Mumtalakat Supports Portfolio with Cloud Migration
Bahrain Mumtalakat Holding Company "Mumtalakat," the sovereign wealth fund of the Kingdom of Bahrain, announced that it has supported the successful migration of a number of its local portfolio companies to the cloud as part of the company's push towards digital transformation.
In line with Mumtalakat's new strategy and active management approach, this move supports the sustainable growth of its portfolio assets, promotes resource optimisation, improves digital operations efficiency, and enhances information security within the portfolio.
Mumtalakat's 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, allowing Mumtalakat to enhance its resource optimisation, in addition to providing higher levels of information security and improving digital operational efficiency. 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.
Mrs 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 Airport Company, in line with Mumtalakat's active ownership model that supports the sustainable growth of its portfolio companies to enhance its contribution to the national economy.
Mumtalakat’s portfolio consists of over 50 companies, with the majority of shares located within local strategic companies that contribute up to 18% of the Kingdom’s GDP and provide more than 12,000 specialised jobs locally. These include some of the leading companies in Bahrain such as Gulf Air, Alba, Batelco and National Bank of Bahrain. In addition, the portfolio includes direct international investments and co-investments with a number of leading international funds.
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.