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Bahrain restructures board of wealth fund Mumtalakat

Clothing, Apparel, Face BNA
Crown Prince Salman bin Hamad Al-Khalifa

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, with immediate effect, state news agency BNA reported on Sunday.

The members of the new Mumtalakat board will serve for a four-year term, the news agency reported.

Mumtalakat, which has just 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 aluminium smelter outside of China.