Bahrain signs $1.3bn strategic investment deal with UK

Image credit: Twitter \ DBTInvestment

Bahrain and the United Kingdom have signed a memorandum of understanding for strategic investments that will see the Gulf country invest GBP1bn ($1.3bn) in Britain.

The strategic deal was signed during a meeting between Crown Prince Salman bin Hamad Al Khalifa, Deputy Supreme Commander of the Armed Forces and Prime Minister of Bahrain, and UK’s Prime Minister Rishi Sunak.

The agreement’s announcement was released through the Bahraini crown prince’s social media account on Monday.

In the presence of HRH the CP and PM #Salman_bin_Hamad, the Minister of Finance and National Economy, HE Shaikh Salman bin Khalifa Al Khalifa, signs an MoU between the Kingdom of #Bahrain and the #UK on a Strategic Investment and Collaboration Partnership that will deliver a £1bn… pic.twitter.com/vqXg2RXtSA

— أخبار سمو ولي العهد (@BahrainCPnews) July 3, 2023

UK-Bahrain Strategic Investment Partnership

Meanwhile, the British prime minister’s office said the agreement marks the next chapter in the historic and close relationship between the UK and Bahrain, which spans security, defence and trade. The UK-Bahrain Strategic Investment Partnership will see investments in technology, services, and manufacturing sectors, allowing Bahraini investors to explore opportunities in the UK.

The kingdom’s sovereign wealth fund Mumtalakat, Investcorp, GFH Financial Group, and Osool Asset Management are expected to channel investments in the UK after the signing of the strategic partnership, as per a statement by the Crown Prince and Prime Minister’s office.
عربي .

Delighted to join @RishiSunak & Prince Salman bin Hamad Al Khalifa @10DowningStreet to sign the UK-Bahrain Strategic Investment Partnership.

The SIP will unlock £1bn+ investment in tech, biz services & manufacturing, plus investment opportunities in Bahrain for UK investors.

 

The bilateral meet highlighted the deep-rooted relationship between the two kingdoms, which is based on historic ties that go back more than 200 years. The leaders of the two countries affirmed their commitment to strengthening bilateral collaboration.

The UK-Bahrain deal follows on the heels of UK trade secretary Kemi Badenoch’s visit to the GCC in May. The UK has been negotiating with the six-country bloc since 2022 for a free trade deal and has completed three rounds of talks so far. Collectively, the GCC is equivalent to the UK’s seventh-largest export market.

Their demand for goods and services is expected to grow rapidly to almost GBP1tn by 2035 – an increase of over 75 per cent.