Mahmood Al Kooheji
Mumtalakat draws up plan to boost revenue
Manama, August 1, 2013
Mumtalakat, the investment arm for Bahrain's non-oil and gas strategic assets, has a revised strategy in place that would enable it to reverse the decline in revenues, its top official said.
"We have laid the groundwork and have begun the execution of a number of initiatives that we believe will support our long-term growth strategy and benefit the kingdom," chief executive Mahmood Al Kooheji was quoted as saying by the Gulf Daily News (GDN), our sister publication.
"Mumtalakat works closely with its existing portfolio companies to develop and maximise their growth potential, and last year conducted a full and comprehensive review of its strategic direction," he said.
"In order to better meet the ever-changing market conditions and the emergence of new investment opportunities locally and regionally, a realignment of the short- to medium-term focus of the company was recommended by Mumtalakat's management and later approved by the board of directors," he added.
The plans seem to be working as the sovereign wealth fund reported its net loss for last year narrowed by 32.9 per cent compared with the previous year.
The fund said this was mainly due to the improved performance by its financial services and telecommunications portfolio which helped to partly offset lower revenue from Alba.
Al Kooheji said that there were no immediate plans of further share flotations of portfolio companies including Alba.
"We consider listings on a case by case basis and will explore such ventures if the opportunities arise, and are of benefit to the growth of our portfolio and Bahrain," he said.
"In the near- to medium-term, we believe local markets will continue to offer great opportunities to enhance our existing portfolio's value and allow us to create value from new investments locally and regionally.
"Our focus therefore, is on developing businesses and investments within Bahrain, while continuing to be open to considering commercially viable global opportunities," he added.
Mumtalakat's mandate is to create a thriving economy diversified from oil and gas, focussed on securing sustainable returns and generating wealth for future generations. – TradeArabia News Service
More Finance & Capital Market Stories
- Oman fiscal surplus widens to $1.4bn
- Al khaliji opens new branch in Doha
- Bayzat launches online DBR calculator
- Dubai bourse tops 3,000 for first time in 5 years
- Bahrain mulls solvency rules for Takaful industry
- LuLu Exchange opens 3rd branch in Bahrain
- Saudi economic growth picks up in Q3
- GIH picks ex-Barclays banker as investment head
- Jeddah Economic Company names new CEO
- Saudi real GDP growth surges to 3.1pc in Q3