Mumtalakat Holding Company

ممتلكات البحرين القابضة · Bahrain · Middle East · Founded 2006 · State holding company · Not an IFSWF member

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Focus

Mumtalakat Holding Company: what it invests in

Mining and metalsTransport and logisticsFinancial servicesTelecoms and mediaReal estateHealthcare and life sciences

Strategic state holdingsPrivate equityReal estateInfrastructure

Geography Domestic and global

Scale

Mumtalakat Holding Company: how big it is, and on what basis

BHD 7.22B

Total assets (balance sheet)As of 2024-12-31

In US dollars: about USD 19.2B. BHD 7.223B consolidated total assets at the BHD peg of 0.376 per USD, 31 Dec 2024

Transparency

Mumtalakat Holding Company: what it publishes

7.5 of 10 Band 4 of 5

Published 5 · Partly 5 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Total assets, end 2024S4: BHD 7.22B (USD 19.2B consolidated, audited); As of 2024-12-31
Profit 2025S6: BHD 592.7M (record; BHD 316.5M in 2024); As of 2026-05-24
Portfolio companiesS7: 60+ (across 13 countries)
MENA shareS5: 75% (Europe 16%, USA 9%); As of 2024-12-31
FoundedS1: 2006 (29 companies, BD 5M capital); As of 2026-09-30
Transparency scoreS2: 7.5 of 10

At a glance. Mumtalakat is Bahrain's sovereign wealth fund and holding company for the state's non-oil commercial assets. Set up in 2006 with 29 companies, it now holds more than 60 businesses in 13 countries, from Alba and Gulf Air to McLaren. Consolidated total assets were BHD 7.22 billion (USD 19.2 billion) at end 2024, and 2025 profit to the shareholder reached a record BHD 592.7 million. S1 S7 S4 S6

Key points

Audited consolidated total assets of BHD 7.22 billion (USD 19.2 billion) and equity of BHD 3.19 billion at 31 December 2024; this is a group balance sheet, not a portfolio value. S4 S5
Record 2025 profit to the shareholder of BHD 592.7 million on revenue of BHD 2.5 billion, up from BHD 316.5 million restated for 2024. S6
About 75 percent of investments are in the Middle East and North Africa, 16 percent in Europe and 9 percent in the United States. S5
Majority owner of McLaren Group alongside CYVN Holdings after the 2025 sale of McLaren Automotive and the buyout of Racing minority holders. S8 S4
Its companies employ more than 12,000 people in Bahrain and contribute 8 to 10 percent of national GDP each year. S5
Recent partners include PIF company SBIC, M42, Masdar, SandboxAQ and France's TRAIL, through whose SLAM fund it invests in sport, luxury, arts and music. S9 S6 S10 S11 S12

Interesting facts

Its Arabic name simply means "assets". S1
It began in 2006 with founding capital of just BD 5 million alongside the 29 companies it received. S1
McLaren, majority owned by Mumtalakat, won both Formula 1 titles in 2025, its first such double since 1998. S13

Mandate and goals

Mumtalakat holds and develops Bahrain's state commercial assets outside oil and gas. It seeks sustainable financial returns while backing national development goals: diversification, jobs and stronger local industries, plus selective international holdings. S14 S6 S5

Deliver sustainable financial returns to the state. S6
Grow the local economy through diversification and job creation. S15
Improve governance and operating performance at portfolio companies. S14
Build partnerships with regional sovereign funds in green energy and healthcare. S15

How it invests

Industries	Mining and metals, Transport and logistics, Financial services, Telecoms and media, Real estate, Healthcare and life sciences, Technology, Sports, entertainment and gaming. Sector agnostic S17 S9
Asset classes	Strategic state holdings, Private equity, Real estate, Infrastructure S17
Stages	Buyout, Growth, Venture, Real estate, Infrastructure S17 S12
Geography	Domestic and global. Bahrain first, with a growing sleeve in the UK, Europe and the US; 75 percent MENA, 16 percent Europe, 9 percent USA S5
Direct / through funds / co-invest	Yes / Yes / Yes S5 S17
Ticket size	No formal ticket range; deals run from small IPO floats to multi-billion dollar company transactions. S17
Deal sizes seen	About BHD 2.9M (Silah IPO float) to about USD 5B (McLaren deal value)
External managers	Holds a few fund positions such as ELM Education Fund and The Arab Energy Fund; no external manager programme is published S17
Co-investment programme	Partners with sovereign and strategic investors on Bahrain programmes and international assets S9

