Mumtalakat is the sovereign wealth fund of the Kingdom of Bahrain, established in 2006 to manage and grow the government’s commercial assets. With estimated assets under management of approximately $18 billion, Mumtalakat is significantly smaller than its Abu Dhabi counterparts but holds a portfolio of strategically important enterprises for the Bahraini economy.
Mandate
Mumtalakat was created to consolidate the government’s ownership stakes in commercial enterprises under professional investment management. Unlike ADIA, which invests exclusively in international financial assets, Mumtalakat manages a concentrated portfolio of domestic strategic assets alongside a growing international investment programme. Its mandate is to enhance the value of state-owned enterprises, generate returns for the government, and support Bahrain’s economic diversification.
Portfolio
Mumtalakat’s portfolio is anchored by several major Bahraini enterprises. Its largest holding is a 69 percent stake in Aluminium Bahrain (Alba), the kingdom’s most important industrial asset. Other significant holdings include Gulf Air (Bahrain’s national carrier), National Bank of Bahrain, Bahrain Airport Company, McLaren Group (the British automotive and technology company), and various real estate and hospitality assets.
The McLaren investment is Mumtalakat’s most internationally visible holding — the fund acquired a majority stake in McLaren Group, which encompasses McLaren Automotive, McLaren Racing, and McLaren Applied. This investment reflects Mumtalakat’s strategy of acquiring international brands that provide both financial returns and strategic positioning for Bahrain.
Scale in Context
Mumtalakat’s approximately $18 billion in assets places it among the smaller sovereign wealth funds globally. For comparative context, ADIA manages approximately $1 trillion, Mubadala exceeds $300 billion, and ADQ exceeds $200 billion. The ratio between Abu Dhabi’s combined sovereign wealth and Bahrain’s is approximately eighty to one.
Governance
Mumtalakat is governed by a board of directors and operates with a professional management team. The fund reports to the government and publishes annual reports with financial statements — a level of transparency that exceeds several larger Gulf sovereign wealth funds.
Role in Vision 2030
Within the Bahrain Economic Vision 2030, Mumtalakat is the primary vehicle for managing state commercial assets and generating investment returns that support government finances. The fund’s ability to enhance the value and efficiency of enterprises like Alba, Gulf Air, and National Bank of Bahrain is directly relevant to the vision’s economic diversification objectives. Mumtalakat must maximise returns from a limited asset base — a constraint that defines Bahrain’s broader economic challenge.