List of companies of Bahrain. Bahrain is a small Arab monarchy with the first post-oil economy in the Persian Gulf region. Since the late 20th century, Bahrain has invested in the banking and tourism sectors. Many large financial institutions have a presence in Manama, the country’s capital. Bahrain has a high Human Development Index and was recognised by the World Bank as a high income economy.
This list includes notable companies with primary headquarters located in the country. The industry and sector follow the Industry Classification Benchmark taxonomy. Organizations which have ceased operations are included and noted as defunct.
ABC Islamic Bank
ABC Islamic Bank is a Joint Stock Company that provides investment banking services and asset management services in accordance with Islamic principles. It is a wholly owned subsidiary of Arab Banking Corporation.
Its formerly known as ABC Investment and Services Company until March 1998, established on 1987.
- ABC Clearing Company
- ABC Islamic Fund
Al Baraka Banking Group B.S.C
Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition two branches in Iraq and two representative offices in Indonesia and Libya.
ABG and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of ABG is US$2.5 billion.
S&P Global Ratings has updated the long-term rating on Al Baraka Banking Group B.S.C. to ‘BB-‘ with a ‘Stable’ Outlook, while affirming the ‘B’ short-term rating of the bank.
ABG has also been rated BBB+ (long term) / A3 (short term) by Islamic International Rating Agency (IIRA). IIRA has also rated ABG on the national scale at A+ (bh) / A2 (bh) with a fiduciary score of 81-85, the highest level amongst Islamic Financial Institutions in the region.
Al Muntazah is a supermarket chain in the Kingdom of Bahrain. It is believed to be the biggest supermarket chain in the kingdom. Al Muntazah Markets is the subsidiary of Almeer Group which was founded in 1952 by Jalal Almeer (1923–2000).
In 1984, the Almeer Group opened the first Al Muntazah Market outlet in Muharraq. The Al Muntazah footprint has been steadily extended across the country with a further ten supermarkets.
In 2013, Al Muntazah Markets expanded its non-food retail business by opening Al Muntazah Stationery in Muharraq, selling stationery products and providing photocopying services aimed at businesses, educational institutes and students.
In 2015, the company further extended its operations by opening its first Al Muntazah Express branch in Muharraq. The second express branch is due to open in the city of Rifa’a by the first quarter of 2016.
The supermarkets do not sell cigarettes; nor do they sell pork, or products containing alcohol, in line with Islamic principles. Some outlets are open 24 hours a day (Muharraq, Rifa’a and Hoora branch), depending on their location and local demand.
In 2002, the supermarket chain led a consumer boycott of American brands against Israel’s hostility towards Palestinians in West Bank and the Occupied Territories.
Al Muntazah has branches in Manama, Muharraq, Kazino, Galali, Rifa’a, Arad, Hamad Town, Hoora, Sitra and Isa Town.
Aluminium Bahrain B.S.C. (Alba)
Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter ex-China, is known for its technological strength and innovative policies. Alba enforces strict environmental guidelines, maintains a high track record for safety, and is widely regarded as one of the top performers on a global scale. The company headquarters is based in Bahrain and 84% of its total workforce are Bahraini nationals.
Historically, Alba is the second Middle-Eastern aluminium producer after IRALCO, and also Alba is the largest aluminium producer next to Dubal in that region.
The company produces a range of aluminium products to include T-Ingots, 10Kg/22.5Kg Standard Ingots, Properzi Ingots, Rolling Slabs, Extrusion Billets, Sows and Liquid metal. About half of Alba’s aluminium is sold to Bahrain’s downstream industry while the rest is exported to countries within the GCC, the Middle East, Europe, Americas, Far-East and South Asia. In 2019, the company set an all time production record in its history with 1,365,005 metric tonne.
Arab Banking Corporation (also called Bank ABC)
Arab Banking Corporation (also called Bank ABC) is an international bank with headquarters in the Diplomatic Area of Manama, in Bahrain. It was incorporated as a joint stock company in 1980 through a special decree by the Amir of Bahrain. It obtained an offshore banking unit licence from the Bahrain Monetary Agency on 7 April 1980, and began operations in the same month. The bank is listed on the Bahrain Bourse and its major shareholders are the Central Bank of Libya (59.37%) and Kuwait Investment Authority (40.63%). Its network spreads across 17 countries in the Middle East and North Africa (MENA), Europe, the Americas and Asia. It is expanding its retail banking network in the MENA region.
