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Mumtalakat portfolio operations praised

Manama, March 31, 2011

The resilience of Bahrain Mumtalakat Holding Company's portfolio businesses was praised by chief executive Talal Alzain.

All the businesses were operating at full capability, he said.

Alzain also recognised the extraordinary achievements of Mumtalakat companies including Gulf Air, Bahrain Airport Company, Batelco, Alba and the National Bank of Bahrain (NBB), among others, in maintaining service levels and operational capacity throughout recent events.

'During this recent period, Mumtalakat companies have continued to trade and provide key services to customers,' Alzain said.

'As the holding company for the kingdom's strategic non-oil and non-gas assets, Mumtalakat plays a key role in driving Bahrain's economy forward.

'We are also indirectly one of the kingdom's largest private sector employers. I am proud that all companies, in all sectors, from Gulf Air to Alba, the National Bank of Bahrain to Batelco and Bahrain Airport Company were able to keep trading and operating regardless of recent circumstances,' he added.

'Gulf Air continued to operate most flights to all key destinations on their timetable despite what for any other airline would be an overwhelming challenge.

'Bahrain Airport Company ensured that Bahrain International Airport continued to function throughout with full services provided for operators and passengers whether arriving, departing or transiting.

'Batelco continued to operate telecom services, minimising disruption for customers in Bahrain.

'Alba, a vital source of revenue to Bahrain's economy, operated at near capacity and NBB continued to provide Bahrainis and regional clients with the high level of service it is well known for,' he said.

'Portfolio companies are now concentrating on their core strategic business objectives set at the start of the year and are operating at full capacity.

'Bahrain's economic fundamentals have been shown on many occasions to be sound and I think its resilience is ably demonstrated by the companies within Mumtalakat's portfolio,' he said.

'My personal thanks and that of the whole Mumtalakat board go to His Majesty King Hamad, His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Economic Development Board chairman, for their wise leadership during recent times and of course to the board and staff of Mumtalakat's companies for their extraordinary efforts,' he added.

Mumtalakat was established in 2006 as the holding company for the state's non-oil and gas commercial assets and forms a central plank of the kingdom's National Economic Strategy, which seeks to diversify the economy away from oil and gas.

Its stated aim is to grow the wealth of Bahrain.-TradeArabia News Service




Tags: Bahrain | economy | investment | finance | wealth management | Mumtalakat Holding |

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