Bahrain agri firm becomes part of Mumtalakat's food holding company
MANAMA, November 3, 2024
Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, today (November 3) entered into an agreement with the Ministry of Finance and National Economy to fully transfer Bahrain Agriculture Development Company (Gheras) to Mumtalakat’s wholly-owned subsidiary, Bahrain Food Holding Company (BFHC).
Announcing this during the 2nd edition of the Gateway Gulf Forum, a key event organised by the Bahrain Economic Development Board (EDB), Mumtalakat said the transfer aims to accelerate growth and innovation in the Bahraini agri-food sector to further support the Kingdom of Bahrain’s commitment to improve national food security.
Founded in 2021 by a royal decree, BADC (Gheras) is a pioneering entity focused on advancing Bahrain’s agricultural capabilities through sustainable practices, such as hydroponic farming, to support local crop production.
Earlier this year, BADC inaugurated a landmark hydroponics project in Hoorat Aali underscoring Gheras’ role in meeting local demand for fresh produce.
Bahrain Food Holding Company was established earlier this year to serve as Mumtalakat’s central entity for consolidating food-related assets.
Today’s announcement marks BFHC’s first major initiative since its inception and aims to broaden its portfolio, which already comprises Bahrain Flour Mills, General Poultry Company and Delmon Poultry Company, to include sustainable farming technologies aligning with Mumtalakat’s vision to increase sustainable local food production and enhance food security.
Wael bin Nasser Al Mubarak, the Minister of Municipalities Affairs and Agriculture, and Chairman of Gheras, stressed the kingdom’s commitment to supporting programmes and initiatives aimed at developing the agricultural sector.
This transfer will further support the sustainability of local produce, in line with the set national goals in the field of food security, he stated.
Basim Mohamed AlSaie, the Chairman of BFHC, said: "The integration of BADC within BFHC’s existing portfolio strengthens our position across the food value chain, directly aligning with our strategy to support Bahrain’s economic and sustainability objectives."
"By enhancing domestic agricultural production and reducing reliance on imports, we are committed to fostering high-quality local output that contributes to Bahrain’s food security and sustainable growth," he stated.
By combining resources, expertise, and a shared commitment to sustainable practices, BFHC and BADC are poised to set a new standard for local food production, reducing reliance on imports and contributing to Bahrain’s long-term economic resilience, said AlSaie.
"The transaction further aligns with Mumtalakat’s strategy to optimize, enhance, and grow its portfolio to achieve sustainable, long-term financial returns and support Bahrain’s enhanced economic dynamism," he added.-TradeArabia News Service
