This April, thousands of entrepreneurs, investors and policymakers will converge on the Bahraini capital of Manama for the Global Entrepreneurship Congress (GEC), the annual gathering of the international start-up community. The GEC brings together some of the brightest minds of the business world in one place for a few days each year. Economic historians are likely to look back at this year’s event as a highly significant moment in Bahrain’s transition from an oil-driven state to a fully diversified economy with a strong entrepreneurial and investment ecosystem.

The GEC event will also be a moment of considerable triumph for Bahrain. Organized by Tamkeen, a public authority established in August 2006, the gathering is in line with Bahrain’s Economic Vision 2030, which aims to diversify the Kingdom’s economy away from its dependence on hydrocarbons. Tamkeen’s part in realizing this goal centers on two main aspects: contributing to the growth of private sector enterprises while ensuring that Bahrain’s workforce has the skills and expertise to support the growth of the market.

The great majority of the local businessmen and women who attend the GEC this April will almost certainly already be veterans of one of the estimated 339 programs funded and organized by Tamkeen since it was established. Since Tamkeen´s establishment, more than 183,000 individuals and 51,000 indigenous businesses have benefited from one of these programs.
Bahrain provides 100% ownership in most sectors, a cohesive regulatory environment, and a robust legal framework. This means any regional or international investor can base its operations in the Kingdom and serve the GCC (Gulf Cooperation Council) countries with around 30% lower administrative and operating costs.

“Our role is to empower Bahraini citizens by providing them with the training and skills they need to make them the employee of choice in different sectors of the private sector,” says Tamkeen chief executive Dr. Ebrahim Janahi. “We also aim to be a key driver in empowering and stimulating that private sector as a whole.”

Over the past three years, Tamkeen has helped more than a quarter of Bahrainis employed in the private sector through programs aimed at training and bolstering wages. In 2018 alone, the program’s wage support category witnessed a 207% increase compared to the previous year. If Dr. Ebrahim has his way, this will be just the beginning. GEC delegates from overseas will surely be impressed not just by the can-do attitude of many of the local delegates, but also by their understanding of what makes markets grow and how to implement innovative solutions. “Bahrain is keen on contributing to the steady growth of the private sector through regular improvements and updates to its financial and economic regulations, in order to meet the local and global markets’ changing needs,” says Dr. Ebrahim. “Launching numerous development initiatives to improve competitiveness of businesses inherently attracts foreign investments, while supporting Bahraini enterprises, including startups and SMEs to pursue their expansion as local commercial drivers.”

The GEC event also coincides with the start of a new chapter in Tamkeen’s history. While the twin tasks of supporting a private sector and instilling an entrepreneurial culture into a new generation of the Bahraini workforce are ongoing, Tamkeen is now turning its attention to a third opportunity – fostering businesses that offer diversified solutions that will remain relevant in tomorrow’s economy.

Tamkeen has been the catalyzer for many new private sector businesses, aiding in their progression from start-ups to established enterprises and, finally, to mature businesses. As part of its current three-year plan, Tamkeen aims to realign its support programs and initiatives to maximize their impact and values gained. The focus will be on equipping entrepreneurs with skills and opportunities that enable them to swiftly respond to economic changes.

This new approach, it believes, will also help ensure that each segment of Bahrain’s potential or current workforce has access to appropriate advice and support.

And, thanks partly to its hosting of events like the GEC, the Economic Development Board (EDB) also plans to play a key role in direct investment to help achieve its strategic objectives and to expand and intensify support for Bahrain’s private sector. To ensure that businesses operating in Bahrain are sustainably productive, innovative, competitive and profitable, Tamkeen will also be supporting companies and ventures that enhance the ecosystem for business in Bahrain.

For more information:
www.tamkeen.bh