Latest news with #BahrainMumtalakatHoldingCompany
Daily Tribune
11-05-2025
- Business
- Daily Tribune
Gulf Air profit up 53%; routes cut, flights added
Gulf Air recorded a 53 per cent rise in operating profit in 2024, following measures taken to improve performance and review route efficiency. Passenger numbers increased by 5.4 per cent, with the airline flying 6.2 million travellers last year. The figures appeared in a written reply from Minister of Cabinet Affairs, His Excellency Hamad bin Faisal Al Maliki, who oversees Bahrain Mumtalakat Holding Company, in response to a parliamentary question from MP Khalid Buanaq. Mumtalakat confirmed that the financial strategy introduced for the airline is starting to reduce the deficit gradually. Service delivery It also pointed to steps taken to improve service delivery, including network adjustments and fleet expansion. Gulf Air is continuing to work on increasing income and managing expenses. A number of direct routes were resumed or introduced in 2024. The airline now plans to serve 66 destinations within the next three years, and over 100 through partner networks. New aircraft are being added to the fleet in stages to support these plans and meet rising demand. Operating revenue The company's operating revenue reached BD473.515 million in 2023, compared with BD430.664 million in 2022. This marked the highest level since 2012. Operating costs rose to BD 468. 204 million from BD429.154 million. As a result, operating profit increased from BD1.510 million in 2022 to BD5.311 million in 2023. Other income included earnings from affiliated companies, bank interest and the sale of assets. These reached BD6.573 million in 2022 and BD5.523 million in 2023. Finance At the same time, finance costs rose from BD30.180 million in 2022 to BD39.491 million in 2023. Currency exchange charges and related fees stood at BD8.488 million and BD3.856 million respectively. According to Mumtalakat, the airline board is pressing ahead with efforts to raise efficiency and improve competitiveness. Destinations Seven loss-making routes have been cancelled and flights were reduced to seven others. Twelve destinations across the Middle East, East Asia, India and Europe were selected for increased service.
Zawya
27-04-2025
- Business
- Zawya
Edamah and Ali & Mohammed Yateem Bros Company sign strategic partnership
Manama, Bahrain: As part of its ongoing efforts to promote economic growth and build partnerships with the private sector, Edamah (Bahrain Real Estate Investment Company), the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), announced the launch of a strategic partnership with Ali & Mohammed Yateem Bros Company. The agreement covers a mixed-use investment project valued at over BHD 5 million in Arad, Muharraq Governorate. Ali & Mohammed Yateem Company won the project bid through a public auction organized by the Government Land Investment Platform through the Tender Board. The project will be located on Edamah's 16,000 square meter plot in Arad. Designed with a community-centric approach in mind, the project aims to enhance quality of life for citizens and residents. It will include 52 commercial units as well as restaurants, medical clinics, and retail outlets, along with a fuel station and other support services. The total commercial built-up area is 4,500 square meters, of which 4,120 square meters will be leasable. Mr. Khalid Abdulrahman Al-Majid, CEO of Edamah, noted: 'This project highlights Edamah's commitment to effective, strategic investments that maximize the use of our real estate portfolio while enhancing the company's financial returns. Projects such as this one serve as a powerful catalyst for economic growth, providing benefits to society and the Kingdom's real estate sector.' Mr. Mohammed Hussain Yateem, Vice Chairman of Ali & Mohammed Yateem Bros Company, added: 'We are delighted to be collaborating with Edamah to expand our investment portfolio through the development and operation of this unique project. The addition of commercial facilities, green outdoor spaces, and a fuel station will widen the range of services available to residents and visitors.' Edamah's real estate portfolio has seen significant growth through sustainable investment partnerships with local and regional companies. Construction on the project is scheduled to begin by early 2026. Media contact: Amy Vaya Perceptions Email: amy@ About Edamah Bahrain Real Estate Investment Company (Edamah) is the real-estate arm of Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain. Incorporated in 2006 to manage and expand an assorted portfolio of real-estate in Bahrain, Edamah has established itself as one of the Kingdom's leading property developers. With an unwavering commitment to its founding principles of quality, efficiency and sustainability, and in line with the highest standards of transparency and corporate governance, Edamah strives to transform the Kingdom's diverse and dynamic property sector. Edamah's portfolio will also include projects in the leisure and entertainment and industrial sectors.