Bank ABC is a provider of trade finance, treasury, project and structured finance, syndications, corporate and institutional banking as well as Islamic banking services.
Bahrain Air (Arabic: طيران البحرين) was an airline of the Kingdom of Bahrain, headquartered in the Mohamed Centre in Muharraq. Its main base was Bahrain International Airport. The airline flew to 16 destinations in the Middle East, Africa and South Asia. In earlier statements the airline planned to increase its destinations to 23 cities by 2009 and up to 25 cities by 2010. Prior to its voluntary liquidation in 2013, Bahrain Air flew to 17 destinations (flights to Alexandria were seasonal). In 2012, the airline complained via local media about the measures undertaken by the Minister of Transportation, also the competing airline Gulf Air’s head of restructuring committee when the airline’s route schedule and frequencies were reduced by up to 30% without prior notice. The airline, having sought every route possible to overcome the Minister’s act of Conflict of Interest, declared bankruptcy on 12 February 2013. The airline complained of conflict of interest.
Bahrain Air started operations on 1 February 2008 as a low-cost airline but changed its operating model to full service by early 2010. The airline was headed in the U.A.E by its Country Manager, Rashid Al Moosa and by its UAE-Sales & Marketing Nicky Bijlaney The inaugural flight occurred on 3 February 2008, from Bahrain to Dubai. The airline used a new Airbus A320 fleet, with 12 seats in business and 150 in economy. The airline had its own in-flight magazine, called Reesha. Bahrain Air was one of the few airlines which doesn’t serve alcoholic beverages on its flights.
The Bahrain Bourse
The Bahrain Bourse, also called the Bahrain Stock Exchange (BSE), is the stock exchange of Bahrain. As at 2017, 42 companies were listed on the exchange. The exchange operates from Sunday to Thursday. Three indices track the Bahrain Bourse (BHB): the Bahrain All Share Index, the Dow Jones Bahrain Index and the Estirad Index.
The BSE was established in 1987 by Amiri decree and officially commenced operations on 17 June 1989, with 29 listed companies. It operated as an autonomous institution supervised by an independent Board of Directors, chaired by the Governor of the Central Bank of Bahrain. Bahrain Bourse (BHB) was established as a shareholding company under Law No. 60 of 2010 that replaced the BSE. The Bahrain Bourse is a member of the Federation of Euro-Asian Stock Exchanges.
The Bahrain Petroleum Company (BAPCO)
The Bahrain Petroleum Company (BAPCO) is an integrated national oil company of Bahrain. The BAPCO was established in 1929 in Canada by Standard Oil Company of California for oil exploration activities in Bahrain. It took over Bahrain’s assets of Gulf Oil. In 1930 it obtained the only oil concession in Bahrain. BAPCO discovered first oil in 1931. On 31 May 1932, the company discovered the Bahrain Field (Awali Field). After exporting oil and constructing a refinery, it started with 10,000 barrels per day (1,600 m3/d) refining capacity in 1936. Later that year the Standard Oil Company of California signed an agreement with Texaco, which acquired a half of BAPCO’s shares. In 1975 more than 60% BAPCO’s shares was acquired by the Government of Bahrain. In 1980, all BAPCO’s shares were taken over by the Government of Bahrain. In 1978 the oil sector was nationalized and BAPCO assumed full control of the national energy sector. In 1999, the current Bahrain Petroleum Company was created when the Bahrain National Oil Company, established in 1976, merged with BAPCO. In 2018 BAPCO commissioned a new pipeline that replaced the over 70 years old pipeline infrastructure between Bahrain and Saudi Arabia. In March 2019 construction work was started to upgrade the main oil refinery Sitra. The $5 billion project will increase the capacity to 380,000 barrels per day (60,000 m3/d). On 29 December 2019, the company was allegedly targeted by Iranian hackers with data-wiping malware called Dustman, with only a small portion of the company’s computers being affected. Currently Peter Bartlett serves as CEO of the BAPCO. BAPCO started their lubricants business unit in 2011 and launched its lubricants in 2015 in the local markets of Bahrain.
