Of the ten Gulf sovereign wealth funds covered in the study, Bahrain has the joint highest transparency score, with a rating of 6 points on the Institute's Linaburg-Maduell Transparency Index, alongside the Kuwait Investment Authority.
The well established Government of Singapore Investment Corporation was also awarded a comparable rating.
The Linaburg-Maduell Transparency Index, developed at the Sovereign Wealth Fund Institute, is based on ten essential principles that depict sovereign wealth fund transparency to investors.
These include the provision of percentage ownership of company holdings, financial returns, and geographic locations of holdings as well as the provision of clear strategies and objectives for the future.
As the International Monetary Fund (IMF) calls for an official line on sovereign wealth fund regulation, and controversy in the West surrounding the international investments of these state-backed funds continues to grow, greater transparency is a key driver in winning investor confidence.
Talal Al Zain, Chief Executive of Bahrain Mumtalakat Holding Company, commented 'Mumtalakat has always been open and transparent in its holdings and investment strategy.
We remain committed to expanding the company's investments internationally whilst demonstrating our commitment to the highest standards of transparency and accountability.'
Commenting on the Index's findings, Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB), the government body with overall responsibility for formulating and overseeing the economic development strategy of Bahrain, said 'In this current economic climate, openness in all areas of finance is essential to drive investor confidence.
This endorsement of Mumtalakat from the Sovereign Wealth Fund Institute is a strong reflection of what Bahrain offers as a transparent and well regulated finance centre.'
He added 'Our regulator, the Central Bank of Bahrain, has led the way in public and private partnership, with an excellent reputation for transparency in its regulatory and supervisory responsibilities.
This reputation, along with key endorsements from the IMF and other external bodies, has contributed to Bahrain's continued success as the region's leading financial services centre.'
Global monitor finds Bahrain Sovereign Wealth Fund most transparent in the Gulf
Bahrain Mumtalakat Holding Company, Bahrain's own sovereign wealth fund, has ranked first for transparency in the Gulf region, according to new research conducted by the independent Sovereign Wealth Fund Institute.
- Bahrain: Monday, June 09 - 2008 at 12:39
- PRESS RELEASE
- ADD ARTICLE TO
-
Facebook
del.icio.us
Digg
Log in to request more information from Economic Development Board (EDB)Notes and media contacts
1 - The Sovereign Wealth Fund Institute is an impartial organization designed to study Sovereign Wealth Funds and their impact on Global Economics, Politics, Financial Markets, Trade, and Public Policy.Sovereign Wealth Fund / ransparency Rating
Bahrain Mumtalakat Holding Company 6
Kuwait Investment Authority 6
UAE - Investment Corporation of Dubai 5
Saudi Arabian Monetary Agency 4
UAE - Abu Dhabi Investment Council 3
UAE - RAK Investment Authority 3
Oman State General Reserve Fund 2
Qatar Investment Authority 1
UAE - Emirates Investment Authority 1
Saudi Arabia Public Investment Fund n/a
2 - www.swfinstitute.org/fund/bahrain.php
About the Bahrain Mumtalakat Holding Company
Bahrain Mumtalakat Holding Company was set up in 2006 with a capital of BHD2 billion, as Bahrain's own investment vehicle. Today, Mumtalakat is valued around US$10bn with 35 commercial enterprises under its portfolio, from aluminum production to property development, tourist sites to food production, and transport to telecommunications. These include:
- National Bank of Bahrain
- Gulf Air
- Batelco
- The Bahrain International Investment Circuit
Historically, the focus of Mumtalakat has been primarily local i.e. to provide funding to develop Bahrain's economy. However, in January 2007 the Company took a step outside Bahrain when it acquired a 30% stake in a British company, The McLaren Group, best known for their F1 racing team.
More information on the Bahrain Mumtalakat Holding Company is available here: www.bmhc.bh
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
More information on the Bahrain EDB is available here: www.bahrainedb.com
Bahrain Financial Services Development is a department of the Economic Development Board which is uniquely dedicated to the needs of the financial services industry and provides a single point of contact for international financial services firms looking to build a base in the Kingdom.
More information on Bahrain Financial Services is available here: www.bahrainfs.com
For more information on Bahrain EDB, please contact:
Rania Al Shirawi, Director of Global Communications
Bahrain Economic Development Board (EDB)
Telephone: +973 17 589 999
Natasha Sterling
Promoseven Weber Shandwick
Telephone: +973 3 995 6730
Posted by Lara Lynn Golden, News EditorMonday, June 09 - 2008 at 12:39 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Index : Company News : Economic Development Board (EDB)
Browse related articles
Browse related articlesToday's most read articles:
Disclaimer:
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
Web Feeds