$649mn profit for Bahrain investment company

Government's investment arm plans to look abroad for further international opportunities.
$649mn profit for Bahrain investment company
By Andy Sambidge
Wed 24 Sep 2008 06:53 AM

Bahrain government's investment arm made more than $649 million profit in its first 18 months, it has been announced.

The Bahrain Mumtalakat Holding Company is now aiming to seize opportunities created by the global economic turmoil under its worldwide investment plans.

The company generated its profit from a total revenue of $4.8 billion, in the 18 months from its inception to the end of last year, Gulf Daily News reported on Wednesday.

It now has 35 commercial enterprises within its $10 billion portfolio.

Chairman and Finance Minister Sheikh Ahmed bin Mohammed Al Khalifa told the paper: "Despite the downturn in markets and the negative outlook for economic growth over the short to medium term, there is still value to be captured and developed.

"Given our current portfolio is largely domestic in nature, we will be looking increasingly at international and regional investment opportunities."

Mumtalakat raised $500 million through a syndicated loan last month towards its international expansion.

It has taken a 30 percent stake in McLaren Group Limited, the parent company of the Vodafone McLaren Mercedes F1 racing team and full control of Gulf Air.

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