Mumtalakat eying new opportunities

Manama : Pharmaceutical sector is the next big opportunity for Mumtalakat, stated Mumtalakat CEO Mahmood Al Kooheji.

“The sector is underrepresented in our portfolio. Many patents are expiring soon and it is a great opportunity,” he said. He added that the fund would try to get stakes in generic-pharmaceutical industry.

Kooheji stated that the sovereign wealth fund’s debt to equity position is very comfortable and is always scouting for new opportunities.

Regarding the fund’s presence in Russia, he said the country provides great opportunity and all sovereign funds are attracted by its promise and the fact that it allows direct ownership.

US and UK attract investments from across the globe due to their strong rule of law and regulatory environment. “We don’t offer subsidies or any other soaps. Still companies are shifting to Bahrain, even from China, including for starting facilities to produce copper related industries, even though we are not producing it,” he said. 

He added that the Kingdom is able to attract investment due to many factors including talent, infrastructure, regulatory support and access to large markets in the GCC.

“In the current global economic downturn, there is a lot of competition for attracting good projects to different countries. Every project started in Bahrain was a result of the Kingdom’s pitch in international markets,” Kooheji confirmed.

Global economy at a bottom

“Global economy seems to have hit a bottom. It is not going to get better soon,” according to Richard Banks, Consulting Editor, Euromoney Conferences.

He told DT News, “There is no directional consensus, and it is very interesting. This scenario will throw up a lot of opportunities, but you have to be very brave to make use of them.”

He added that Bahrain’s youth and women show great enthusiasm for progress, a distinct feature in the region.