The two soveriegn funds have signed an MoU that will see them explore international investment opportunities together.
In the latest move to strengthen strategic cooperation between GCC states, Abu Dhabi-based sovereign investor Mubadala teamed up with the sovereign wealth fund of Bahrain Mumtalakat, signing a MoU that would open the door to a wealth of global co-investment opportunities. This reciprocal agreement will allow for the flow of knowledge and exchange of best practices to develop the investment and operational capabilities of both institutions.
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 organizations’ investment platforms.”
Earlier this November, both Gulf-based institutions joined forces to launch a joint investment fund for regional and international projects, allowing the UAE and Bahrain to collaborate in mutually-beneficial ways.
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.”
Mubadala’s extensive portfolio includes companies across various sectors and asset classes in six continents. Last week, the Abu Dhabi sovereign investor acquired 1.9 per cent in Sibur, Russia’s largest integrated petrochemical companies—marking its largest investment to date.