Bahrain's Mumtalakat Eyes Share in Saudi Aramco IPO

Bahrain's sovereign wealth fund Mumtalakat is aspiring to participate in the initial public offering (IPO) of Saudi Aramco, according to Reuters.

"Everyone globally has his eyes [on Saudi Aramco] and the mind boggles when they talk of the Aramco IPO and the size of the IPO," Mumtalakat CEO Mahmood Alkooheji told the agency.

Alkooheji highlighted that the fund is interested in a minor participation in the IPO.

The CEO added that the Saudi reforms will benefit the entire Gulf region besides providing investment opportunities.

"We are very close to Saudi Arabia and all these reforms coming from Saudi Arabia will have a very positive impact on Bahrain," Alkooheji said.

Mumtalakat was established in 2006 as an independent holding company for government-owned assets. It manages Bahrain's sovereign wealth while helping to diversify away from oil and gas, Reuters reported, noting that its portfolio is valued at more than $7 billion.