RIYADH: The Saudi Bahraini Investment Co., owned by the Kingdom’s Public Investment Fund, has signed an agreement with Mumtalakat, Bahrain’s sovereign wealth fund, to enhance cooperation and investment in strategic sectors.
According to a press statement, the agreement aims to unlock new investment opportunities in Bahrain, subject to satisfying certain requirements, including performing the necessary due diligence.
This contract follows a previous memorandum of understanding signed in March 2024 between PIF and Mumtalakat, which aimed to broaden cooperation opportunities between the two parties.
“The agreement seeks to establish a joint investment program, focused on opportunities that contribute to economic growth and address the growing demand for goods and services in both the Saudi and Bahraini markets,” said the press statement.
It added: “This includes investing in existing companies with strong expansion potential and launching new projects.”
According to the statement, the joint investment opportunities will span several strategic sectors in Bahrain, including technology, media and telecommunications, financial services, and education.
Other potential sectors of cooperation are logistics, advanced construction materials, manufacturing, infrastructure, aerospace services, and real estate.
The SBIC was established in 2022 as part of PIF’s regional investment strategy. The company has opened an office in Manama, the capital of Bahrain, and among its objectives is enabling the private sector to expand its investments across both markets.
The statement added that the agreement is aligned with SBIC’s goal to identify opportunities and build long-term strategic economic partnerships, to contribute to achieving sustainable returns and generating developmental impact across the Bahraini and Saudi markets.
The new deal is also in line with PIF’s investment strategy, which aims to drive economic transformation in Saudi Arabia and contribute to shaping the future of the regional and global economy.
It also reflects Mumtalakat’s ongoing efforts to foster partnerships that drive economic diversification, enhance local impact, and create job opportunities.
In June, Saudi Arabia and Bahrain launched the second phase of their industrial integration initiative, aiming to boost bilateral trade, investment, and cross-border supply chain cooperation.
At that time, the Kingdom’s Ministry of Industry and Mineral Resources said that the second phase of industrial integration between the two countries is focused on setting specific targets, including enhancing intra-trade in industrial goods and attracting industrial investments.
