In a significant development for the business media sector, the sovereign wealth funds from Saudi Arabia and Bahrain have inked a memorandum of understanding (MoU). The aim is to foster investment collaboration and target strategic industry sectors, as was broadcasted by Saudi state television.
The Public Investment Fund (PIF) of Saudi Arabia communicated that the MoU is set to enlarge its investment prospects within Bahrain. It is also poised to carve out additional opportunities for the private sectors of both nations, as reported on Tuesday by television coverage.
Last year, Bahrain’s Mumtalakat acquired a stake in the luxury car manufacturer McLaren. The shares and warrants, valued at 400 million pounds (approximately $509 million), were purchased from Saudi Arabia’s PIF and Ares Management, as per Sky News.