Tamkeen is committed to empowering Bahrain’s workforce and enabling the private sector to become the main driver of the country’s economic growth. (Photo: EDB Bahrain)
In January 2022, Bahrain’s labour fund Tamkeen announced a new strategic direction to drive economic diversification and dynamism. Interim CEO Maha Mofees explains how new programs and partnerships will create more attractive job opportunities for Bahrainis and empower local and international businesses in Bahrain to realize their full growth potential.
Since its establishment over 15 years ago, Labour Fund Tamkeen has been empowering Bahrainis to drive the country’s economic growth by helping local talent become employees of choice at home and abroad, and enabling businesses to drive the Kingdom’s economic growth.
Now, in line with the country’s National Economic Recovery Plan aimed at boosting the economy, Tamkeen has launched a series of new programs focused on technology and digital transformation targeting all sectors, while also incentivizing high-potential areas within the economy. The support programs aim to stimulate the creation of quality job opportunities and promote economic diversification and vitality.
We spoke to Maha Mofees, Acting CEO of Tamkeen, about how the agency’s new incentive-based approach will help boost the economy and how its partnership with Citigroup showcases the talent and opportunities available to leading global companies in Bahrain.
In January 2022, Tamkeen announced the launch of 15 new programs. Why did you decide to change your strategic direction?
Given the new economic context, the company has adjusted its strategy to achieve its goal of generating market impact and launched a series of new programs that complement its strategic direction, furthering the achievement of Tamkeen’s two key objectives: making Bahrainis a preferred employee base and enabling the private sector to become the main driver of economic growth in the Kingdom.
With these objectives in mind and taking into account the rapidly changing economic landscape, we have designed a new program to help our clients realize their full growth potential, create a multiplier effect across the economy and lead to further diversification of the non-oil sector.
How does this new trajectory fit with Bahrain’s recently announced National Economic Recovery Plan?
Our strategy is aligned with the government’s economic recovery plan and supports national economic growth efforts. We are targeting high-potential sectors that can transform markets, demonstrate export potential, provide quality employment opportunities and drive economic diversification and dynamism. We want to encourage Bahraini businesses and talent to think globally and grow beyond borders, and so we have developed specific programs to help them reach new markets and gain global experience.
Overall, the new programme is more objective-driven and impact-focused and was developed based on a series of consultation sessions we held with the private sector across industries to reflect market demands. We also ensured to customise the programme to focus on technology and digital transformation, given the critical role they play in the growth and expansion of businesses.
As a key member of the Team Bahrain ecosystem, we are committed to driving growth and creating impact. We are seeking enthusiastic businesses and individuals to partner and support us to enable growth and development and contribute to revitalizing the economy. To that end, we have developed an incentive-based approach to enhance our support for our partners as they achieve key performance indicators.
Tamkeen recently partnered with global bank Citi to launch a new technology hub in Bahrain, can you tell us more about this partnership and how it fits into your new strategy?
We are committed to creating quality jobs for Bahrainis and enabling the private sector to hire the best talent in the country. To this end, we are working with the Bahrain Economic Development Board and have entered into a long-term strategic partnership with Citibank to help establish a global technology hub in the Kingdom.
The hub will be one of the most advanced in the region and is expected to create 1,000 coding jobs in Bahrain over the next decade, some of which have already been filled by talented Bahrainis under Tamkeen’s support programme.
“We are proud that Tamkeen has supported over 100,000 Bahrainis over the years. Partnerships like this drive us to further impact Bahrain’s talent. Additionally, supporting leading international companies to set up and expand their operations in Bahrain stimulates capital mobility and brings innovative technologies to Bahrain, contributing to economic development.”
We hope that this will be one of many similar initiatives to come. To what extent do you hope that this project will set an example to other global players about the opportunities available in Bahrain?
The readiness and competitiveness of Bahrain’s national workforce was a major attraction for Citi to establish its tech hub in the country, which, combined with transparent regulations and government support, made Bahrain an ideal location to serve clients across the region.
The Technology Hub, which opened in September 2021, will begin recruiting Bahraini tech talent, furthering Citi’s commitment to tap into a pool of skilled talent to create technology that benefits clients around the world and meets their growing demand for innovative electronic solutions.
We are actively supporting leading international companies looking to expand in the region. Bahrain is ideally located to access the USD 1.67 trillion GCC market and our specially tailored FDI support program allows us to help these companies set up operations in the country.
The program encourages foreign companies to access grants and financing solutions that enable them to set up their operations in Bahrain. We work within Team Bahrain in collaboration with various key government stakeholders to establish strategic partnerships that provide comprehensive solutions and support to companies looking to expand into Bahrain, enabling them to successfully set up their operations in Bahrain and achieve their business goals.
This success also informs our goals by injecting capital into the local economy, creating quality jobs for the people of Bahrain and providing opportunities for innovation.
What are Tamkeen’s future plans?
The launch of the new program is the first phase of our plans, and we will continue to monitor the market and incorporate feedback from our private sector partners to ensure we deliver the most impactful services.
A key priority for us going forward is a global mindset, which is manifested in many ways, such as working closely with our companies to help them expand into other markets, and in response we have developed programs to increase their expansion and export potential.
Additionally, we are committed to attracting leading global companies to expand and establish their base in Bahrain, which will boost economic growth and create quality jobs for Bahrainis. We will also work to import knowledge and expertise from international markets, enhancing the competitiveness of Bahrainis and bringing new skills to the local market.
