According to our report from the Gulf region, the Crown Prince and Prime Minister of Bahrain Salman bin Hamad Al-Khalifa, has issued an order to restructure the board of sovereign wealth fund Mumtalakat Holding with Finance Minister Salman bin Khalifa Al-Khalifa as its chairman.
Mumtalakat reported its standalone annual results in June 2022, which revealed a rise in profit for 2021 from a loss in 2020. Further, Mumtalakat has slightly more than $18 billion in assets under management.
The investment holding company’s strategic investments division holds a portfolio of Bahrain-based strategic investments in companies like Gulf Aluminium Rolling Mill Company (GARMCO). Today, with an annual production capacity of over 165,000 tonnes, it ranks as one of the region's largest manufacturers of high-quality flat-rolled aluminium products.
Mumtalakat also holds a 69% stake in Aluminium Bahrain (Alba), which accounts for about 12% of Bahrain's GDP. Alba is one of the world’s largest aluminium smelters (Ex-China), with a production capacity of more than 1.561 million tonnes per annum (2021).
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