Mumtalakat backs portfolio with Cloud migration

TDT | Manama                                                             

The Daily Tribune – www.newsofbahrain.com

Bahrain Mumtalakat Holding Company “Mumtalakat”, the sovereign wealth fund of Bahrain, announced that it has supported the successful migration of a number of its local portfolio companies to the cloud as part of push towards digital transformation. Mumtalakat said its IT team provided direct support to several local portfolio companies during their cloud migration process.

These include Mazad, Bahrain Institute for Pearls and Gemstones “Danat” and Edamah, the real estate arm of Mumtalakat. Mumtalakat was amongst the first entities in Bahrain to adopt cloud computing back in May 2018, following the Government of Bahrain’s Cloud First Policy.

This supported Mumtalakat’s ongoing efforts to support its local portfolio companies, that are considered an integral contributor to the local economy by providing more than 12,000 specialized jobs locally and contributing up to 18% of the Kingdom’s GDP. Rasha Sabkar, Managing Director – Corporate Services and Board Secretary at Mumtalakat, commented: “Our digital infrastructure migration to the cloud has contributed to enhancing our information security and improved the efficiency of our digital systems and processes by 50%, in addition to achieving resource optimisation with an estimated operational cost reduction of 43% within the Information Technology department.

This is one of the outcomes of our new strategy that follows an active ownership model through supporting the sustainable growth of Mumtalakat’s portfolio companies to enhance their contribution to the development of the national economy.” Other key Mumtalakat local portfolio companies have also prioritised digital transformation, including Alba, National Bank of Bahrain, Batelco, and Bahrain Rasha Sabkar MD Mumtalakat Airport Company.