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FINANCIAL NEWS
Bahrain’s Mumtalakat fund posts wider net loss in 2011
09 Jul 2012
(MENAFN) The Mumtalakat fund, Bahrain’s sovereign wealth fund, stated that in 2011, the fund’s annual net loss increased to USD717.7 million, reported AP.
The fund said that Gulf Air, the national airline, contributed to some extent to the loss, as the carrier posted a larger operating loss, due to higher fuel prices and the political turmoil in the region.
The Kingdom was swept with political upheaval that started in 2011 and extended for over 16 months, harming the country’s economy and pushing away investments and tourists.
It is worth noting that Mumtalakat, which posted a USD621.3 million loss in 2010, is the holding company for a number of state-owned businesses, including Gulf Air.
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