En­abling the pri­vate sec­tor to be­come the en­gine of growth

Newsweek - - Bahrain -

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

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