Banagas (formally the Bahrain National Gas Company)
Banagas (formally the Bahrain National Gas Company) is a Bahraini gas company, headquartered in Bahrain’s Southern Governorate. Banagas operates LPG plant facilities which recover propane, butane and naphtha from the Bahrain Oil Field’s associated gas and refinery off-gas. Some 94% of the total workforce are Bahrain nationals. 75% of the company’s shares are owned by the Government of Bahrain, with the remaining shares owned by Boubyan Petrochemical Company of Kuwait and Chevron Corporation’s Bahrain subsidiary, Chevron Bahrain. The company was founded in 1979 by Shaikh Isa bin Salman Al Khalifa with the objective of utilizing Bahrain’s gas resources, by processing associated gas and refinery off-gas into marketable products. The entire US$100 million project included the construction of four gas compressor stations, a processing plant to recover propane, butane and naphtha, and a storage area at Sitra. In 1980 the first ship to transport gas was the Japanese tanker Yuyo Maru which was loaded with 5,000 tonnes of butane. In 1988 the total capacity of the plant was upgraded from 170 (48.1×105m³) million cubic feet/day to 280 million cubic feet/day (79.3×105m³)
The Bank of Bahrain and Kuwait (BBK)
The Bank of Bahrain and Kuwait (BBK) was established on 16 March 1971 in both the Kingdom of Bahrain and the State of Kuwait. Its shareholders consist of the general public, the government of Bahrain, banks and investment companies in Kuwait. BBK engages in the provision of various services and banking products throughout its branches in Bahrain, Kuwait and India as well as its representative office in Dubai, United Arab Emirates. The BBK is split into four major segments: Retail Banking deals with individual customers through e-banking, loans, multi-feature accounts, credit facilities etc; Treasury and Investment which handles internal consults with the various departments and affiliated companies to handle capital management; Corporate Banking focuses on corporate and institutional customers within Bahrain; and International Banking works with overseas corporates and institutional customers, with branches in India, representative offices in Turkey and Dubai, and global correspondence with larger banks, to manage overseas trading, money marketing plus funding operations.
- Ithmaar Bank B.S.C 25.38%
- Pension Fund Commission 18.77%
- Kuwait Investment Authority 18.70%
- Social Insurance Organisation 13.34%
Bahrain Telecommunication Company BSC
Bahrain Telecommunication Company BSC, trading as Batelco, (Arabic: بتلكو) is the principal telecommunications company in Bahrain. The company’s headquarters are in Bahrain and the company is listed on the Bahrain Bourse. The Chairman of the Board is Abdulla Bin Khalifa Al Khalifa.
It provides services for mobiles through UMTS 2100 and LTE 1800 (the GSM network was shut down on 31 December 2019) while its residential Internet is an ADSL, Wireless (4G/5G) or FTTH service. Batelco is one of Bahrain’s five Internet service providers.
Batelco was established in 1981 as a Bahraini public joint stock company and has an authorized share capital of BD200 million (US$531 million).
Batelco’s major shareholders include Orascom Investment Holding by 60% and Government of Bahrain entities by 40% (Mumtalakat Holding Company, Amber Holding Company and Social Insurance Organisation), various financial and commercial organizations, and private Bahraini, Gulf Cooperation Council countries (GCC) and international investors.
BMMI (Bahrain Maritime & Mercantile International)
Based in the Kingdom of Bahrain, and with international operations, BMMI (Bahrain Maritime & Mercantile International) is a diversified retail and distribution and contract services and supply group. The Group specialises in the wholesale, distribution and retail of food and beverages. BMMI is an international provider of end-to-end supply chain solutions, integrated facility management, logistics and procurement services to governments and to non-governmental, commercial and military organisations. BMMI manages its activities through branches, associates and joint ventures in Kingdom of Bahrain, Saudi Arabia, Iraq, Djibouti, Republic of Sudan and South Sudan. BMMI is an independent public company and is listed on the Bahrain Stock Exchange (BSE)
In 1883 Gray Paul, a British-owned merchant company operating in the Persian Gulf, established a local branch in Bahrain. Following a merger in 1936, the company was renamed Gray Mackenzie, and in 1955 it became part of the Inchcape Group.
