Enabling the private sector to become the engine of growth
Bahrain’s economic strategy is focused on diversification, especially into new emerging sectors, either by supporting Bahraini enterprises or attracting leading international businesses to the kingdom.
Launched by King Hamad bin Isa Al Khalifa, Bahrain’s Economic Vision 2030, which is guided by sustainability, competitiveness and innovation, lays the foundations for these new economic opportunities. Underlying the vision, Tamkeen (the Bahrain Labour Fund) was formed to help develop and strengthen the private sector, and pave the way for Bahrain’s diversification into a technology-driven, knowledge-based and globally competitive economy.
“One of Tamkeen’s key mandates is to ensure the proactive nurturing of a sustainable ecosystem supported by dynamic enterprises and quality talents,” says CEO Dr. Ebrahim Mohammed Janahi; “Since its establishment in 2006, Tamkeen has injected close to $3 billion for the training of more than 125,000 individuals (38 percent of Bahrainis in the private sector workforce), as well as over 45,000 businesses, representing 53 percent of active businesses on the island.”
And while Bahrain may be the smallest Gulf country, it has significant entrepreneurial potential due to its business-friendly ecosystem of startups, investors, accelerators, incubators, business networks, and advisory and mentorship platforms that are all geared towards a dynamic technology and innovation-based economy. Today, therefore, Bahrain is an attractive hub for international and local startups, and for emerging new sectors, such as fintech, cloud computing and regional gaming.
Tamkeen has changed the dynamics of the private sector by empowering businesses and individuals to grow and develop through, for example, grants, subsidized financing and advisory services such as mentoring and coaching. These resources have enabled recipients to rise to the challenges of improving productivity, embracing innovation, participating in international markets, and building long-term commercial resilience and sustainability.
Tamkeen has recently become an even more active participant in the strategy to create a competitive and resilient economy through a new support pillar of investment-related activities for Bahrain’s private sector. “At Tamkeen,” Janahi concludes, “our mission is to provide the solutions that allow the private sector to truly be the driver and engine of economic growth.”
Bahrain is an attractive hub for international and local startups, and for emerging new sectors
CEO, Tamkeen Dr. Ebrahim Mohammed Janahi