home Latest News Bahrain wealth fund Mumtalakat has up to $300 mln for new deals -CEO – Nasdaq

Bahrain wealth fund Mumtalakat has up to $300 mln for new deals -CEO – Nasdaq

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(Adds quotes on Qatar, details of the result)
    By Saeed Azhar and Hadeel Al SayeghDUBAI, June 14 (Reuters) - Bahrain's sovereign wealth fund
Mumtalakat [BHMUT.UL] has $200 million to $300 million for new
deals, and is looking for investment opportunities in the United
States and Saudi Arabia, its chief executive Mahmood AlKooheji
said.
    The fund holds the state's stakes in Bahraini companies
including Aluminium Bahrain <ALBH.BH> (Alba) and telecoms
company Batelco <BTEL.BH>, with a portfolio valued at more than
$10 billion.
    "We are very confident in investing in the U.S. market,"
Alkooheji said in a telephone interview with Reuters on
Wednesday.
    "We are looking at some business opportunities to invest in
the Saudi market. The sectors we are interested in are
education, healthcare and services," he added.
    The state investor reported on Wednesday a 140 percent rise
in annual net profit, which AlKooheji said was due to a big drop
in impairments.
    Mumtalakat's profit for last year was 68.9 million dinars
($183 million), up from 28.7 million dinars in the previous year
when profits were depressed by an adjustment on goodwill against
Alba as a result of lower aluminium prices. [nL8N1J91TY]
    Mumtalakat's more recent investments constituted less than
10 percent of its portfolio value, yet they contributed more
than 15 percent to total annual dividends received, the company
said.
    Last year it acquired a significant equity stake in KOS
Group, a European healthcare group focused on long-term care,
and a significant stake in a specialised international provider
of water treatment solutions, Envirogen Group.
    Asked if the rift between Qatar and some Arab states,
including Bahrain, was affecting the investment climate in the
region, Alkooheji said he had not seen any change and added the
state investor does not have any direct investments in Qatar.
    The Bahrain sovereign fund is smaller in size than large
state funds such as Abu Dhabi Investment Authority, which
manages $828 billion, and Qatar Investment Authority which holds
$342 billion in assets, according to the Sovereign Wealth Fund
Institute.
    Mumtalakat's investment style is more similar to UAE's state
investor Mubadala Investment Co and Singapore'sTemasek
Holdings.
    Mumtalakat holds stakes in more than 50 enterprises across
manufacturing, financial services, tourism, telecommunications,
real estate, logistics, consumer and healthcare.
    Around 78 percent of its assets are in Bahrain, 20 percent
in countries of the Gulf Cooperation Council and the rest in
other parts of the world such as the United States, Alkooheji
said.
     The fund hopes to take part in the initial public offering
(IPO) of shares in Saudi state oil giant Aramco, the fund's CEO
told Reuters earlier this month. [nL8N1IX6W1]

 (Reporting by Saeed Azhar and Hadeel Al Sayegh; Editing by
Susan Fenton)
 ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))

Keywords: MUMTALAKAT INVESTMENT/ (UPDATE 1, PIX)