In 1980, the Group formed a joint venture with Bahraini shareholders to form Bahrain Maritime & Mercantile International (BMMI). The new company was later listed on the Bahrain Stock Exchange. When Inchcape divested its shareholding in 1999, BMMI became a wholly Bahraini-owned public shareholding company. In 2003, the Group widened its shareholding base to investors across the GCC. In 2010 the company legally changed its name from Bahrain Maritime and Mercantile International to just the acronym BMMI.
In 2013, BMMI entered into a joint venture with Gulftainer Group, a UAE based company, for the provision of warehousing, camp design, office management and facility management solutions in Umm Qasr, Iraq. The joint venture with Gulftainer operates in the Umm Qasr Port where BMMI manages different facilities accommodating employees and visitors working in the port.
The Central Bank of Bahrain (CBB)
The Central Bank of Bahrain (CBB) is the central bank of Bahrain. It is a public corporate entity established by the Central Bank of Bahrain and Financial Institutions Law 2006. It was created on 6 September 2006. Decree No. 64 of 2006 with respect to promulgating the Central Bank of Bahrain and Financial Institutions Law established the Central Bank of Bahrain in place of the Bahrain Monetary Agency. The Bank is located in the Diplomatic Area of Manama, in Bahrain.
Its responsibilities, set out in the decree, include:
- implement monetary policy
- supervise and regulate the banking sector
- act as the government’s fiscal agent
- encourage the growth of Bahrain as a major international financial centre, and
- manage the foreign currency, cash and gold reserves of the Kingdom.
The current Central Bank of Bahrain governor is Rasheed Al Maraj. In November 2014, he decided to further develop the kingdom’s growing insurance sector. He acknowledged the necessity for the Central Bank to co-operate with the insurance market to support the insurance sector, also insisting on the insurance firms’ obligations to fulfill their social responsibility. The Central Bank governor is the chairman of the board of directors of the Bahrain Bourse.
It was established in 1973 as the Bahrain Monetary Agency, shortly after Bahrain gained its independence from the United Kingdom. The bank also houses a splendid coin and currency museum with collections dating back to 653 AD.
- Abdullah Hassan Saif, 1979 – May 1999
- Abdullah bin Khalifa Al Khalifa, 1999 – 2002
- Ahmed bin Mohamed Al Khalifa, 2002 – January 2005
- Rasheed Mohammed Al Maraj, January 2005-
DHL International Aviation ME
DHL International Aviation ME (sometimes branded as SNAS/DHL) is a cargo airline based in Bahrain. It is wholly owned by Deutsche Post and operates the group’s DHL-branded parcel and express services in the Middle East, including Afghanistan, Iraq and Pakistan as part of DHL Aviation. Its main base is Bahrain International Airport. The airline was established and started operations in 1979. In 1996 the airline began using 757-200s to fly flights between Bahrain and Europe. As of 2004 the airline flew flights in the Middle East, Europe, Asia, and Africa
The Fakhro Group
The Fakhro Group, also known as the Abdulla Yousif Fakhro Group, represents a collection of businesses owned by the descendants of the late Abdulla bin Yousif Fakhro. The group is one of the oldest and most prominent family businesses in the Kingdom of Bahrain. The collection of businesses are currently headquartered in Manama, Bahrain with operations in Qatar and the UAE.
The Fakhro Group, founded by the late Yousif bin Abdulrahman Fakhro in 1888, started off as a traditional merchant house. Yousif bin Abdulrahman remained at the helm of the business from the early 20th century until he died in 1952. During the 1930s and 1940s, Yousif sent each of his five sons to manage the family’s business interests in India, Dubai, Bahrain and Iraq (where Abdulla bin Yousif Fakhro was to be based for numerous years). During this period, the small business dealing in dates and building materials expanded into shipping, with around 40 dhows, and established branches in the GCC, Iraq, and India. The company’s product portfolio grew to encompass cars, timber, foodstuff, and electronics. Today, the group’s operations include automotive and industrial products, technology, restaurants, shipping, insurance, transport, and agencies.
After Yousif bin Abdulrahman’s death in 1952, Abdulla bin Yousif and his brothers jointly controlled the family business. Abdulla later acquired most of the businesses from his brothers and, with the help of his sons, embarked on an ambitious growth strategy to take the group to where it is today, with interests in automotive products and services, restaurants, shipping logistics, insurance, and IT services.
