Bahrain Mumtalakat Holding Co., Manama, boosted its assets 8.6% to 6.3 billion Bahraini dinar ($16.8 billion) in the 12 months ended Dec. 31.
The sovereign wealth fund of the Kingdom of Bahrain invested 63.6% of its assets in the Middle East and North Africa, reducing its allocation from 66.1% a year earlier.
As of Dec. 31, 28.9% of its assets was invested in Europe, up from 27.4% a year earlier, and 7.6% was invested in the U.S., up from 6.5% a year earlier.
"Despite global economic conditions, Mumtalakat continues to perform consistently year on year," Shaikh Khalid bin Abdulla Al Khalifa, deputy prime minister and chairman of Mumtalakat, said Monday in a news release. The outcome, he said, "reflects the strength and resilience of our investment approach."
Mumtalakat CEO Mahmood H. Alkooheji added in the release: "In 2018 alone, we committed $181 million to local and international investments encompassing two new local acquisitions and seven international investments across different geographies and sectors including real estate, technology and agriculture."
In 2018, Mumtalakat committed $100 million to Al Waha fund of funds, which aims to provide funding access to Bahrain's startup industry by investing in technology, fintech and smart cities.
The fund's revenue increased 38% reaching $5.5 billion compared to a year earlier.