Mumtalakat signs MoU with RDIF and Binnopharm Group to explore establishment of a production facility of the Russian Sputnik V coronavirus vaccine in Bahrain

Mumtalakat signs MoU with RDIF and Binnopharm Group to explore establishment of a production facility of the Russian Sputnik V coronavirus vaccine in Bahrain

In the presence of HE Dr. Abdullatif bin Rashid Al Zayani, Minister of Foreign Affairs of the Kingdom of Bahrain, Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of the Kingdom of Bahrain, signed a Memorandum of Understanding (MoU) today with the Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund and Binnopharm Group (а subsidiary of Sistema PJSFC, a publicly traded Russian investment company) to explore the establishment of a new vaccine production facility in the Kingdom of Bahrain to manufacture and distribute the across the GCC and MENA region. The MoU was signed during the St. Petersburg International Economic Forum (SPIEF) held this week in Russia. In 2014, Mumtalakat signed an agreement with RDIF to strengthen economic and investment cooperation between both the Kingdom of Bahrain and Russia. The Memorandum of Understanding promotes the exchange of information and expertise in the sectors and areas of common interest for both entities. It also sets the overall framework for the identification of and cooperation on mutually beneficial investment prospects investment and co-investment opportunities in Russia and Bahrain. Mumtalakat automatically co-invests with RDIF in all projects with returns on these co-investments exceeding the returns on global indices. Commenting on the