Although the group currently consists of 14 individual companies, it is actively adding divisions and evaluating new initiatives in the Persian Gulf. The company currently operates in Bahrain, Qatar, and Dubai, and Abu Dhabi, and is in the process of expanding into Saudi Arabia and Kuwait.
Gulf Air (Arabic: طيران الخليج Ṭayarān al-Khalīj) is a state-owned airline and the flag carrier of the Kingdom of Bahrain. Headquartered in Muharraq, the airline operates scheduled flights to 52 destinations in 28 countries across Africa, Asia, and Europe. Its main hub is Bahrain International Airport. Gulf Air is the sponsor of the Bahrain Grand Prix and Bahrain International Airshow, where some of its fleet of aircraft sport liveries of the event. It was formerly a multinational airline owned by Bahrain, Abu Dhabi, Oman, and Qatar.
Gulf Aviation was a Bahrain-based charter and scheduled airline that evolved into Gulf Air. Its formal incorporation in 1950 was followed by constant change as the Persian Gulf economies developed. The airline operation became a subsidiary company branded as Gulf Air on 1 January 1974.
Gulf Aviation Company was established in Bahrain in 1949. The founder was a former RAF pilot, Freddie Bosworth. Bosworth’s original business plan was based on establishing scheduled feeder and cabotage services between some of the Arab States of the Persian Gulf, alongside charter/air taxi services, aircraft handling services and flying training services. Scheduled operations based in Bahrain commenced on 5 July 1950 to Doha (Qatar) and Sharjah (Trucial States, latterly UAE) and on 28 September 1950 to Dhahran (Saudi Arabia). The original fleet comprised several Ansons and, briefly, a de Havilland DH.86B Express. The de Havilland Dove was selected to replace these, but Bosworth was killed on a demonstration flight at Croydon on 9 June 1951 whilst preparing to introduce the type into service. During the course of the 1950s de Havilland DH.114 Heron and Douglas C-47/Dakota aircraft joined the fleet
In 1967 the airline introduced Fokker F27 aircraft and so was able to operate current generation scheduled services with pressurised, air conditioned aircraft and cabin service. The Heron aircraft were replaced with Beechcraft B80 Queen Airs
Gulf Traveller – Ceased operation 2007
Gulf Traveller was the all-economy full service subsidiary airline of Gulf Air. Its main base was Abu Dhabi International Airport. It was briefly relocated between Bahrain and Muscat airports after Abu Dhabi pulled out of the Gulf Air consortium in 2005, and in May 2007 Oman also pulled out of the group leaving Bahrain as sole owner of Gulf Air. Gulf Traveller has since been disbanded due to these changes.
Gulf Traveller was founded on 1 June 2003 as part of the Gulf Air three year restructuring and turnaround programme instigated by James Hogan. The model behind Gulf Air was to economise on routes with little demand for First or Business Class passengers. Gulf Traveller’s inaugural flight between Abu Dhabi and Jeddah took place on 15 June 2003.
Gulf Traveller planned to add Birmingham, United Kingdom, to its list of destinations in 2004, however, the project was put on hold for the foreseeable future in 2005, and then eventually scrapped.
Investcorp is a global manager of alternative investment products, for private and institutional clients. Founded in 1982, the firm has offices in New York, London, Bahrain, Abu Dhabi, Riyadh, Doha, Mumbai and Singapore. Investcorp’s principal client base is in the six countries of the Gulf Co-operation Council, but it also has institutional clients in North America, Europe and Asia.
The company’s main activities involve corporate investment, real estate and credit management, and has $34.2 billion worth of assets under management, as of 2019. It typically places the private equity of companies and real estate properties it acquires directly with investors on a deal-by-deal basis and through a fund structure. In addition, the firm operates the Gulf Opportunity Fund investing in the MENA region, and a number of technology funds.
Investcorp currently has approximately $22.2 billion in invested assets under management across its four asset classes. In 2011, it ranked 67th in the PEI300 (Private Equity Index 300) ranking of private equity firms by assets deployed, with $4.68bn invested in private equity over the previous five years.
