Bahrain to restructure board of wealth fund Mumtalakat, BNA reports

Reuters | September 4, 2022 | 10:34 am Asia Aluminum 
Bahrain to restructure board of wealth fund Mumtalakat, BNA reports
One of Mumtalakat Holding’s assets is Aluminium Bahrain, the world’s largest aluminium smelter outside of China. (Image by Aluminium Bahrain).

Bahrain’s Crown Prince Salman bin Hamad Al-Khalifa, the prime minister, has issued an order to restructure the board of sovereign wealth fund Mumtalakat Holding with Finance Minister Salman bin Khalifa Al-Khalifa as its chairman, state news agency BNA reported on Sunday.

Mumtalakat, which has alittle more than $18 billion in assets under management, released its standalone annual results in June, showing that it had swung to profit in 2021 from a loss in 2020.

Its portfolio includes stakes in British racing team and supercar maker McLaren and Aluminium Bahrain, the world’s largest aluminum smelter outside of China.

(By Nayera Abdallah and Moataz Moahmed; Editing by David Goodman)

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