Wednesday, September 24, 2008

Net profit of Bahrain's SWF Mumtalakat reaches USD 652mn in 18 months.

Source: IntelliNews - Middle East and North Africa Today

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Net profit of Bahrain's SWF Mumtalakat reaches USD 652mn in 18 months. The net profit of Bahrain 's sovereign wealth fund Mumtalakat reached BHD 245.8mn (USD 652mn) in its first 18 months of operation, the state-run investment agency said in its financial statement. Total assets to December 31 stood at BHD 5.3bn (USD 14.1bn) with shareholders' funds increasing to BHD 3bn. Mumtalakat's assets include Bahrain Aluminium (Alba), Gulf Air, Batelco and a 30% stake in the McLaren Formula 1 motor racing team. Its chairman, Sheikh Ahmed bin Mohammed al-Khalifa, said that it is planning also to expand regionally targeting a variety of sectors ranging from financial services to telecommunications and food industry.

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Net profit of Bahrain's SWF Mumtalakat reaches USD 652mn in 18 months.

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