Bahrain Mumtalakat ranks high on key index
Manama, March 12, 2012
Bahrain Mumtalakat Holding Company has maintained its high ranking for transparency in the independent Linaburg-Maduell Transparency Index issued by the Sovereign Wealth Funds Institute (SWFI).
Placed in the top tier of its global peers, the ranking reinforces the institution's commitment to the highest standards of corporate governance and accountability.
In the quarterly study by the US-based SWFI, Mumtalakat was placed alongside sovereign wealth funds of South Korea and Canada with a rating of nine out of a possible 10.
Out of the 44 firms from around the world reviewed by the SWFI, more than half scored less than eight on the index, which is what the institute regards as the accepted minimum requirement for transparency.
'As the holding company for many of the kingdom's strategic non-oil and gas assets, it is important that Mumtalakat leads by example,' said Bahrain Deputy Prime Minister and Mumtalakat chairman Shaikh Khalid bin Abdulla Al Khalifa.
'Its continued high ranking in the independent SWF Transparency Index serves to underscore Mumtalakat's long-standing commitment to achieving and maintaining international standards of corporate governance and transparency and ensuring accountability,' Shaikh Khalid stated.
'It is yet another illustration that the fundamentals of Bahrain's economy are sound,' he noted.
'I take this opportunity to thank the management and the employees of Mumtalakat for their continued work to embed best business practice in the operations of the company and within the portfolio,' Shaikh Khalid said.
'This provides those companies with the competitive edge regionally and internationally and bolsters Bahrain's reputation with the international business community,' he added.
The SWFI study is based on 10 essential principles that demonstrate sovereign wealth fund transparency to investors.
These include the provision of percentage ownership of company holdings, financial returns, geographic locations of holdings and the provision of clear strategies and objectives for the future.-TradeArabia News Service
More Finance & Capital Market Stories
- AAIB unit starts crisis assistance travel service
- Abu Dhabi may need to lower industry growth target
- Kuwait credit hits 5-year high; tops $1.3bn
- UAE stocks rally, Abu Dhabi tops 4,000 mark
- Abraaj completes 15 exits in 2013
- Barwa gets top HSE certifications
- Egypt's forex reserves dip to $17.8bn in Nov
- Experts put spotlight on Mena tax issues
- BMI, Muharraq SC launch co-branded credit card
- NBAD partners with top business school