MANAMA (AFP) – The Bahraini government’s investment arm, Mumtalakat Holding, on Saturday announced a net loss of 183 million dinars (485.35 million dollars) in 2009, more than double that of the previous year.

“The value of net losses … reached 183 million Bahraini dinars” in the fiscal year ending on 31 December, 2009 “compared to net losses worth 69 million Bahraini dinars” (183 million dollars) in 2008, it said.

The company, started in 2006 with assets estimated at around two billion dinars (5.3 billion dollars), said its revenues had fallen 28 percent in 2009.

“Our financial results were greatly affected by the global financial crisis … Nevertheless, we were capable of achieving much progress,” said the company’s chief executive, Talal al-Zain.

“We regard the fiscal year 2009 as one in which we … focused on our asset investment companies and pushed forward Mumtalakat’s capabilities to play its role as a financial institute.”

Mumtalakat bundles the kingdom’s non-oil state-owned companies. It holds stakes in over 35 commercial enterprises, representing a portfolio value of some 3.4 billion dinars (9.1 billion dollars).