The creation of Mumtalakat and a Royal Decree establishing its mandate was issued on 29th June 2006
Our journey began in 2005 at an economic reform workshop held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince of Bahrain, focused on enhancing the private sector’s role in future economic growth in the Kingdom. There, a vision was launched to form the basis for the next phase of the national economic reform initiative.
Within this overarching vision of economic reform, the Bahrain Economic Development Board (EDB) worked hand in hand with the Ministry of Finance and National Economy to set up a holding company focused on developing a balanced portfolio to achieve sustainable growth. This resulted in the creation of Mumtalakat and a Royal Decree establishing its mandate was issued on 29th June 2006.
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Set up to align and implement the execution of the government’s initiatives, to pursue value-enhancing opportunities, improve governance and help achieve operational excellence, the Arabic name “Mumtalakat” (or assets) was chosen to reflect the importance of the new holding company’s mandate.
Upon our establishment, 29 commercial assets representing major local corporations were transferred to us from the Ministry of Finance and National Economy, along with a one-time founding capital of BD5 million. Since then, our portfolio has grown to more than 50 corporate investments and expanded well beyond Bahrain’s borders.