Bahrain Mumtalakat Holding Company (Mumtalakat, Arabic for assets) was created in June 2006 modelled after Temasek, as an independent holding company who also executes the government’s industrial policies. Upon establishment, 29 commercial assets were transferred to Mumtalakat from the Ministry of Finance. The Fund pursues private investments and diversification away from oil and gas on behalf of the Kingdom, holding stakes in over 60 local and international commercial enterprises in 13 different countries.