Sovereign wealth fund explores new strategies

A NEW investment strategy is being drawn up for Bahrain’s sovereign wealth fund which supervises assets worth BD6.3 billion covering 60 companies across the globe.

Bahrain Mumtalakat Holding Company has invested BD832 million in Bahrain since it was set up in 2006 in major sectors and industries, Transportation and Telecommunications Minister Kamal Ahmed, who is also politically responsible for Mumtalakat, told Parliament in writing.

“The new strategy will explore new sectors and getting bigger rewards and revenues from current funds,” said the minister who is set to appear at Parliament’s weekly session tomorrow.

In another written response, Mr Ahmed, who is also politically responsible for the Telecommunications Regulatory Authority, said new guidelines were being drawn up for roaming services.

Twenty-seven Bahrainis are registered as sea guides, managers of industrial jetties and marine advisers under the ministry, said the minister in another response.

“There are 300 ships under different flags registered in Bahrain which could be employing Bahrainis without us knowing them.”

Meanwhile, Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa said, in writing, that around BD77.2m was owed to the Social Insurance Organisation (SIO) until the end of last year.

“The government sector fund is owed BD17.7m and the private sector fund is owed BD59.5m,” said Shaikh Salman, who is also the SIO board chairman.

“The now dissolved public representatives’ pension fund is in need of BD110m to cover the costs of those still under it.”

He said in another response, on behalf of the Central Bank of Bahrain (CBB), that 77pc of the jobs in the banking sector are for Bahrainis.

“A total of 5,520 are men and 2,245 are women and 65.4pc Bahrainisation in administrative posts,” he said in writing.

“Around 48pc are Bahraini chief executives and 49.7pc are executive directors and others in similar posts.”

The minister will also respond to a question on the Liquidity Fund, which was doubled to BD200m in March to offset the effects of Covid-19.

Youth and Sports Minister Aymen Almoayed told MPs in writing that several embezzlement cases in cultural and sports clubs have been referred to the Public Prosecution since September last year.

These include three cases in Al Etihad Club, one each in Dair and Samaheej Clubs, and one in the Budaiya Club involving a military personnel.




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