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Bahrain Plans A Spending Spree For 2016

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Bahrain Plans A Spending Spree For 2016

In a quest for diversification, Bahrain’s sovereign wealth fund plans to invest over $400M this year in international deals—up from last year’s $335M.

The fund, known as Mumtalakat, saw a 70% drop in profits last year—much like the world's largest sovereign fund, Bloomberg reports.

“Everybody knows 2015 was a very challenging year, so in that context we had a good performance,” Mumtalakat CEO Mahmood Al Kooheji says. “We achieved profitability for a third year in a row, so we are happy with it. We could have been happier, but it’s a good result given the background.”

The fund is already well into its 2016 spending spree, most recently buying a stake in a $250M US office portfolio in the country’s interior. [Bloomberg]