promote strategic sector investments in Bahrain

The Public Investment Fund (PIF) and Mumtalakat Holding Co., the sovereign wealth fund of the Kingdom of Bahrain, announced today, March 4, signing a memorandum of understanding (MoU). The agreement aims to expand cooperation between the two parties and enable new and promising investment opportunities in the Kingdom of Bahrain.

The MoU provides multiple benefits to PIF and its portfolio companies, by providing investment opportunities aimed at enhancing PIF’s investments in the Kingdom of Bahrain. It also allows for the creation of additional opportunities for the private sector in both countries, the PIF said in an emailed statement to Argaam.

PIF aims to enhance collaboration and investment opportunities in various sectors in Bahrain, while Mumtalakat seeks to explore attractive investment opportunities to enhance collaboration and partnership with the Saudi sovereign wealth fund.

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.

In May 2023, PIF completed the establishment of Saudi-Bahraini Investments Co., with capital of about SAR 18 billion ($5 billion), Argaam earlier reported.

Source : Argaam