| Bahrain’s sovereign wealth fund is targeting more acquisitions this year as it seeks to double its assets in the next five years. Mumtalakat, which posted net profit growth of 11 per cent last year to 91.6 million Bahraini dinars (Dh892.5m), plans to grow its assets, which reached US$7.2 billion at the end of June.
Profit rose despite a 64.6 per cent increase in impairments at 34.4m dinars, the wealth fund said. Revenue grew 11 per cent to 1.2bn dinars. “There are two ways that we grow our assets,” said Mahmood Al Kooheji, the chief executive. “Initially, the portfolio that we already have, there is potential to grow there. The other angle is that we are looking internationally and globally for new acquisitions to increase the value of the portfolio that we have.”......................................Full Article: Source
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