Through our subsidiary, Radio Bahrain Company, we were granted the operating and broadcasting rights of Radio Bahrain English Station for 10 years. We aim to transform Radio Bahrain into a leading competitive media channel that will contribute towards the social and economic development of the Kingdom.
We released our audited financial results for 2018, a year that saw us increase our consolidated total assets to USD 16.8 billion, despite challenging global economic conditions. We made our second investment in Spain by acquiring a significant minority equity stake in Premo Group, a leading manufacturer of customised passive electromagnetic components for applications in the automotive, telecommunications and electronics industries, amongst others. With a global upsurge in electric vehicle production and sales, this investment provides significant long-term backing for Premo’s ambitious global expansion.
In July, Mumtalakat invested in Bahrain-based Elm Education platform (Elm), which was established for developing the education sector in Bahrain and the Middle East and North Africa region. Elm operates the American University of Bahrain, the Kingdom’s first purpose-built, American-style university, catering to 4,000 students with dedicated Colleges of Engineering, Architecture & Design, and Business & Management. Elm has also entered a joint venture with a prominent operator of American curriculum K12 schools, to co-own and operate a school in Bahrain.
Khalid Al Rumaihi was appointed as our new Chief Executive Officer. As a Member of the Board of Directors and Head of the Board Investment Committee since 2015, Mr. Al Rumaihi has contributed to steering Mumtalakat’s investment strategy through the past five years. Prior to joining Mumtalakat, he has served as Chief Executive of the Bahrain Economic Development Board (EDB), responsible for attracting investment to the Kingdom. He currently serves as Chairman of Bahrain Real Estate Investment (Edamah) and Bahrain Development Bank. He is also a Board Member of Arcapita, Bahrain Tourism & Exhibitions Authority, and the National Oil & Gas Authority. He remains a Board member of the EDB.
After a successful five-year collaboration, we exited our investment in GEMs Education, a UAE-born brand founded sixty years ago which has educated over 120,000 students across 48 schools in the Middle East. Mumtalakat, Fajr Capital, and Blackstone invested in GEMS Education in 2014 and subsequently partnered with the Varkey Group to build the company into a world-class institution and support its long-term growth. Since then, GEMS Education has delivered strong financial and academic results, invested over USD 1 billion to build sixteen new schools and upgrade existing infrastructure, and grown in its existing market, namely the UAE, as well as entering into new markets such as the Kingdom of Saudi Arabia.
Mumtalakat’s General Counsel Aysha Abdulmalek was selected for The Legal 500 GC Powerlist: Middle East 2019 in recognition of her legal expertise and innovative approach in driving the legal business forward. The Legal 500 has been analysing the capabilities of law firms across the world for over three decades, and also rewards the best in-house lawyers through the GC Powerlist series and Legal 500 award. As General Counsel for the Kingdom’s sovereign wealth fund, Abdulmalek plays an important role in supporting the execution of the fund’s investment strategy.
His Majesty King Hamad bin Isa Al Khalifa inaugurated the milestone Aluminium Bahrain (Alba) Line 6 expansion project. One of the largest brownfield projects in the region, it makes Alba the largest smelter in the world with a total production capacity exceeding one million metric tonnes per year. The expansion will encourage investment opportunities through downstream aluminium investments and create employment opportunities across the aluminium value chain in Bahrain.
Twenty-seven outstanding employees from companies under the Bahrain Mumtalakat Holding Company umbrella were honoured at an awards ceremony held as part of the annual ‘Many Stories, One Bahrain’ campaign. The team members were recognised for their important contributions to nation building and to our overall success.