Bahrain Mumtalakat Holding Company

12.03.2024 - 18:00:05

Mumtalakat Launches New Digital Solutions Provider “ARRAY”

Bahrain Mumtalakat Holding Company / Key word(s): Agreement

12.03.2024 / 18:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

Creating 1000 jobs and boosting Bahraini expertise to match the dynamic needs of the digital economy Manama, Kingdom of Bahrain 12, March 2024: Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of the Kingdom of Bahrain, signed an agreement to launch ARRAY Innovation (ARRAY), a new digital solutions provider with the support of the Bahrain Economic Development Board (Bahrain EDB). Mumtalakat Attending the signing were His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat of Mumtalakat, and Alaa Saeed, Co-Founder of ARRAY, a former Citi Managing Director and Crown Prince’s International Scholarship Program Alumni. Bridging the gap between global digital innovation opportunities and local Bahraini talent, ARRAY will harness cutting-edge technologies integrating generative AI and Cloud capabilities to deliver premium digital solutions including consultancy services, professional and managed IT services, and turnkey resourcing solutions to a diverse range of businesses in the Kingdom of Bahrain, the region and globally. ARRAY is committed to spearheading digital innovation, generating social impact, and enhancing Bahrain’s position as a regional technology leader by providing specialised digital expertise to businesses and communities, fostering the development of local talent, and shaping a future where progress paves the way for positive change. Commenting on the announcement, H.E. Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, said: “In line with our ongoing efforts to optimise and diversify our portfolio and create an impact, we are pleased to launch ARRAY which will enhance Bahrain’s position as a global technology service provider in line with the Kingdom’s Vision 2030 that aims to diversify the national economy and create high skilled job opportunities for Bahrainis.” “ARRAY will provide at least 1,000 highly skilled jobs for Bahrainis, addressing the needs and serving a clientele of financial institutions, multinational corporations, and governments,” H.E. Shaikh Abdulla added. Her Excellency Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board, said: “The financial services and technology industry is advancing rapidly and therefore it is vital to continue to future-proof Bahrain’s young, bi-lingual, tech-savvy talent pool with in-demand niche skills and international training opportunities to maintain Bahrain’s position as a leading destination for investment on a global playing field.” “ARRAY choosing Bahrain to build a distinguished, global client base speaks volumes to the unique value proposition of our island nation, where companies benefit from competitive operating costs, progressive government frameworks, and the agility of Team Bahrain,” H.E. the Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board added. Alaa Saeed, Co-Founder of ARRAY, stated, "Our decision to establish our global headquarters in Bahrain was driven by the region's exceptional talent pool, supported by a strong partnership with Bahrain Mumtalakat Holding Company and Bahrain Economic Development Board. We are confident in our ability to swiftly expand and deliver high-quality IT consultancy and services from our tech hub in Bahrain to meet global demand, contributing to the evolution of a thriving national ICT sector.” "At ARRAY, we strive to foster a dynamic work culture and environment, and we invite top software engineers to join us in leveraging cutting-edge AI and cloud computing for transformative outcomes. We are committed to collaborating with clients to achieve their long-term objectives through smart resourcing and the knowledge of our seasoned technology specialists," Mr Saeed added. The launch of ARRAY is a testament of Mumtalakat’s commitment to investing in Bahrain for Bahrain, as it will facilitate the development of highly competent employment prospects in the Kingdom by training and enabling local talent to actively engage in the digital innovation sector. - Ends - About Mumtalakat: Mumtalakat is the sovereign wealth fund of the Kingdom of Bahrain. With a mandate to grow the wealth of Bahrain through long-term investments based on sound financial, strategic and governance principles, Mumtalakat holds stakes in over 50 commercial enterprises with a portfolio spanning a variety of sectors, including industrial manufacturing, financial services, telecommunications, real estate, logistics, consumer products, healthcare and education. Further details on Mumtalakat can be found at www.mumtalakat.bh For more information, please contact: Jenan Almaskati Director - Communications & External Affairs Bahrain Mumtalakat Holding Company e-mail: communications@mumtalakat.bh Phone: +973 17 561111

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