Mumtalakat Signs MoU with Leading Japanese Companies

Manama, Kingdom of Bahrain, 24 March 2013: Bahrain Mumtalakat Holding Company B.S.C. (c) ("Mumtalakat"), the investment arm of the Kingdom of Bahrain, signed a Memorandum of Understanding ("MoU") with three entities in Japan in an effort to promote and revitalise Bahrain's Pearl Industry. The MoU was signed as part of the Kingdom's visit to Japan, which was led by His Royal Highness Prince Salman Bin Hamad Al-Khalifa, the Crown Prince of Bahrain, the First Deputy Prime Minister, and Chairman of the Economic Development Board.

Signatories of the MoU include, among others: Kinoshita Pearl Co., Ltd. ("Kinoshita Pearl"), a leading specialist company in natural and cultured pearls; First Stem Cell Japan Co., Ltd. ("First Stem Cell"), a biotechnology research company; and Japan International Cooperation Center ("JICE"). Kinoshita Pearl and First Stem Cell will be able to provide advanced new technologies and methods to determine the existence, quality and maturity of pearls.

Commenting on the signing, Mr. Mahmood Hashim Al Kooheji, Chief Executive Officer of Mumtalakat, said:

"We are actively looking to develop new projects in existing and new sectors in Bahrain. For many years the pearl industry was an important main-stay of our economy and we believe that there is potential to revitalise this industry. Today we can see the rich legacy of this industry in Muharraq City where UNESCO has classified three offshore oyster beds as world heritage sites. Japan and Bahrain share this legacy with the Japanese pearl industry being one of the most advanced globally. In an effort to support the regeneration of this historic industry, we must embrace new methods and technologies. As the partner of choice for international companies and investors, we look forward to cooperating with Kinoshita Pearl, First Stem Cell and JICE to further develop the pearl industry in Bahrain.". 

As part of the MoU, Mumtalakat and its partners will propose to jointly work to research how to revitalise the natural pearl industry in Bahrain, increasing production and raising the profile of Bahrain's natural pearl industry globally.

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About Mumtalakat
Mumtalakat is the investment company for the Kingdom of Bahrain, and was established in June 2006 by Royal Decree as an independent holding company for the government of Bahrain's strategic non-oil and gas related assets. Mumtalakat was created to align and implement the execution of the government's initiatives to pursue value-enhancing opportunities, improve transparency and help achieve operational excellence for its state-owned assets. Mumtalakat holds stakes in over 35 commercial enterprises spanning a variety of sectors, including aluminium production, financial services, telecommunications, real estate, tourism, transportation, and food production.

For further information please contact:
Bahrain Mumtalakat Holding Company B.S.C. (c):
Nada Abdulghani
Corporate Communications
Direct: +973 1756 1178
Email: Nada.Abdulghani@bmhc.bh

© Press Release 2013