The company is regulated in Bahrain as a wholesale bank, and has traditionally utilised long-term and medium-term bank financing, including private placements and syndicated loans, in order to ensure a longer maturity profile.
The company’s capital adequacy ratio (Basel III) at 2017 December 30 was 29.8%. The company is listed on the Bahrain Bourse (BSE), with a financial year end of 30 June.
Ithmaar Bank B.S.C.
Ithmaar Bank B.S.C. (closed) (“Ithmaar Bank”) is a Bahrain-based Islamic retail bank that is licensed and regulated by the Central Bank of Bahrain and provides retail, commercial, treasury & financial institutions and other banking services.
Ithmaar Bank is a wholly owned subsidiary of Ithmaar Holding B.S.C. which is listed on the Bahrain Bourse, and Dubai Financial Market.
Ithmaar Bank provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of individuals and institutions. Ithmaar also maintains a presence in overseas markets through its subsidiary, Faysal Bank Limited (Pakistan) and locally through Dilmunia Development Fund I L.P.
Khaleeji Commercial Bank BSC (KHCB)
Khaleeji Commercial Bank BSC (KHCB) is an Islamic bank, headquartered in the Kingdom of Bahrain, and operating under a Retail Islamic Banking license granted by the Central Bank of Bahrain (CBB). It is a Public Bahraini Shareholding Company listed on the Bahrain Stock Exchange. KHCB offers a range of banking and Investment products and services to high-net-worth individuals, corporate entities, and financial institutions. These include commercial and corporate banking, wealth management, structured investment products and project financing facilities.
KHCB offers its services to high-net-worth individuals, corporates and financial institutions. In addition, the Bank actively provides financing for property developers, landowners and property investors.
MBA Fakhro is a Bahrain based and Delaware registered financial investment firm, with offices in Silicon Valley, Bangalore, Kerala, Shenzhen, Cape Town, Tel Aviv, Dubai, Shanghai, Riyadh, Cambridge, New York, Cairo, London, and Singapore.
The firm aspires to grow dynamically in the field of finance. Its long term objective is to be amongst the world’s top financial firms in terms of assets under management, revenue, net profits, or economic significance.
While MBA Fakhro is a firm that is headquartered in Bahrain in the traditional sense, most of its work happens in “the cloud”, with core functions spread out around the world. Company personnel communicate with one another across different time zones in real-time, through the firm’s own, secure, proprietary, communication systems.
Its activities fall under the following segments: 1) Greenfield Capital, 2) Venture Capital, 3) Capital Markets, 4) Retail Banking, 5) Real Estate Capital, 6) Private Equity, 7) Investment Banking, 8) Hedge Funds, 9) Merchant Banking 10) Insurance, 11) Financial Transactions, 12) Heritage Capital, 13) Financial Data, 14) Fractional Ownership, 15) Crypto Currency.
Its core economic objective is to achieve extraordinary returns by predicting macroeconomic trends and allocating capital to monetize those predictions.
MTI Consulting is a fast growing international management consultancy, with 6 Operations across Asia & Middle East and 45 Associates across Americas, Africa and Europe Since its inception in 1997, MTI has worked on over 670 client-specific projects in 49 countries across 5 continents, helping clients to Analyze > Strategize > Realize profitable business initiatives We offer advisory services in Strategy, Strategic Planning, Corporate Re-structuring, Process Re-engineering, Performance Management, International Market Entry, Feasibility Studies, Due Diligence, Corporate Finance, M&A, HR, Executive Search / Head Hunting, Marketing Strategy, Branding and Market Research. MTI’s network and client base continue to grow, and its solutions continue to evolve in these challenging times. For businesses seeking to remain current and relevant in times of change and uncertainty, MTI’s planning and structuring tools help define the strategy to proactively stay competitive and focus on the bottom line.
Bahrain Mumtalakat Holding Company (“Mumtalakat”)
Bahrain Mumtalakat Holding Company (“Mumtalakat”) is the sovereign wealth fund of the government of the Kingdom of Bahrain. Since it was established in 2006, Mumtalakat has actively sought investment opportunities locally, regionally and internationally. As of 2018, Mumtalakat held stakes in over 60 enterprises in 14 countries with its US$16.8 billion worth of assets.
