Bahrain plans foreign spending spree

Investment arm Mumtalakat to target stakes in high profile international firms, says chief exec.
Bahrain plans foreign spending spree
By Lynne Roberts
Wed 02 Apr 2008 02:17 AM

Bahrain is planning to purchase stakes in a number high-profile international companies as it embarks on a foreign spending spree, it was reported on Tuesday.

State investment arm Mumtalakat intends to dramatically increase its foreign interests over the next five years to create a 50-50 balance between local and global investments, Chief Executive Talal Al Zain told delegates at the Motor Sport Business Forum.

“Looking forward we are going to be balancing our investments both in and outside of Bahrain. The way we look at it is within the next five years we are going to be 50% invested in Bahrain and 50% invested globally,” Al Zain said, quoted Bahrain's Gulf Daily News.

Currently, the body’s only current foreign interest is a 30% stake in the McLaren Mercedes F1 team.

Further automotive investments are likely, said Al Zain, following the success of the Bahrain International Circuit, venue for one the Formula 1 Grand Prix, which contributed more than $500 million to the country’s economy last year.

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