Bahrain’s Mumtalakat had a good year in 2025

Another record year for Mumtalakat: Bahrain’s sovereign wealth fund Mumtalakat delivered in 2025 its strongest earnings ever, joining a growing list of regional SWFs that did well last year, including the Oman Investment Authority. Mumtalakat almost doubled its bottom line y-o-y to BHD 593 mn (USD 1.57 bn) from BHD 317 mn (USD 840 mn).

The jump came on the heels of returns on its investment in Formula 1 racing team McLaren Racing, as well as a good year in Aluminium Bahrain (Alba), which saw the industrial player achieve its highest output on record — about 1.6 mn tons in a year that saw higher-than-usual aluminum prices.

The caveat: Both of the primary drivers behind the record performance are one-off tailwinds.

AND- Even as Mumtalakat delivers a record performance, the country’s backdrop remainsbleak. Bahrain’s public finances remain in dire straits, with government debt approaching 150% of GDP and debt servicing eating roughly a third of state revenue.

War tailwinds?

Egypt’s Misr Fertilizers (Mopco) net income rose 88% y-o-y to EGP 5.3 bn (USD 101.4 mn) in 1Q 2026, according to the fertilizer giant’s latest earnings release (pdf). Mopco’s top line rose by 29% y-o-y to EGP 8.2 bn.

The drivers: The company cites stable natural gas supplies and an increase in production volumes as a primary driver of its earnings, while skyrocketing fertilizer prices on the back of disruptions at Hormuz have also been a boon for fertilizer players. GCC producers, for example, account for up to 46% of global urea production. About 94% of Mopco’s exports are urea fertilizers.