Mumtalakat CEO: Gulf Air, Bahrain Int'l Circuit among 5 Unprofitable Companies
2019-06-30 - 7:26 p
Bahrain Mirror: The CEO of Mumtalakat Holding company, Mahmoud Al-Kooheji, confirmed that Gulf Air and Bahrain International Circuit Company are among the five unprofitable companies.
Al-Kooheji said that Mumtalakat group owns more than 60 companies, all of which are profitable except for 4 or 5 companies, most notably Gulf Air, Bahrain International circuit as well as a fish Company.
He revealed that Mumtalakat established during this year a company specialized in land reclamation and development in Bahrain with a budget of $75 million, to start its first investment business in the south of Sitra before the end of this year.
He said that Mumtalakat will pump into the state's general budget 60 million dinars distributed evenly over the fiscal years 2019 and 2020, stressing that Mumtalakat investment in Bahrain enhances investors' confidence in the local economy.