Mumtalakat is the ninth largest Arab sovereign fund: Bloomberg AlSharq report
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Bahrain’s “Mumtalakat” has been ranked as the ninth-largest Arab sovereign fund with a value of $19 billion by Bloomberg Al-Sharq.
The ranking puts Abu Dhabi Investment Authority at the topmost fund with a value of 580 billion dollars.
Closely following is Kuwait Investment Authority with 534 billion dollars, the Saudi Public Investment Fund with 400 billion dollars, the UAE Government Investment Corporation with 302 billion dollars, and Qatar Investment Authority with 295 billion dollars.
Reportedly, Mumtalakat contributed 20 million dinars to the general budget during the 2017-2018 period, in addition to contributing 30 million dinars for each fiscal year of the 2021- 2022 budget.
In his reply to a parliamentary question, the minister revealed that the investment portfolio of Mumtalakat has more than 60 companies - half of which are in the Kingdom.
The portfolio ranges from investment funds to wholly-owned subsidiaries, joint ventures and other companies with minority stakes.
The ministry also said that the revenues generated by those companies do not reflect in the general budget.
“Only the profits distributed from the companies are included, based on Mumtalakat’s holding in each company,” the minister added.
“Mumtalakat then distributes that to the Ministry of Finance and National Economy as the sole shareholder of the company.”
“These are included in the state’s general budget by the ministry,” added the minister.
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