The MoU will strengthen investments and enable the creation of additional opportunities for the private sector in both countries

RIYADH, MANAMA: The Public Investment Fund (PIF) and Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, today announced the signing of 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.

His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Bahrain Mumtalakat Holding Company, said: “We are pleased to cooperate with PIF. This cooperation is an extension of the strong relations that bring the two kingdoms together. 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. 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.”

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.”

Through this agreement, PIF seeks to increase its investments in multiple targeted sectors in the Kingdom of Bahrain, while Mumtalakat aims to explore attractive investment opportunities for cooperation and partnership with PIF.

The MoU follows the establishment of the Saudi-Bahraini Investment Company – a PIF subsidiary – which aims to invest up to $5 billion in multiple promising sectors in the Kingdom of Bahrain. The company has recently inaugurated its office, in Manama, to expand its range of investment activities.  

PIF is one of the largest and most impactful sovereign wealth funds in the world. It plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 93 companies in 13 strategic sectors locally and globally. Mumtalakat Holding Company owns shares in more than 50 commercial companies covering a variety of sectors, including manufacturing, real estate and tourism, logistics, technology and media, communications, financial services, public services, consumer goods, healthcare, and education.

About PIF:

The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. It plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 93 companies. PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF's strategy, as set out in the PIF Program 2021-2025 – one of the Vision 2030 realization programs – aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least SAR150 billion annually into the local economy. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy domestically. As the investment arm of Saudi Arabia, PIF looks to make unique investments, and is building strategic alliances and partnerships with significant international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress.

More information about PIF can be found at: www.pif.gov.sa

Media Contact: media@pif.gov.sa

About Mumtalakat

Bahrain Mumtalakat Holding Company is the sovereign wealth fund of the Kingdom of Bahrain. It is mandated to grow Bahrain's wealth by achieving long-term strategic investments in accordance with a solid governance framework and sound and stable financial values. The company owns shares in more than 50 commercial companies covering a variety of sectors, including manufacturing, real estate and tourism, logistics, technology and media. Communications, financial services, public services, consumer goods, healthcare, and education.

For more information, please contact:
Jenan Almaskati
Director of Communication and External Affairs at Bahrain Mumtalakat Holding Company    
Email: jalmaskati@mumtalakat.bh
Website: www.mumtalakat.bh