Kuwait Projects Co (Kipco), the country's biggest investment firm, said that its newly incorporated pension and savings company received approval from the Bahrain's central bank to begin operations.

'Takaud Savings & Pensions is incorporated in Bahrain and aims to launch its initial product range in selected Mena (Middle East North Africa) countries at the beginning of next year,' Kipco said in a statement on Sunday.

Takaud will launch personal pension and savings products, Kipco added.

Last year, Kipco signed a memorandum of understanding with Munich Re, one of the world's leading insurers, to provide the new Bahrain-based company with technical services and training.

'The Central Bank of Bahrain is supporting efforts in this area by providing a suitable environment for the growth and prosperity of these companies,' Rasheed Al-Maraj, Bahrain's central bank governor, was quoted as saying in Kipco's statement.

Kipco, with consolidated assets of $19.6 billion at June 30, 2011, owns stakes in 70 companies and operates in 26 countries. - Reuters