The United Arab Emirates (UAE) and Bahrain plan to establish a joint fund to invest in both countries and abroad, state media from both Gulf countries reported on Tuesday. The new fund will be launched by Bahrain’s sovereign wealth fund Mumtalakat and Abu Dhabi’s Mubadala Investment Co, the official Bahrain News Agency said. The announcement came during a visit to the UAE by Bahraini Crown Prince Salman bin Hamad Al Khalifa. “The governments of the UAE and Bahrain, in light of the fraternal ties and long-term mutual interests between the two countries, consider their joint objectives and interests embodied in the articles of incorporation of the Gulf Cooperation Council (GCC),”a joint statement said. “The two governments agreed to establish a framework for strengthening their bilateral ties to reinforce their cooperation in areas of mutual concern, including but not limited to politics, diplomacy, security, the economy, trade, tourism, advanced technologies, energy, transport, education, labour and human resources, climate change and health,” the statement added. Upon his arrival in Abu Dhabi, the Bahraini crown prince was met at the Presidential Airport by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, the Emirati state news agency WAM reported.
“We enjoyed fruitful discussions that focused on supporting and strengthening the long-standing ties between the UAE and Bahrain, and coordinating efforts to ensure the stability of the region,” Abu Dhabi’s crown prince said. Ratings agency Moody’s said on Tuesday it expects Bahrain to receive additional financing from its Gulf allies. Bahrain was bailed out with a $10 billion package in 2018 from Saudi Arabia, Kuwait, and the United Arab Emirates, but in September postponed by two years plans to balance its budget after the coronavirus crisis strained its finances.