Largest holdings: Aluminium Bahrain (Alba) (69.38%), McLaren Group, Gulf Air Group Holding (100%), Edamah (100%), National Bank of Bahrain (44.06%), Beyon Group (36.67%), Hawar Holding (33.33%) (as of 2024-12-31) S4

Published criteria

Local investments that build capacity and jobs in Bahrain, such as healthcare, food security and clean energy. S6 S10
International direct and indirect investments run through active management and partnerships. S5
Works with incumbent management teams, with regular portfolio reviews. S14

Fund commitments

Manager	Fund	Amount	Year
TRAIL	SLAM fund	Not published	2026 S12
ELM	ELM Education Fund L.P.	Not published	Not published S17
The Arab Energy Fund	The Arab Energy Fund	Not published	Not published S17

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	SLAM fund (TRAIL). Investor in a private equity fund for sport, luxury, arts and music; TRAIL to open a Manama office. S12	Fund commitment	Sports, entertainment and gaming	Growth	Not published
2026	Silah Gulf IPO. Partial listing of an IT and outsourcing company; 4.0 times subscribed. S20	Sale or exit	Technology	Public markets	BHD 2.9M (30% of capital)	30%
2025	Joint programme with SBIC. Framework with a PIF company for Bahrain deals in TMT, finance, logistics, manufacturing and infrastructure. S9	Joint venture or partnership	Industrials and manufacturing	Not stated	Not published
2025	McLaren Racing minority buyout. McLaren Group bought out MSP Sports Capital and other Racing minority holders. S8	Direct investment	Sports, entertainment and gaming	Buyout	Not published
2025	McLaren Automotive sale to CYVN. CYVN took McLaren Automotive and a non-controlling Racing stake; completed 3 April 2025. S13 S11	Sale or exit	Industrials and manufacturing	Buyout	About USD 5B deal value
2025	Amana Healthcare Bahrain. Healthcare platform launched with M42 of Abu Dhabi. S6	Joint venture or partnership	Healthcare and life sciences	Growth	Not published
2025	Ghitha Food Park. Food security project developed with Edamah. S6	New company or platform	Agriculture and food security	Infrastructure	Not published

Case studies

Recasting McLaren S4 S13 S8

What: Consolidated McLaren Group, sold McLaren Automotive to CYVN, then bought out the Racing minority holders with CYVN.
When: March 2024 to September 2025
Size: About USD 5B deal value
Why: To bring in a well capitalised strategic partner for the road car business and simplify Racing ownership.
Outcome: Majority owner of McLaren alongside CYVN; McLaren won both F1 titles in 2025.

Alba, the anchor holding S6 S13

What: Holds about 69 percent of Aluminium Bahrain, among the largest single-site smelters.
When: 2006 to 2025
Size: Not published
Why: A core national industry and the largest asset on the group balance sheet.
Outcome: Net profit of BHD 218.7 million in 2025 on record output of 1.62 million tonnes.

Silah Gulf listing S20

What: Sold 30 percent of Silah Gulf in an IPO at BHD 0.176 per share.
When: January to February 2026
Size: BHD 2.9M
Why: To deepen the local market and give the public access to a portfolio company.
Outcome: Offer 4.0 times covered; trading began on 10 February 2026 as the 41st listing.

Investment process

A board chaired by the Minister of Finance and National Economy oversees the CEO and management. Management investment and risk committees operate under published charters. S2 S6

Committee	Role
Management Investment Committee	Reviews investment proposals under its charter S2
Management Risk Committee	Oversees risk under its charter S2
Board of Directors	Nine members on four-year terms, reconstituted September 2026 S21

Two tracks: international direct and indirect investments, and local impact investments. S5
Partnerships are framed with sovereign or strategic counterparts, then subject to due diligence. S9
Management investment committee reviews proposals; the board approves major moves. S2
Value creation through work with incumbent management and regular portfolio reviews. S14

How to approach: General contact form on the website; Bahrain inward investment also runs through the Economic Development Board. Recent deals were institution to institution. S22

Size and returns

Headline size: BHD 7.22B (Total assets (balance sheet), as of 2024-12-31) S4
In US dollars: about USD 19.2B. BHD 7.223B consolidated total assets at the BHD peg of 0.376 per USD, 31 Dec 2024
Total equity, end 2024: BHD 3.19B (Net assets or equity, as of 2024-12-31) S4
Total assets, mid 2025 (reviewed): BHD 6.76B (Total assets (balance sheet), as of 2025-06-30) S16
Returns: the fund does not publish a return figure.

