Mumtalakat eyes boost in foreign spending

Gulf Times reports that, “Bahrain’s sovereign wealth fund is eyeing stakes in US, European and Asian firms in sectors including commodities and financial services, and will add new asset classes to its portfolio, its chief executive said.

The value of investments held by the sovereign wealth fund had fallen by about 10% to 15% from around $10bn as a result of the global economic downturn, Mumtalakat CEO Talal al-Zain told Reuters yesterday.

In an interview in Bahrain’s capital Manama, Zain said Mumtalakat’s strategy to balance local and international investments does not necessarily mean the fund would sell down local stakes and shift proceeds to its international portfolio.”

read more: Gulf Times



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