Bahrain's sovereign wealth fund has delayed by a year plans to increase foreign investments to almost half its total assets and would instead focus on assets at home, its chief executive has said.In an interview with MEED magazine, reported by Emirates Business, CEO of Bahrain Mumtalakat Holding, Talal Al Zain, said the implementation strategy has been 'slowed down'.
BMH announced in April plans to diversify its portfolio by raising foreign investment to 50 percent from more than two per cent.
Zain told Reuters earlier that Mumtalakat was not expected to divest its holdings in local firms this year because of low market valuations.
The fund, which has assets of about $10 billion under management, was not highly leveraged, and has a lot of liquidity available for new investments, Zain said.
"We have to decide if we want to start investing now or wait. We are happy to not get all of the potential upside while we wait for the global economy to stabilise, although for the right opportunity we will go into the market," Zain said.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.