Zawya
26-03-2025
- Business
- Zawya
Bahrain's MPs approve 2025-2026 national state budget
Bahrain - Thirty-three MPs approved the 2025-2026 national state budget during yesterday's session. Six MPs rejected the move, while only Parliament's public utilities and environment affairs committee chairman MP Bader Al Tamimi was absent. According to the draft, the total spending budget for both this year and the next will be BD8.916 billion, divided into BD4.379bn this year and BD4.536bn the next. The government is anticipating general revenues of around BD6.383bn – BD2.924bn this year and BD3.459bn the next. Present during the weekly session was an eight-member ministerial team led by Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa. He reaffirmed that the government operated under the leadership's directives ensuring that all projects and programmes were designed to benefit citizens, enhance living standards and create new opportunities. He outlined the government's approach to gradually reducing the deficit without affecting citizens' well-being, price stability or the availability of essential goods. 'There are multiple options to address the deficit,' he added. 'It is much higher than it should be, but we must work together on sustainable solutions that do not negatively impact people,' Shaikh Salman explained. He also confirmed direct cash support suggested for low-income citizens in case of changes to subsidised commodity prices had been removed during this budget cycle, keeping things as they are. Shaikh Salman provided an insight into efforts to diversify government revenues, highlighting an increase in the share of non-oil revenues. 'The ministries worked relentlessly throughout Ramadan to ensure all required information and figures were provided quickly,' he added. 'I extend my sincere gratitude to my team at the ministry, all ministers and their teams. 'This has been a shared effort, and we look forward to continuing this fruitful co-operation for the benefit of the country and its people.' Cabinet Affairs Minister Hamad Al Malki, who is politically responsible for Bahrain Mumtalakat Holding Company, highlighted the role of Bahrain's sovereign wealth fund in supporting economic projects. Parliament and Shura Council Affairs Minister Ghanim Al Buainain, who is politically responsible for the Civil Service Commission, said plans were ongoing to train Bahrainis to fill government jobs and reduce the reliance on expatriates. The budget will be debated and voted on during an extraordinary Shura Council session tomorrow. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Daily Tribune
22-02-2025
- Business
- Daily Tribune
Parliamentarians push for tax breaks, incentives to turn Bahrain into a high-tech hub
MPs are calling for tax exemptions, investment incentives, and streamlined regulations to attract global firms and position Bahrain as a leading high-tech hub. The Financial and Economic Affairs Committee has backed the plan, arguing that it would diversify the economy, reduce reliance on oil, and create new job opportunities. Proposed by MPs Ahmed Al Salloom, Khalid Buanaq, Mohammed Al Ma'arifi, and Dr Ali Al Nuaimi, the initiative calls for Bahrain Mumtalakat Holding Company to forge partnerships with private firms—both local and international—to develop homegrown expertise in advanced technologies. The report highlights that high-tech industries are essential for economic sustainability, citing China, South Korea, and Singapore as examples of nations that have invested heavily in artificial intelligence, automation, and advanced manufacturing. Key measures in the proposal include tax and customs exemptions to attract global companies, government procurement policies favouring local tech firms, and the establishment of research and training centres to equip Bahrainis with industry skills. The committee also recommends easing investment regulations and cutting bureaucracy to make Bahrain a more attractive destination for tech-driven businesses.
Bahrain News Gazette
17-02-2025
- Business
- Bahrain News Gazette
Transportation Minister and Mumtalakat CEO Discuss Strategic Cooperation
Manama: Dr. Shaikh Abdullah bin Ahmed Al Khalifa, Minister of Transportation and Telecommunications, engaged in a meeting with Shaikh Abdullah bin Khalifa Al Khalifa, CEO of Bahrain Mumtalakat Holding Company (Mumtalakat) and Chairman of Beyon. The discussion centered on strategic cooperation aimed at advancing digital infrastructure projects, aligned with several national strategies and plans. According to Bahrain News Agency, the meeting addressed methods to enhance collaboration in line with the Telecommunications, ICT, and Digital Economy Strategy (2022 – 2026), the Sixth National Telecommunications Plan, the Government Programme (2023-2026), and Bahrain Economic Vision 2030. These frameworks are pivotal in steering Bahrain's digital transformation and technological advancement. Minister Shaikh Abdullah bin Ahmed emphasized the ministry's dedication to fostering public-private partnerships as a means to modernize legislative, regulatory, and digital infrastructures. This initiative aims to establish Bahrain as a leading regional hub for digital transformation, thus bolstering the nation's competitiveness and supporting its investment and development objectives. Shaikh Abdullah bin Khalifa praised the ministry's initiatives in digital infrastructure development and its efforts to create an investment-friendly environment through collaboration between the public and private sectors. He highlighted that such collaborations are crucial in supporting national development initiatives and future plans.
