Company Description
Mumtalakat is the investment company for the Kingdom of Bahrain, and was established in June 2006 by Royal Decree as an independent holding company for the government of Bahrain’s strategic non-oil and gas related assets. Mumtalakat was created to align and implement the execution of the government’s initiatives to pursue value-enhancing opportunities, improve transparency and help achieve operational excellence. Mumtalakat holds stakes in over 35 commercial enterprises, representing a portfolio value of approximately BD 2.7 billion (U.S.$7.1 billion) as of June 30, 2012 and spanning a variety of sectors, including aluminium production, financial services, telecommunications, real estate, tourism, transportation, and food production.
History
Mumtalakat was incorporated by the Royal Decree No. 64/2006 dated 26 June 2006 as an independent holding company for the government of Bahrain’s strategic non-oil and gas related assets
Vision
Mumtalakat’s vision, as the investment arm of the Kingdom of Bahrain, is to grow the wealth of Bahrain
Shareholder
The Government of Bahrain through the Ministry of Finance
Strategy
Mumtalakat seeks to increase the value of its portfolio through:
- Identification and implementation of value enhancing initiatives across its strategic holdings
- Carefully planned portfolio adjustments, including partial and complete disposal of select assets
- Further investments for growth in select existing assets
- And new investments which seek to diversify and grow the portfolio over time
Mumtalakat’s strategy has been developed to address key objectives of Bahrain Economic Vision 2030 and fulfill specific mandates that the Government has assigned to Mumtalakat under the National Economic Strategy
Corporate Governance
Mumtalakat is committed to developing the highest standards of corporate governance:
- Mumtalakat operates - and expects its portfolio companies to operate - in compliance with the Bahrain Code of Corporate Governance
- Mumtalakat is subject to regular audits of its operations from Ernst & Young, its external auditor, KPMG, its internal auditor, and the National Audit Court of the Kingdom of Bahrain
Relationship with Portfolio Companies
- As a shareholder, Mumtalakat is focused on implementing best-in-class corporate governance structures and practices at each of its portfolio companies
- Mumtalakat’s oversight and influence of a portfolio company is maintained through its representative directors appointed to the portfolio company’s board of directors
- Mumtalakat’s expectation is that each of its portfolio companies is run by its respective directors and management teams in an independent manner that is based on long-term sustainable operating and financial practices
- Mumtalakat selects nominees for directorships of the portfolio companies and submits the nominations to the Chairman of the Board of the EDB, who makes the final decision on their appointment
Mumtalakat Board of Directors
Mumtalakat’s Board of Directors is comprised of key government-related officials and prominent Bahraini figures:
- H.E. Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister and Chairman of Mumtalakat's Board of Directors
- H.E. Shaikh Ahmed bin Mohammed Al Khalifa, Minister of Finance for the Kingdom of Bahrain
- H.E. Shaikh Mohammed bin Essa Al Khalifa, Chief Executive Officer of Bahrain Economic Development Board
- H.E. Mr. Kamal bin Ahmed Mohammed, Minister of Cabinet Affairs & Deputy Chairman of the Board of Directors
- H.E. Mr. Essam Abdulla Khalaf, Minister of Works
- Mr. Mahmood Hashim Al Kooheji, Chief Executive Officer of Mumtalakat
- Dr. Esam Abdulla Fakhro, Deputy Chairman of the National Bank of Bahrain, Chairman of the Bahrain Chamber of Commerce and Industry and the Chairman of Abdulla Yousif Fakhro & Sons Company
- Dr. Samer Al Jishi, Managing Director of BFG International
- Mr. Redha Abdulla Faraj, Founder of Al Faraj Consulting W.L.L.
Mumtalakat Management Committee
- Mr. Mahmood Hashim Al Kooheji, Chief Executive Officer
- Mr. John Knight, Chief Operating Officer
- Mr. Serge Lepine, Chief Investment Officer
- Mr. Tony Robinson, Chief Financial Officer
- Mr. Damien Balmet, Vice President Corporate Development and Communications
- Mr. Zulfe Ali, Vice President Corporate Finance
Staffing
An international team of about 70 people located in Bahrain
Transparency Index
Based on the Linaburg-Maduell Transparency Index, Mumtalakat is, with 9/10, ranked the second most transparent sovereign wealth fund in the Middle East and ranks high amongst SWFs globally
Office
Addax Tower
5th, 6th & 7th Floors
Building No. 1006
Road 2813
The Seef District, 428
Kingdom of Bahrain
P.O. Box 820
Manama,
Kingdom of Bahrain
Switchboard: +973 17 561111
Fax: +973 17 561109
e-mail: contactus@bmhc.bh