Published: November 12, 2018
Mumtalakat’s consolidated assets reach US$15.4bn
The Bahraini sovereign wealth fund had a strong year, boosted by the consolidation of McLaren and the commencement of the Alba Line 6 expansion project.
In early August, the Bahrain Mumtalakat Holding Company (Mumtalakat) announced that its total assets’ value had risen to US$15.4bn in 2017, up nearly half on the year before. There had been significant growth across its portfolio companies, most notably Alba, which commenced its Line 6 expansion project.
2017 also saw the consolidation of the McLaren Group (formerly McLaren Applied Technologies and McLaren Automotive). Mumtalakat increased its stake in the Group to reach 62.55%, resulting in a fair value gain of US$667mn.
“We’re very proud of the growth the Group is showing year-on-year,” Mahmood H Alkooheji, CEO of Mumtalakat, tells EMEA Finance. “McLaren Automotive, a producer of supercars for high net worth individuals, produced its 15,000th car this year and plans to open a new factory in Sheffield in the UK before the end of the year.”