Bahraini state investment fund Mumtalakat says losses more than doubled amid global downturn

Losses mount at Bahrain’s state investment fund

DUBAI, United Arab Emirates — Bahrain’s government investment company says losses more than doubled last year as the economic slump hurt key businesses.

The Mumtalakat fund says losses increased to 183 million dinars ($485.4 million) from 69 million ($183 million) a year earlier.

Mumtalakat is a holding company mostly focused on state-run businesses in the tiny Gulf island nation. It says it spent the last year restructuring some of its holdings.

Mumtalakat says the global downturn particularly hurt business at its money-losing airline Gulf Air and at Alba, an aluminum smelting company. Its statement, dated Saturday, didn’t provide specific financial details for those units.