Manama: The Saudi Bahraini Investment Company (SBIC), a Public Investment Fund (PIF) company, has announced a significant agreement with Bahrain Mumtalakat Holding Company (Mumtalakat), Bahrain's sovereign wealth fund. This agreement aims to enhance investment cooperation between the two entities and explore new investment opportunities within Bahrain, contingent upon meeting specific requirements, including the completion of necessary due diligence.
According to Bahrain News Agency, the agreement plans to establish a joint investment program focusing on opportunities that will contribute to economic growth and meet the increasing demand for goods and services in both the Saudi and Bahraini markets. The investment initiatives will target existing companies with strong expansion potential and the initiation of new projects.
The joint investment opportunities will cover various strategic sectors within the Kingdom, such as technology, media and telecommunications, financial services, education, logistics, advanced construction materials, manufacturing, infrastructure, aerospace services, and real estate.
The agreement aligns with the Saudi Bahraini Investment Company's strategy to identify opportunities and foster long-term strategic economic partnerships, aiming for sustainable returns and developmental impact in both the Bahraini and Saudi markets. It supports the Public Investment Fund's strategy to drive economic transformation in Saudi Arabia and contribute to regional and global economic shaping. Additionally, the agreement underscores Mumtalakat's continuous efforts to establish partnerships that support economic diversification, enhance local impact, and generate employment opportunities.
Established in 2022 as part of PIF's regional investment strategy, the Saudi Bahraini Investment Company opened an office in Manama with objectives that include enabling the private sector to expand investments across both markets.
This agreement follows a previous Memorandum of Understanding signed in March 2024 between PIF and Mumtalakat, aimed at broadening cooperation opportunities between the two parties.