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FinancialNews
17-05-23
KSA's Public Investment Fund Approves Saudi-Bahraini Investments Co. with USD5b Capital
(MENAFN) The Public Investment Fund (PIF) of Saudi Arabia has given its approval for the establishment of the Saudi-Bahraini Investments Co. with an approximate capital of SR18 billion (USD5 billion), as confirmed by Saudi Arabia's investment minister, Khalid Al-Falih. This announcement came during the Saudi-Bahraini Coordination Committee meeting held in Manama. Al-Falih further mentioned that the location of the company's headquarters would be disclosed in the near future.
As part of the meeting, the committee discussed and deliberated upon a range of ideas, approximately 13 in total. Some of these ideas have already been finalized, while others are still in progress. One of the key objectives highlighted during the discussions was the development of joint online platforms aimed at providing investment opportunities in both Saudi Arabia and Bahrain. This initiative seeks to strengthen economic ties and facilitate cross-border investments between the two Gulf nations.
The establishment of the Saudi-Bahraini Investments Co. is in line with the PIF's broader vision for regional expansion. In October 2022, Saudi Crown Prince Mohammed bin Salman announced the PIF's intention to set up five regional companies across Bahrain, Jordan, Sudan, Iraq, and Oman. These companies are expected to have a combined investment value of SR90 billion and will focus on seizing investment opportunities across various sectors.
The creation of the Saudi-Bahraini Investments Co. signifies a significant step towards fostering bilateral economic cooperation and enhancing the investment landscape between Saudi Arabia and Bahrain. The venture aims to capitalize on the strengths and resources of both countries to drive economic growth, attract investments, and promote cross-border collaborations. The establishment of joint online platforms will provide a seamless and efficient channel for investors to explore and engage with investment opportunities in the region.
MENAFN17052023000045014228ID1106260954
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