UAE's Mubadala, Bahrain's Mumtalakat sign deal to explore global investment opportunities

MoU will see the two institutions exchange knowledge and best practices to enhance their investment and operational capabilities

  
The Abu Dhabi Downtown Skyline and Corniche with the newly developing Central Market Towers at dusk. Image used for illustrative purpose.

The Abu Dhabi Downtown Skyline and Corniche with the newly developing Central Market Towers at dusk. Image used for illustrative purpose.

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Mubadala Investment Company (Mubadala), an Abu Dhabi-based sovereign investor with $243 billion assets under management, and Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of Bahrain, signed a Memorandum of Understanding (MoU) to facilitate strategic cooperation between the two institutions.

As part of the MoU, Mubadala and Mumtalakat will explore worldwide co-investment opportunities. They will also exchange knowledge and best practices to enhance their respective investment and operational capabilities, the wealth funds said in a statement.

Waleed Al Mokarrab Al Muhairi, Mubadala’s Deputy Group CEO, said: “The agreement signed today will not only create a platform to enable us to explore mutually beneficial co-investment opportunities around the globe, but it will also facilitate knowledge sharing to strengthen our respective organisations’ investment platforms.”

Khalid Al Rumaihi, Mumtalakat's CEO, said: “Our partnership with Mubadala not only strengthens our collective operational capacity but also bolsters historical ties, which supports our work in transforming the Bahraini economy.”

Last week Mubadala announced its largest investment in Russia, the acquisition of a 1.9 percent stake in Sibur, the largest integrated petrochemicals company in Russia and one of the fastest-growing companies in global petrochemicals.

Mubadala’s global portfolio spans six continents with interests in multiple sectors and asset classes, including shareholding in Borealis, a global leader in polyolefin production, and in Nova Chemicals, a plastics and chemicals producer in North America.

In November, both Mumtalakat and Mubadala agreed to establish a joint investment fund for projects in both countries and abroad.

The two entities agreed to collaborate on areas of mutual interest and encourage cooperation in investments beneficial to the interests of both Bahrain and the UAE.

(Reporting by Seban Scaria;  editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

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© ZAWYA 2021


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