The Kingdom of Bahrain and the United Kingdom have signed the Second Strategic Investment and Collaboration Partnership (SIP2 deal), as part of His Royal Highness Prince Salman bin Hamad Al Khalifa’s, the Crown Prince and Prime Minister of Bahrain, official visit to the UK.
The SIP2 deal was signed by Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, on behalf of Bahrain, and Rachel Reeves, Chancellor of the Exchequer, on behalf of the United Kingdom.
SIP2 deal boots Bahrain–UK economic and green ties
Shaikh Salman bin Khalifa emphasized the strength of the longstanding relations between Bahrain and the United Kingdom and the steady progress across various domains. He highlighted the mutual commitment to advancing cooperation, particularly in finance and economy.
The Bahrain Minister noted that the SIP2 deal will support economic growth and job creation in both countries, particularly in shared priority sectors such as financial services, technology, industry, and decarbonization efforts.
As part of the partnership, the Bahraini private sector will invest $2.55 billion (£2 billion) in the United Kingdom to support projects that contribute to carbon reduction and sustainable development.
Shaikh Salman bin Khalifa highlighted that the SIP2 deal marks a new milestone in economic cooperation between the two countries. It also aligns with Bahrain’s efforts to enhance a dynamic and attractive investment environment and boost the competitiveness of its national economy.
The Bahrain Minister further noted that the UK’s accession to the Comprehensive Security Integration and Prosperity Agreement (C-SIPA), following an invitation from Bahrain and the United States, will reinforce economic and strategic ties and create new opportunities that benefit both countries and their peoples.
Shaikh Salman bin Khalifa underscored the importance of deepening strategic partnerships with allied countries to support sustainable growth, generate quality employment opportunities, promote innovation, and enable knowledge and expertise exchange.
