Khaled Amr Al-Rumaihi

Bahraini politician and economist. He is currently the CEO of Mumtalakat Holding Company since 2019.

Childhood and education

He received a Bachelor’s degree in Foreign Diplomatic Missions from Georgetown University in Washington, DC, in the United States. Then he obtained a master’s degree in public policy from Harvard University in the United States.

Career

He worked for 9 years at JPMorgan Chase Bank. His work at JPMorgan Chase has diversified into the oil and gas sector, project finance, and syndicated financing operations in London through clients in the Middle East. He held the position of Head of Private Banking in the Arabian Gulf region for JPMorgan Chase Bank.

Then he joined Investcorp Bank and worked for it for more than 10 years. At Investcorp, he held the position of CEO and Head of the Institutional Investment Department, and his responsibilities included Investcorp’s institutional clients in the Arab Gulf region.

He was appointed as a board member of both the Economic Development Board and the National Bank of Bahrain. He also served as a board member in both Gulf Air and the Securities and Investment Company (SICO).

On May 16, 2011, Mumtalakat Holding Company appointed him Chairman of the Board of Directors of Bahrain Airport Company.

On February 23, 2015, a decision was issued appointing him as CEO of the Economic Development Board as of March 1, 2015, in place of the Minister of Transport and Communications Kamal Ahmed
Where he will lead the executive body of the Council, the objectives set by the Board of Directors headed by the Crown Prince, and the implementation of the decisions of the Board of Directors related to the tasks entrusted to the Economic Development Board, which are to attract foreign investments and support and continue initiatives aimed at enhancing the investment and development environment in the Kingdom of Bahrain. He replaced the previous CEO, Mahmoud Hashem Al Kooheji.

On April 26, 2016, Al-Rumaihi stated that the industrial sector represents 14% of investments inside Bahrain, and Bahrain depends on the Saudi market as the largest market for it in the Middle East and that there is economic diversification in all sectors, including oil, which has reached 80% of the GDP.

On March 12, 2018, Al-Rumaihi stated that investments in Bahrain rose from $280 million in 2016 to $730 million in 2017, a growth rate of 160 percent, and that 55 percent of those investments came from the financial technology sector or technology in general, most notably the Amazon Web Services investment in The data center chose Bahrain as the headquarters for the Middle East and Africa, while industry accounted for 20%, compared to 11% for the logistics sector and 10% for tourism. In this context, the entry of companies such as Mondelez, Armada, and Agility emerged. Bahrain’s economic growth in the third quarter of 2017 reached 3.6%, and the economy is witnessing great diversification, as oil revenues constitute 20% while non-oil revenues constitute 80%.

He said that one of the most important factors in attracting investments in Bahrain is the ability of the workforce to provide high levels of efficiency and proximity to Saudi Arabia, which allows easy entry into the largest economy in the Gulf Cooperation Council, in addition to the low operational cost compared to neighboring Gulf cities, between 30-40 percent.

In 2017, he was appointed Chairman of the Board of Directors of Bahrain Real Estate Investment Company (Edamah), the real estate arm of Mumtalakat Holding Company. One of the most prominent projects that he supervised was the Saadeh Muharraq project. On August 4, 2019, the Board of Directors of Mumtalakat Holding Company issued a decision appointing him as CEO of the company, which is the sovereign wealth fund and the investment arm of the strategic non-oil assets of the Kingdom of Bahrain, as of September 1, 2019.

November 2019 appointed by the Crown Prince as Chairman of the Board of Directors of the Bahrain Development Bank. On December 12, 2019, Al-Rumaihi reached his capacity as Chairman of the Board of Directors of the Bahrain Development Bank, with the participation of Zayed Rashid Al-Zayani, Minister of Industry, Commerce and Tourism, Samir Abdullah Nass, Chairman of the Bahrain Chamber of Commerce and Industry, Farouk Al-Moayyed, Chairman of the Board of Directors of the National Bank of Bahrain, Murad Ali Murad, Chairman of the Board of Directors of BBK, and Issam Abdullah Fakhro, Chairman of the Board of Directors of BisB, on establishing a liquidity fund of 100 million Bahraini dinars to support private sector companies to overcome the challenges they face.

In light of the spread of the Coronavirus pandemic in Bahrain as of February 2020 On March 15, 2020, the Chairman of the Board of Directors of the Bahrain Development Bank Al-Rumaihi said: “In light of the current circumstances witnessed by the Kingdom of Bahrain and the world at large, we – out of national and social responsibility – and our being a proactive and pioneering development bank in supporting and developing small and medium enterprises, announce to our valued customers that the bank is ready to postpone loan installments for a period of 4 four months without any fees. Or an increase in profits, as we issued directives to the executive management to immediately start receiving requests for this, in addition to facilitating the conduct of transactions.

On March 30, 2020, Al-Rumaihi submitted his resignation from the National Bank of Bahrain due to a conflict of interest, as he joined as a non-executive member of the Board of Directors of the National Bank of Bahrain in 2014 among the members appointed by Mumtalakat Holding Company, which owns about 44.18% of the shares. National Bank of Bahrain shares.

On March 2, 2021, Al-Rumaihi, in his capacity as CEO of Mumtalakat Holding Company, met with the President of the Israeli National Economic Council, the Economic Adviser to the Israeli Prime Minister Avi Simon, and Deputy Director of the Israeli Prime Minister’s Office for Internal and Development Affairs Lior Farber to discuss investment opportunities and cooperation. The meeting was held after Bahrain signed a peace agreement with Israel known as the Ibrahim Accords. On March 18, 2021, he was appointed as a member of the Economic Development Board again.

On June 3, 2021, he contributed to the conclusion of two agreements of the Russian Fund for Direct Investments.