Bahrain’s Mumtalakat posts record profit with strategic shift
Revenue in 2024 hit $5.8 billion while profits from Aluminium Bahrain surged and earnings from the National Bank of Bahrain also edged up
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The Bahrain World Trade Center in Manama
Bahrain’s sovereign wealth fund, Mumtalakat, reported a record profit of $963 million in 2024, reversing a significant loss from the previous year.
The turnaround was driven by McLaren Group’s restructuring and a partnership with Abu Dhabi-backed CYVN Holding, the sovereign said.
“The past year marked a major period of change for Mumtalakat, as we repositioned for long-term growth,” said Shaikh Salman bin Khalifa Al Khalifa, Chairman of the sovereign fund, Arabian Gulf Business Insights reported.
Simultaneously, revenue rose to about $5.8 billion, while profits from Aluminium Bahrain surged and earnings from the National Bank of Bahrain also edged up, though telecom profits dipped slightly.
The fund, which manages $18 billion in assets, has recently shifted focus to local investments and signed regional deals in green energy and healthcare.
Despite the turnaround, S&P revised its outlook on Mumtalakat to negative, mirroring concerns over Bahrain’s fiscal outlook.