Mumtalakat invests in assets unrelated to either oil or gas across different sectors including education, aviation, healthcare, consumer and financial services, industrial manufacturing, real estate, tourism and logistics. From its inception in 2006, Mumtalakat initially pursued investments primarily in Bahrain, with just 3% apportioned abroad; in 2019, that figure rose to 30%, comprising investments in Europe, the United States, the Middle East and North Africa consisting of both minority and majority stakes in its portfolio companies. Mumtalakat Holding Company B.S.C. is based in the Arcapita Building, Bahrain Bay, Bahrain.
Nass Corporation B.S.C.
Nass Corporation B.S.C. is a Bahraini public joint-stock company established and listed on the Bahrain Stock Exchange since the year 2005. The paid-up capital is currently BHD 22 million.
Nass Corporation has worked on many of Bahrain’s major projects, and the company’s corporate headquarters are in the Kingdom of Bahrain, with operations in Saudi Arabia and the United Arab Emirates.
National Bank of Bahrain (NBB)
National Bank of Bahrain (NBB) was established in 1957 as the first indigenous bank in Bahrain. They are a nationwide network of 25 branches, 61 ATMs, and over 4,000 points of sale terminals in addition to their branches in Abu Dhabi and Riyadh. Bahrain Mumtalakat Holding Company (Bahrain) 49%, The Pension Fund Commission (Bahrain) 6.24%.
Shamil Bank was a Bahrain-based Islamic retail bank licensed and regulated by the Central Bank of Bahrain, with commercial and investment banking activities. It has grown steadily to become one of Bahrain’s leading financial institutions.
Shamil Bank provides a diverse range of products and services that cater to the financing and investment needs of individuals and institutions. Conducting its business in compliance with the principles of Sharia’a, it operates a network of local branches and maintains a presence in overseas markets through its subsidiaries, associated and affiliated companies. In 2007, the bank has become a wholly owned subsidiary of Ithmaar Bank BSC, a full-service investment bank, and in 2010, it has been merged into its parent company.
Swiftair Bahrain was a cargo airline based in Manama, Bahrain.
tʼazur Company is a Bahraini closed joint stock company incorporated under the laws of the Kingdom of Bahrain and licensed and regulated by the Central Bank of Bahrain.
The company was founded by Bank Al Khair with an authorised capital of US$500,000,000, of which US$58,000,000 is issued and paid up.
The company provides Family and General Takaful products for individuals and businesses. All products abide by the principles of the Islamic law and are under the supervision of the company’s Sharia Supervisory Board.
The Benefit Company (TBC)
The Benefit Company (TBC) is the local switch in the Kingdom of Bahrain handling ATM and POS transactions among other services. Established in 1997 with a special license from the Central Bank of Bahrain as “Provider of Ancillary Services to the Financial Sector”, it is the only financial network of its kind in the country.
stc Bahrain (previously VIVA Bahrain)
stc Bahrain (previously VIVA Bahrain) is a telecommunications company based in Bahrain. It is owned by the Saudi Telecom Company (stc Group) and started its commercial service in March 2010. It is headquartered in Manama, Bahrain. On the January 23, 2009, the Telecommunications Regulatory Authority of Bahrain (TRA) announced that stc won the third mobile network operating license in a bid worth BD 86.7 Million (US$231 Million). STC established STC Bahrain in 2009 but renamed it to VIVA in January 2010. The company was renamed to stc Bahrain back again in December 2019.
Western Gulf Advisory
Western Gulf Advisory was a supposed asset management company based in Bahrain and Switzerland. It was founded by Ahsan Ali Syed, an Indian businessman.
In 2008 Ahsan Ali Syed, claimed to have $8 billion and then formed Western Gulf Advisory. Another employee of Western Gulf Advisory is Omer Khan (their CFO).
In February 2011, Western Gulf Advisory and Ahsan Ali Syed purchased the Racing de Santander football club in Spain. WGA was initially touted as a suitor for the New Zealand-based Wellington Phoenix football club after its owner Terry Serepisos encountered financial trouble, but negotiations did not proceed after WGA’s assets were frozen by a court order.
In 2014 Switzerland issued an arrest warrant for Ahsan Ali Syed over charges of fraud and money laundering in relation to Western Gulf Advisory