Saudi Arabia’s PIF and Bahrain Mumtalakat sign MoU to bolster cooperation
Saudi Arabia’s Public
Investment Fund (PIF) and Bahrain Mumtalakat, sovereign wealth funds of the
respective countries, have inked a Memorandum of Understanding (MoU) aimed at
bolstering cooperation and investment in strategic sectors.
The agreement seeks to
broaden collaboration between the two entities and facilitate the exploration
of fresh and promising investment prospects in Bahrain, as stated in a joint
announcement by PIF and Mumtalakat.
Saudi
Arabia's Public Investment Fund supporting Vision 2030
PIF highlighted that
the MoU presents investment avenues that will enrich the wealth fund's portfolio
in Bahrain while fostering additional opportunities for the private sector in
both nations.
Yazeed A. Al-Humied,
Deputy Governor and Head of MENA Investments at PIF, remarked, “The MoU with
Bahrain’s Mumtalakat is a significant stride towards enhancing collaboration
and investment opportunities across various sectors in Bahrain. Additionally, it
aligns with PIF’s objectives of forging enduring strategic partnerships at a
regional level, contributing added value to local economies.”
The agreement is
anticipated to generate sustainable returns, thereby optimizing PIF’s assets
under management and promoting economic diversification in alignment with Saudi
Arabia’s Vision 2030.
Saudi
Arabia launches second edition of the PIF Private Sector Forum in Riyadh
Under the terms of the
agreement, Saudi Arabia’s wealth fund aims to bolster its investments in
strategic sectors within Bahrain, while Mumtalakat endeavors to identify
attractive investment prospects for collaboration and partnership with PIF.
The MoU signing follows
the establishment of the Saudi-Bahraini Investment Company, a subsidiary of the
Saudi wealth fund, which pledges to invest up to $5 billion across various
projects in Bahrain.
PIF Driving Sustainable
Growth PIF stands among GCC state investors actively supporting peer
governments in neighboring countries through investments, lending, or central
bank deposits.
Saudi
Arabia's sovereign fund strengthens partnerships with private sector
As the world's most
active sovereign investor in the past year, managing a $700 billion wealth
fund, PIF has significantly increased its deal activity, reaching a record
$31.6 billion, according to Global SWF, a research consultancy.
Saudi Arabia’s
sovereign fund intends to escalate its annual capital deployment to $70 billion
post-2025, up from the current $40-50 billion range.
The fund's investment
portfolio spans various sectors, aligning with the kingdom’s economic
diversification strategy under Vision 2030.
Saudi
Arabia’s Public Investment Fund (PIF) leaves behind Singapore’s GIC as a
significant global player
PIF holds stakes in tech giants like Uber Technologies, prominent soccer teams such as Newcastle United in the English Premier League, electric car manufacturers like Lucid and Ceer, and is spearheading ambitious projects such as the $500 billion NEOM City and the Red Sea Development Company’s expansive tourism venture.
Source: https://gulfbusiness.com/
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