Leadership

Name	Title	Since
Shaikh Salman bin Khalifa Al Khalifa	Chairman; Minister of Finance and National Economy S6 S21	Not published
Shaikh Abdulla bin Khalifa Al Khalifa	Chief Executive Officer S23 S19	2023-05-01
Omar Syed	Chief Investment Officer, International Investments S5 S19	Not published
Khalid Hussain Taqi	Managing Director, Local Investments S5 S24	Not published
Suha Karzoon	Managing Director, Finance and Technology S5	Not published
Isa Hasan Maseeh	Managing Director, Risk and Portfolio S5	Not published
Rasha Sabkar	Managing Director, Corporate Services S5	Not published
Khalid Amr Al Rumaihi	Board member; former CEO S21	Not published

Governance and transparency

Legal basis: Royal Decree No. 64/2006; a Bahrain closed shareholding company (B.S.C. (c)) S2
Oversight: Board appointed under the articles, chaired by the Finance Minister; reconstituted by Decision No. 2 of 2026 S2 S21
Follows the 2018 Corporate Governance Code and reports compliance with substantially all material provisions. S2 S5
Board charter, committee charters, a directors' code of conduct and governance guidelines (June 2025) are published. S2
Statements audited (FY2024) and reviewed (mid 2025) by Ernst and Young Middle East. S4 S16

Transparency score: 7.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, holdings or deal list, governance and mandate documents, named leadership, regular reporting schedule. S2 S4 S6 S16 S17 S18 S19
Partly published: annual return, long-term returns, asset allocation, geographic or sector split, audited financial statements. S4 S5 S6 S15

History

Date	Event
2006-06-29	Founded by Royal Decree with 29 companies and BD 5 million. S1
2023-05-01	Shaikh Abdulla bin Khalifa Al Khalifa becomes CEO. S23
2024-03-22	McLaren Group holding raised to 100 percent. S4
2025-04-03	CYVN transaction completed. S11
2025-09-02	McLaren Racing minority holders bought out. S8
2026-02-10	Silah Gulf starts trading on the Bahrain Bourse. S20
2026-05-24	Record 2025 profit of BHD 592.7 million reported. S6
2026-06-01	Investment in the TRAIL SLAM fund announced. S12
2026-09-03	Board reconstituted for a four-year term. S21

For family offices

Mumtalakat works mainly with sovereign, strategic and fund partners. Private investors can reach its assets through Bahrain Bourse listings, and fund managers through its commitments such as the SLAM fund. S12 S20

Co-investment with sovereign and strategic investors on Bahrain programmes, as with SBIC, M42 and Masdar. S9 S6 S10
Fund commitments to specialist managers that set up in Bahrain, as with TRAIL. S12
IPOs of portfolio companies on the Bahrain Bourse, as with Silah Gulf. S20

Reports

Annual Report 2024: https://d22x99z9pyemfq.cloudfront.net/Annual-Report-2024_LR_2026-04-16-094601_vjzq.pdf S5
Audited consolidated financial statements 2024: https://ise-prodnr-eu-west-1-data-integration.s3-eu-west-1.amazonaws.com/202506/b50111ea-fc8c-45f7-89f3-0fbee393610f.pdf S4
Reviewed interim statements, June 2025: https://ise-prodnr-eu-west-1-data-integration.s3-eu-west-1.amazonaws.com/202510/fffd1505-fe94-4d15-9dbf-4865dc83496d.pdf S16
FY2025 results release: https://www.mumtalakat.bh/news-media/press-releases/mumtalakat-reports-another-record-year-with-profits-rising-to-bhd-592-7-million S6

Common questions

How big is Mumtalakat?

Consolidated total assets were BHD 7.22 billion (USD 19.2 billion) at end 2024, audited. This group balance sheet includes operating companies such as Alba and Gulf Air. S4

Who leads it?

Shaikh Abdulla bin Khalifa Al Khalifa is CEO. Shaikh Salman bin Khalifa Al Khalifa, the Minister of Finance and National Economy, chairs the board. S6 S19

What was the 2025 profit?

BHD 592.7 million attributable to the shareholder, on revenue of BHD 2.5 billion. S6

Is it an IFSWF member?

No. S3

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All sovereign wealth funds in Middle East · All state holding companys · All funds in Bahrain

Sources

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