Mumtalakat contributes BD200m to national budget

TDT | Manama
The Daily Tribune – www.newsofbahrain.com

The Minister of Transportation and Telecommunications, His Excellency Mohammed Al Kaabi, disclosed Mumtalakat Company’s substantial fiscal support to the national budget.

Between 2017 and 2024, Mumtalakat contributed a total of BD200 million, with BD100 million allocated in the last three years alone.

The Ministers made the statements in response to a parliamentary query from MP Mahdi Al-Shuwaikh. Al Kaabi emphasised Mumtalakat’s commitment to bolstering the general budget.

The company’s contributions surged from BD20 million in 2022 to BD40 million in 2023, a commitment upheld in full. Mumtalakat pledged an additional BD40 million for the current year, 2024.

Beyond financial support, Mumtalakat has been pivotal in job creation, generating thousands of opportunities annually, with 12,000 jobs created in 2022, many benefiting Bahraini citizens.

Its investments contributed over 8% to Bahrain’s GDP in 2022, significantly enhancing economic growth.

The Minister also addressed Mumtalakat’s financial performance, noting ongoing efforts to finalise the 2023 financial statements.

While some assets show profitability, others face challenges.

A comprehensive evaluation based on consolidated data is imperative.

Despite global challenges, local enterprises like Alba have reported positive financial results, reflecting resilience amid adversities.