McLaren Records Losses up to BD52 Million Contrary to Mumtalakat Expectations
McLaren, luxury automotive manufacturer, recorded semi-annual losses of around £120 million (BD52 million), contrary to the company's announced outlook.
Will Bahrainis Pay McLaren's Bills before its IPO Again?
Bahrain holds the largest stake in a British luxury sports car manufacturer. However, this company is facing significant financial difficulties as well as challenges in the automotive industry in general.
Fitch: Mumtalakat Debts Reach BHD643 Million
Fitch Ratings has affirmed Bahrain Mumtalakat Holding Company's (Mumtalakat) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'B+'. The Outlook is Stable.
Bahrain Sovereign Fund (Mumtalakat) Loss Exceeds Half Billion in 2020
Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, announced its consolidated financial results for the year ended 31st December 2020. The results reflect financial and operational performance across the Mumtalakat group ("Group").
MP Criticizes Putting Investment of Sovereign Fund in Hands of Foreign Employees
First Deputy Speaker of the House of Representatives, Abdulnabi Salman, criticized the fact that the majority of Bahrain Mumtalakat Holding Company employees are from one friendly country, Britain.
Mumtalakat is the Ninth Largest Arab Sovereign Fund
Bahrain's "Mumtalakat" has been ranked as the ninth-largest Arab sovereign fund with a value of $19 billion by Bloomberg Al-Sharq.
McLaren Considers Sale of Global Headquarters to Raise Cash
Luxury sports-car maker McLaren Automotive is considering a sale of its global headquarters as part of a refinancing strategy the company announced earlier this year.
Despite National Bank of Bahrain Loan, McLaren Needs More Money
McLaren Group says falling sales of its vehicles means that it will need to raise further funds, despite securing a life-saving 150 million pound ($190 million) loan in June.
McLaren Reportedly Looking To Sell Part of Its Formula 1 Team
McLaren is looking to sell a share of its Formula 1 team after months of hardship triggered by the coronavirus pandemic and the delayed start of the F1 season, the sports Car Scoops websites reported.
Motor Racing: McLaren's Formula One Future was Never a Doubt, Says Seidl
McLaren's Formula One future was never in doubt despite a cash crisis brought on by the COVID-19 pandemic and now resolved by a fresh injection of funds, team principal Andreas Seidl said on Tuesday.
National Bank of Bahrain Grants McLaren £150 Loan
The National Bank of Bahrain has granted a £150million loan to McLaren to help it cope with the aftermath of the Coronavirus pandemic.
Decision to Lend McLaren Taken outside NBB: Source
Who issued the decision to lend the McLaren Company a £280 million loan (BD 131 million)? Why did this happen without guarantees? What are the consequences of this decision?
NBB Admits Negotiations are at Advanced Level to Grant McLaren Loan
The National Bank of Bahrain stated that in the light of the recent reports, the bank is currently holding discussions with McLaren about credit facilities. These discussions are at an advanced stage and no agreement has been reached so far. However, these discussions may or may not lead to the extension of credit facilities.
Fitch Ratings: Gov't Aids to Gulf Air Reached BHD555 Million since 2012
Fitch Ratings said that that the Bahraini government transferred financial aids to the Gulf Air amounting to BHD20 million in 2019 (about 45% of GA's operating losses in 2019), following BHD30 million received in 2017 and BHD30 million received in 2018 to support GA's repayment of liabilities, working capital and capex.
McLaren Poised to Secure Loan from National Bank of Bahrain
McLaren is poised to secure a loan from the National Bank of Bahrain to solve its cash-flow problems, news websites have learned.
McLaren Considering Sale of a Minority Stake in F1 Team
McLaren are considering selling a minority stake in their once-dominant Formula One team to raise funds to help the company weather the COVID-19 crisis, Sky News reported on Wednesday.
Mumtalakat External Investments Unannounced Losses due to Pandemic
Bahrain's Mumtalakat has 34% investments abroad, some of which are in sectors that have been extensively affected by the Coronavirus pandemic, however, the company did not disclose the extent of the damage in its investments.
Bahrain's Sovereign Wealth Fund Mumtalakat Hires Banks for Dollar Sukuk
Bahrain’s sovereign wealth fund Mumtalakat has hired banks to arrange fixed income investor meetings ahead of a potential issue of U.S. dollar-denominated sukuk, or Islamic bonds, a document by one of the banks leading the deal showed.
Mumtalakat Exceeds Highest Salary Averages, Doesn't Announce Job Vacancies
The report of National Audit Office monitored employees in Mumtalakat Company receiving salaries that exceed highest salary averages. Among the cases the report showed is the vice president who receives about 7,850, while the maximum salary according to the salary schedule is 6,500 dinars.
Crown Prince Restructures Economic Development Board
The Crown Prince issued edict restructuring the Economic Development (EDB) board of directors.