Bahrain's sovereign wealth fund Mumtalakat has signed an agreement with the Pearl Initiative, a private sector-led non-profit organisation established to improve transparency, accountability and business practices.

The memorandum of engagement, signed by Mumtalakat chief executive Mahmood Al Kooheji and the Pearl Initiative's executive director Imelda Dunlop, is aimed at encouraging and developing high standards of transparency and corporate governance in the region, reported the Gulf Daily News, our sister publication.

Under the partnership, Mumtalakat will contribute to and actively engage with the Pearl Initiative's other partners and the business community at large, offering a platform to promote good corporate governance and increased corporate transparency in the region.

"Transparency and good corporate governance are part of Mumtalakat's DNA, and we are always interested in exploring new ways of working with key stakeholders to improve these practices," remarked Al Kooheji.

"We strongly believe in the importance of collaborating with regional and international institutions to promote these principles, and look forward to a fruitful partnership with the Pearl Initiative," he added.

Dunlop pointed out that there was a growing realisation of the critical role played by corporate governance and transparency in the development of modern businesses.

"These elements are vital in moving the wheel of competitive economic growth, spurring job creation and enhancing sustainable social development," she stated.

"The deal is about using our knowledge and experience in driving awareness of the benefits of best practice to reinforce positive regional experiences, and encourage more companies to raise business standards and fight corruption," she added.-TradeArabia News Service