MANAMA: Bahrain’s sovereign wealth fund will for the first time contribute to the national budget since its inception in 2006, revealed a Cabinet minister on Tuesday.
Transportation and Telecommunication Minister Kamal Ahmed told MPs during their weekly session that based on directives from His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, Bahrain Mumtalakat Holding Company will be pumping a fraction of its profits in the 2017-2018 budget.
“It is true that the money pumped into the budget would be low, but the concept of beginning is by itself an achievement, and Mumtalakat today is in a strong position and moving in the right direction,” said Mr Ahmed, who is politically responsible for Mumtalakat.
“The fact that we didn’t refer any profits since our first year in 2007 and until now is clear to everyone and that’s bailing out Gulf Air from its losses until 2012, until we managed to level things out.”
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