in and for Bahrain
At Mumtalakat, our mandate is simple. We seek to invest in and for Bahrain for many generations to come. We do this by supporting the national economy as a stabilizing fund while also seeking to grow and diversify our portfolio with commercially viable investment opportunities across multiple sectors and geographies. Our portfolio has grown since we were established in 2006 from 29 companies to over 60 companies today.
2018 was another year of success for us reflecting continuous growth in our consolidated assets value. The strength of our results throughout the years is a true testament to the resiliency of our investment mandate and reflects how successful we have been in implementing a disciplined and focused approach in managing our portfolio with a commercial mindset.
SHARE OF PROFITS
In 2018, we continued to invest both locally and internationally. Two new local investments were added to our portfolio. We also added two new real estate investments in the United States to our portfolio, in addition to three further investments in the aviation, infrastructure and telecommunication, media & technology (TMT) sectors through our co-investment programme with the Russian Direct Investment Fund (RDIF).
We also continued with our mandate to invest in the Kingdom of Bahrain and support the national economy.
Marking our first joint venture with Sentinel Real Estate Investment Corporation (Sentinel), we acquired an office campus, fully leased to Lenovo, in Raleigh-Durham, North Carolina, USA.
Our American real estate presence grew with a second acquisition of office buildings in Charlotte, North Carolina Metropolitan Area, which are occupied by The Lash Group, a leading pharmaceutical and healthcare provider.
We invested in the largest airlines group in Russia, Aeroflot, as part of our co-investment programme with RDIF.
We purchased a 90% stake in H Al Dhaen Boats, a private Bahraini company that specialises in the manufacturing and distribution of high-quality pleasure, fishing, military patrol craft, and commercial boats.
In a partnership with RDIF, we entered the infrastructure sector for the first time by acquiring a stake in The Main Road Company, which is focused on the implementation of the construction and operation of the M-1 Bypass Road in Moscow region.
Investing in WayRay, an innovative technology company that develops holographic augmented reality technology hardware for cars, was our first acquisition in the TMT sector outside of the Arabian Gulf region. Our investment was made alongside RDIF and a consortium of sovereign wealth funds.
We established our first investment in agriculture outside of Bahrain, for the development of 420sqkm of land in Sudan, through a wholly owned subsidiary, Khairat Bahrain.
Our portfolio consists of over 60 companies across various sectors in 14 countries, of which 62% is based in the Middle East and North Africa, 30% in Europe and 8% in North America.