Mumtalakat chief executive Mahmood Al Kooheji is bullish on education and healthcare. The National
Mumtalakat chief executive Mahmood Al Kooheji is bullish on education and healthcare. The National

Exclusive: Bahrain's Mumtalakat has $15bn under management and open to exiting GEMS



Mumtalakat, the sovereign wealth fund of Bahrain, is now managing about $15 billion in assets and is open to selling its stake in GEMS Education, its chief executive said on Wednesday.

"If the opportunity arises, we will leave [GEMS]. If there's a long-term prospect then we don't mind [staying]," Mahmood Alkooheji said in an interview with The National at the Future Investment Initiative conference in Riyadh.

Blackstone, Dubai-based Fajr Capital, Mumtalakat and the Varkey Group, which is a majority owner in the education provider, are considering selling some or all of their stakes in GEMS in a deal that could value it at about $4 billion, Bloomberg reported earlier this month. GEMS, which owns and operates 47 schools and nurseries across the GCC, was slated to list in London but delayed its initial public offering according to media reports in June.

"One of our portfolio companies is signing a deal here at FII," Mr Alkooheji said. "Education is important for us, renewable is important for us, technology is important for us. these are the sectors. Our philosophy is that we want to invest in the sectors that have the potential to grow and gone past the stage of being too risky."

Investments in the education sector, one of the higher growth segments in developed and developing economies, have been on the rise in recent years in the Middle East and beyond, as demand for schooling grows with the uptick in population numbers. Established in 2006 with a mandate to grow Bahrain’s strategic non-oil and gas assets, Mumtalakat has diversified its portfolio of assets locally and globally. Aluminium Bahrain and National Bank of Bahrain are among Mumtalakat’s assets in the Arabian Gulf state, while car maker McLaren Group is one of its international investments.

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The sovereign wealth fund’s assets have grown to over $15bn from $10bn and the number of companies in which Mumtalakat has a stake has more than doubled to over 60 local and international companies across 11 sectors. Of those, 65 per cent are based in Bahrain and the broader region, while 28 per cent is in Europe and 8 per cent in the US.

"When we started in the beginning we were not profitable but for the past five years we have been showing, every year an increased profit," Mr Alkooheji said. The sovereign wealth fund reviews about three to four deals a year, he added.

Looking forward, Mr Alkooheji said privatisation of healthcare by GCC governments and opening of Saudi Arabia's economy, the region's largest, presents tremendous opportunity.

"Healthcare is an area we like and we are looking to make some investments in Bahrain and in the region there is a lot of potential in the region," he said. "Saudi for the region is the economy. What happens with Saudi Arabia will affect the whole region and growth of the Saudi market means growth of the entire region."

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Company%20Profile
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Important questions to consider

1. Where on the plane does my pet travel?

There are different types of travel available for pets:

  • Manifest cargo
  • Excess luggage in the hold
  • Excess luggage in the cabin

Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.

 

2. What is the difference between my pet traveling as manifest cargo or as excess luggage?

If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.

If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.

 

3. What happens when my pet arrives in the country they are traveling to?

As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.

If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty. 

If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport. 

 

4. How long does the travel paperwork and other travel preparations take?

This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.

In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.

 

5. What vaccinations does my pet need to travel?

Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.

Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.

Source: Pawsome Pets UAE

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What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.