Mumtalakat’s 25pc investments abroad

Manama: Around 25 per cent of the investments of Mumtalakat Holding Company are made abroad, a senior official revealed.

Transportation and Telecommunication Minister Kamal Ahmed said in a written statement that “the total amounts of Mumtalakat’s investments abroad are BD683 million, according to the statistics unveiled in July, 2015”.

The Minister’s statements showed that the lion’s share of the Government-owned company’s investments went to the United Kingdom with over BD 280 million invested there.

It is followed by Kuwait, the United Arab Emirates and the United States respectively.

Minister Ahmed said that the expected profits from the investments would not be below 15pc in a period of five to seven years. He also added that no losses are expected from the company’s investments abroad.

This information came within a written reply by the Minister to MP Mohammed Milad in regards to the company’s investments outside the country.

The Parliament had recently accused the company of committing many violations and costing the State’s budget huge losses. As a result of forming a parliamentary panel to investigate the performance of Mumtalakat, MPs called for obliging the company to pump some of its profits into the budget.