Bahrain: attracting foreign investment enhances national economy

The representative of Bahrain's King for Humanitarian Work and Youth Affairs Sheikh Nasser bin Hamad affirmed the importance on Wednesday of attracting direct foreign investment. He continued by saying that additionally making strategic partnerships with top global partners in various fields contributes to raising the national economy and widely improves development. In a statement by Sheikh Nasser bin Hamad, Chairman of Bapco Energies, integrated energy group in Bahrain, announced that BlackRock, world's largest asset manager, will aquire a minority stake in the Saudi Bahrain Pipeline Company in Bapco's first asset liquidation. He pointed out that cooperation and investment with BlackRock reflects Bahrain's attractiveness and Bapco Energies' innovative model in managing assets and operations to be in line with transformative programs for Bahrain's energy sector to ensure energy security. The Saudi Bahrain Pipeline Company owns part of the 112 Km pipeline that supplies crude oil from Saudi Arabia via the Saudi Arabian Oil Group Aramco to Bahrain via Bapco Energies. BlackRock will own a minority ownership stake in the company's capital and proceeds in Bapco Energies, to expand its business and drive its modernization and decarbonation efforts. This investment opportunity between BlackRock and Bapco Energies marks a milestone in Bahrain's strategic infrastructure assets and in support of Bahrain's carbon reduction goals. Source: Kuwait News Agency