Manama, September 4 (BNA) Bahrain Holding Company “Mumtalakat” has supported the successful transition of a number of its on-premises portfolio companies to the cloud as part of the company’s push towards digital transformation.
In line with Mumtalakat’s new strategy and active management approach, this move supports the sustainable growth of its portfolio assets, promotes resource optimization, improves efficiency of digital operations, and enhances information security within the portfolio.
Mumtalakat’s IT team provided direct support to several on-premises wallet companies during the cloud migration process.
Among these companies are Mazad Company, Bahrain Institute of Pearls and Gemstones “Danat” and Edamah, the real estate arm of Mumtalakat.
Mumtalakat was among the first entities in Bahrain to adopt cloud computing in May 2018, following the Bahrain government’s cloud first policy, which allowed Mumtalakat to further improve its resources, in addition to providing higher levels of information security and improving digital operational efficiency.
This ongoing effort aims to support local portfolio companies, which are an essential contributor to the local economy by providing more than 12,000 specialized jobs locally and contributing up to 18% of the Kingdom’s GDP.
“The migration of our digital infrastructure to the cloud has enhanced our information security and improved the efficiency of our digital systems and processes by 50%, in addition to achieving resource optimization with an estimated operating cost reduction of 43% within the IT department,” Mumtalakat, Managing Director of Corporate Services and Board Secretary Management Rasha Sabker.
“This is one of the results of our new strategy that follows an active ownership model by supporting the sustainable growth of Mumtalakat portfolio companies to enhance their contribution to the development of the national economy.”
Mumtalakat’s other major local portfolio companies have also prioritized digital transformation, including Alba, National Bank of Bahrain, Batelco and Bahrain Airport Company, in line with Mumtalakat’s active ownership model that supports the sustainable growth of its portfolio companies to enhance their contribution to the national economy. .
Mumtalakat’s portfolio consists of more than 50 companies, with the majority of the shares in local strategic companies that contribute up to 18% of the Kingdom’s GDP and provide more than 12,000 specialized jobs locally.
These include some of Bahrain’s leading companies such as Gulf Air, Alba, Batelco and National Bank of Bahrain.
In addition, the portfolio includes international direct and co-investments with a number of leading international funds.
ZHB