Latest news with #Mumtalakat
Zawya
12-06-2025
- Business
- Zawya
Bahrain: Ministry signs deal with Edamah to develop Manama Central Market site
Bahrain - The Municipalities and Agriculture Ministry has signed a memorandum of understanding (MoU) with the Bahrain Real Estate Investment Company (Edamah), the real estate arm of Bahrain Mumtalakat Holding Company, to develop the Manama Central Market site. The MoU was signed by Municipalities Affairs and Agriculture Minister Wael Al Mubarak and Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat and chairman of Edamah. The MoU aims to conduct a detailed study to maximise the site's investment and commercial potential, leveraging its strategic location in the centre of Manama. This partnership supports the ministry's goal to better manage its real estate assets, enhance financial returns, and contribute to sustainable urban development and economic growth. Officials highlighted Edamah's expertise in development and investment as key to realising the site's potential, creating promising opportunities that align with Bahrain's broader development plans. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
09-06-2025
- Business
- Zawya
Food park project plans announced in Bahrain
Bahrain - Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa yesterday launched the strategy for the new Bahrain Food Holding Company, (Ghitha), and announced plans for a significant food park project. The initiatives align with directives from His Majesty King Hamad and follow instructions from Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, to bolster national food security. Ghitha, a subsidiary of Bahrain's sovereign wealth fund Mumtalakat, will consolidate the fund's food-related assets. The food park, developed in partnership with Mumtalakat's real estate arm, Bahrain Real Estate Investment Company (Edamah), is projected to be one of the largest in the kingdom's food sector. Shaikh Salman, who also chairs Mumtalakat, emphasised the importance of private sector partnerships in these efforts, stating that Ghitha's strategy aims to build an integrated food ecosystem focused on innovation, increased local production, and sustainable food practices. The food park's first phase will cover an estimated one million square metres, serving as an integrated industrial centre for food production, manufacturing, and distribution. Basim Al Saie, chairman of Ghitha, said the company's vision is to collaborate with both public and private sectors to drive investments, foster innovation, and enhance local capabilities for healthy and sustainable food production. The launch event saw Ghitha unveil its new identity and details of the food park, which is intended to attract future investments and create job opportunities.
Zawya
05-06-2025
- Business
- Zawya
GFH Financial Group partners with Safa to offset the annual carbon footprint of its employees
Manama, Bahrain – In a significant step toward corporate sustainability, GFH Financial Group has announced a new initiative to offset the annual carbon emissions of all its full-time employees. This initiative, developed in collaboration with Safa, Bahrain's climate action platform and a Mumtalakat portfolio company, will see the Group take tangible action to neutralize its operational environmental impact. The initiative to offset the carbon emission covers the full-time workforce at GFH Financial Group. According to national emissions data, the average individual in Bahrain emits just over 26 tonnes of carbon dioxide equivalent (tCO₂e) per year through daily activities. An individual's annual carbon emissions refer to the total amount of carbon dioxide they generate each year through everyday activities such as driving, using electricity, and consuming goods and services. Carbon offsetting involves financially supporting projects—like renewable energy initiatives or reforestation efforts—that reduce or remove an equivalent amount of carbon dioxide from the atmosphere. Through its partnership with Safa, GFH ensures that carbon offsets made on behalf of its employees are real, measurable, and independently verified, meeting Safa's rigorous standards for high-quality carbon credits. By offsetting the annual emissions for each employee, GFH is demonstrating proactive environmental leadership and reinforcing its support for the Kingdom of Bahrain's Net Zero 2060 ambitions. This announcement coincides with World Environment Day, reinforcing the shared urgency for climate action and the need for institutions to adopt measurable, transparent sustainability strategies. About GFH Financial Group GFH Financial Group, licensed as an Islamic wholesale bank by the Central Bank of Bahrain and headquartered at GFH House, P.O. Box 10006, Manama Sea Front, Kingdom of Bahrain is one of the most recognised financial groups in the Gulf region. Its businesses include Investment Management, Treasury & Proprietary Investments, Commercial Banking and Real Estate Development. The Group's operations are principally focused across the GCC, North Africa and India, along with strategic investments in the U.S., Europe and U.K. GFH is listed on four stock exchanges in the GCC, including the Bahrain Bourse, Boursa Kuwait, Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) where it is one of the most liquid and actively traded stocks. For more information, please visit About Safa Safa is a Bahrain-based carbon offset and climate action platform that helps individuals, businesses, and institutions take measurable steps toward environmental responsibility. A portfolio company of Mumtalakat, Safa provides access to internationally verified carbon offset projects and practical tools to reduce and balance carbon footprints. | info@
Zawya
19-05-2025
- Business
- Zawya
Mazad launches online auction for the sale and dismantlement of Riffa Power Station
Manama, Bahrain - Mazad W.L.L, a local portfolio company of Bahrain Mumtalakat Holding Company "Mumtalakat" mandated with overseeing the Kingdom of Bahrain's public and electronic auctions, has announced the launch of an online auction for the sale and dismantlement of the Riffa Power Station (RPS) Phase 1 (Riffa 1) along with its spare parts. The auction, which will be conducted through Mazad's digital platform, offers a unique opportunity for investors and contractors to bid on this significant project. The starting bid for the power station is set at BHD 200,000, while the spare parts have a starting bid of BHD 50,000. Key details of the auction: Auction End Date: Thursday, June 12, 2025, at 12:00 PM Bahrain Time (9:00 AM GMT) Items included: Diesel fuel, Axial Turbine & Compressor, Turbine & Compressor Casing, Combustion Chambers, Burners, Air Intake Filter House with Filters, Generator Inlet Air Filter House & Filters, Gear Box, Turbine Exhaust Ducts, Exhaust Stacks, AC Motors, Compressor Blow-Off Valves, Oil Pumps, Aux Lube Oil Pumps, and more. The successful bidder will be responsible for the complete dismantlement and removal of the power station, including obtaining all necessary permits from the Supreme Council for Environment (SCE), Municipality, and other relevant authorities. The contractor must also ensure compliance with all environmental and safety regulations throughout the project. EWA confirmed that the sale and dismantling of the first phase of the Riffa Power Plant through the electronic auction represents a strategic step in integrating operational efficiency with environmental sustainability. It reflects the Authority's commitment to adopting innovative solutions for asset repurposing in line with the national development goals and Bahrain's Vision 2030. This collaboration between EWA and Mazad falls within a broader framework aimed at enhancing transparency and maximizing the value derived from existing assets. Additionally, through this project, EWA aim to reduce waste and enhance environmental protection, serving as a testament to our dedication to the green transformation and supporting Bahrain's national energy transition plan. Talal Al Araifi, Chief Executive Officer at Mazad, stated, "This auction represents a significant opportunity for investors and contractors in the energy sector. We are committed to ensuring a transparent and competitive process, leveraging our digital platform to reach the widest possible audience of potential buyers at a global level ensuring we contribute to a greener future. " Interested bidders can access comprehensive project information and related documentation through the official website or the Mazad mobile application. For further inquiries or to arrange viewings, please contact +973 17778887 or email support@ Mazad encourages all potential bidders, including overseas companies, to review the comprehensive bidding requirements and submit the necessary documentation as outlined in the auction details. This project aligns with Bahrain's commitment to sustainable development and efficient resource management, offering an opportunity to repurpose valuable assets while adhering to strict environmental and safety standards.
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.
