The evolution of the digital age has brought with it, an altogether new mindset to the Kingdom of Bahrain. The mindset of the entrepreneur. More and more people are seeking to control their own commercial destiny and one organization in the Kingdom of Bahrain is helping make that happen… Tamkeen.
Tamkeen has been supporting the private sector since 2006 and is a main contributor to economic growth and development. Without Tamkeen, many businesses wouldn’t have been able to start or grow.
What are Tamkeen’s Objectives?
Tamkeen focuses on two core objectives, ‘foster the development and growth of enterprises’ and ‘provide support to enhance the productivity and training of the national workforce.’ The focus during 2018-20 is to focus on ‘diversifying offerings, accelerate delivery and sustaining impact.’
Since its inception, Tamkeen has supported over 330 different initiatives and assisted over 170,000 Bahraini individuals and businesses to date. The contribution to the economy during this period has been immense.
Such is the support of Tamkeen, it has helped spearhead a generation of entrepreneurs whose continued success helps breed and diversify the Kingdom of Bahrain’s offerings.
One particular field benefiting from Tamkeen is the financial sector and FinTech. Bahrain has long been financial leader in the Middle East, positioning itself as financial centre more than 30 years ago following the Lebanese civil war, thanks in part, to its easy access to Saudi Arabia.
Today, the Kingdom of Bahrain services clients all over the world. The creation of the FinTech Hub, located in Bahrain Bay, is helping to boloster its status as the Middle East’s centre of excellence in the financial industry.
In an interview with GDN, the consortium’s Chairman Missan Al Maskati said “Through this initiative, we will continue to work closely with the Central Bank of Bahrain (CBB), Economic Development Board and other governmental bodies to develop the regulatory framework required to foster a thriving fintech sector. “We believe this holistic approach and proposition will attract a full spectrum of participants and stakeholders together.”