Tamkeen last week released an elaborate statement highlighting its track record of helping the Bahraini private sector and startup ecosystem reach the globally reputed position that they find themselves today.
The labor fund, established in 2006, also brushed upon the various initiatives it is taking to help the Kingdom successfully pull off its Economic Vision 2030 doctrine that aims to make Bahrain a knowledge and innovation-driven economic powerhouse.
Tamkeen stated that since its inception, it has allocated a whopping $830 million to help private sector enterprises through various financing programs and grants. This includes covering the cost of machinery and materials on behalf of private enterprises. For example, under its Business Development Program, Tamkeen has been assisting businesses by covering 50% of their operational material and services costs.
Apart from that, “to date, Tamkeen has provided support to more than 200,000 individuals and more than 53,000 institutions,” the labor fund noted.
Since 2014, this program has helped 47% of startups, 11% of large enterprises, and 42% of SMEs nationwide.
Meanwhile, under the Training and Wage Support program, Tamkeen has supported the wage increment of more than 26,000 employees since 2007. The labor fund has committed more than BHD 36 million for the cause.
Tamkeen also launched an Individual Support program in 2011, which has so far provided training opportunities to about 49,000 professionals representing various fields. Overall, this program has provided more than 24,000 professional certificates with international accreditation.
As for promoting a sustainable economic development roadmap for Bahrain, and also the broader region, Tamkeen has been conducting a diverse range of market studies, as well as training workshops and programs in collaboration with its strategic partners across sectors.
Additionally, the labor fund has also played a key role in hosting the Global Entrepreneurship Conference (GEC) in Bahrain, which was the first-ever time for the Middle East.
And finally, who can forget Tamkeen’s immense contribution to the Kingdom’s private sector and the overall health of the country’s economy during COVID-19. Since the pandemic started, Tamkeen has supported more than 15,600 small and micro enterprises, with atotal budget exceeding BHD 54 million.
“During the two phases, the financial grants were provided these sectors, supporting 1,925 beauty salons with an amount exceeding BHD 10.44 million, 498 restaurants and cafes with an amount exceeding BHD 1.9 million, in addition to 211 gyms with an amount exceeding 1.2 million, and 139 training institutes with an amount exceeding BHD 1.16 million,” said Tamkeen in a press release.