Profits rise at Bahrain's Mumtalakat

Pay_increaseMumtalakat, the sovereign wealth fund of Bahrain, says its profits more than doubled last year as it expanded into new sectors such as healthcare. The fund, which is structured in a similar way to a private equity portfolio, made profits equivalent to $183 million in 2016, a significant rise compared with $76 million the previous year. “Over the course of the year, Mumtalakat took active steps to further develop its portfolio through commercially viable investments while diversifying into new sectors and territories,” said  Mahmood Hashim Alkooheji, chief executive. The fund made five investments last year, buying stakes in: KOS Group, a European healthcare company; Envirogen Group, a British supplier of water treatment; and Gulf Cryo, a Kuwaiti gas producer, among others. Last year, the fund said it had $10.6 billion under management. ©2017 funds global mena

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