HRH Prince Salman issues edict to restructure Mumtalakat board

TDT | Manama                                                                         

The Daily Tribune – www.newsofbahrain.com

His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Prime Minister and Chairman of the Economic Development Board (EDB), yesterday issued Edict (1) of 2022 to restructure the Board of Directors for the Bahrain Mumtalakat Holding Company (Mumtalakat).

According to the edict, the Mumtalakat Board of Directors shall be chaired by the Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa, and comprise the following members:

The Minister of Industry and Commerce, Minister of Transportation and Telecommunications, Adviser for Political and Economic Affairs at the Court of the Crown Prince, Chief Executive of the Economic Development Board, Chief Executive Officer of the Bahrain Mumtalakat Holding Company, Samer Majid Al Jishi and Elham Abdulla Hassan.

The members of the new board shall serve for a four-year term. The edict will take immediate effect and shall be published in the Official Gazette.

The sovereign wealth fund, which has a little more than $18 billion in assets under management, released its standalone annual results in June, showing that it had swung to profit in 2021 from a loss in 2020.

Its portfolio includes stakes in British racing team and supercar maker McLaren and Aluminium Bahrain (Alba), the world’s largest aluminium smelter outside of China.