Mumtalakat does not plan to sell off any assets this year and would pursue business projects as usual, its top official has said.

The sovereign wealth fund's chief executive Mahmood Al Kooheji said this during a keynote interview on the fund's priorities for the year ahead and the importance of transparency and corporate governance, reported the Gulf Daily News (GDN), our sister publication.

Mumtalakat invests in strategic non-oil Bahraini enterprises and manages around $10 billion of assets.

The interview was held at 4th GCC Financial Forum, co-hosted by the Economic Development Board, with more than 500 industry officials, financiers, energy professionals and analysts discussing the impact of decline in oil prices on Bahrain's real economy, the kingdom's hydrocarbons strategy and future dynamics for the financial sector.

Middle East-Americas Energy Council executive director Carlos St James in his keynote address said, GCC energy companies needed to accelerate overseas investment programmes in order to become true global energy players.

“In addition, globalised investing helps tap into greater human and financial capital, both necessary to remain relevant in this rapidly evolving industry,” he said.

Bahrain Bourse chief executive Shaikh Khalifa bin Ebrahim Al Khalifa discussed plans to increase liquidity and highlighted major changes being introduced at the Bourse, including the launch of the Bahrain Investment Markets as one of the initiatives taken to contribute to the development of the capital markets sector in Bahrain and the impact this will have on local and regional growing enterprises.

The forum also saw nogaholding chief executive Shaikh Mohammed bin Khalifa Al Khalifa outline Bahrain's hydrocarbons strategy for the future.

Delegates at the forum examined the impact of the drop in oil prices and what current price volatility means for Bahrain and the wider Gulf region.

Panellists discussing energy industry strategy agreed that oil would trade lower for the short term but disagreed on medium term direction.

They also agreed on the key future dynamics for the industry including the vital role of India as a potential demand driver, the continuing importance of hydrocarbons and the viability of Bahrain's investment programme. - TradeArabia News Service