Latest news with #SIP2
Daily Tribune
20-06-2025
- Business
- Daily Tribune
Strategic Breakthrough
TDT | Manama HRH CP Unlocks UK Alliance, Secures Landmark Pact His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, has cemented a new chapter in relations with the United Kingdom, during a visit that saw the signing of major defence and investment deals and renewed calls for regional de-escalation. His Royal Highness met with the UK's new Prime Minister Sir Keir Starmer at No. 10 Downing Street yesterday. The talks were among the first held by the newly elected British government with a foreign leader. Both sides reaffirmed the momentum in Bahrain–UK ties, driven by economic cooperation and strategic alignment on regional issues. HRH Prince Salman noted the steady growth in bilateral relations under the leadership of His Majesty King Hamad bin Isa Al Khalifa and His Majesty King Charles III. Major deals signed The two countries signed a Strategic Investment and Collaboration Partnership (SIP2) expected to channel £2 billion from Bahrain's private sector into the UK. The funds will target sectors including financial services, technology, manufacturing, and carbon reduction initiatives. A Defence Cooperation Accord was also signed, aiming to deepen interoperability between Bahrain and the UK armed forces. The agreement will build on joint naval operations and strengthen commitments to regional peace and security. The agreements were signed in the presence of senior ministers including His Excellency Shaikh Salman bin Khalifa Al Khalifa, Bahrain's Minister of Finance and National Economy, and UK Chancellor Rachel Reeves, along with Bahrain's Minister of Defence Affairs Lieutenant General Abdullah bin Hassan Al Nuaimi and UK Defence Secretary John Healey.
Biz Bahrain
20-06-2025
- Business
- Biz Bahrain
Bahrain and UK sign Second Strategic Investment and Collaboration Partnership (SIP2)
In the presence of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, and as part of HRH's official visit to the United Kingdom, the Kingdom of Bahrain and the United Kingdom signed the Second Strategic Investment and Collaboration Partnership (SIP2). The agreement 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. Shaikh Salman bin Khalifa emphasised 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. He noted that the SIP2 will support economic growth and job creation in both countries, particularly in shared priority sectors such as financial services, technology, industry, and decarbonisation efforts. As part of the partnership, the Bahraini private sector will invest £2 billion in the United Kingdom to support projects that contribute to carbon reduction and sustainable development. Shaikh Salman bin Khalifa highlighted that the agreement 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. He 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. BNA(R)
