BAHRAIN. A new business Scheme specifically designed to back up large national enterprises has been announced recently by Tamkeen.
The “Large Enterprises Support Scheme” will be added to the multitude of business Schemes offered under Tamkeen’s flagship Enterprise Development Support Programme that seeks to improve the efficiency and growth of Bahrain-based large enterprises.
The co- financing initiative will provide technical support to large Bahraini business enterprises through help them acquire the latest industrial machinery and technology to accelerate growth, expand and diversify operations and achieve further sustainability . Under this scheme, Tamkeen’s contribution will be 50%, up to a maximum of BD 150,000, of the cost of the machinery and all related costs.
Eligible enterprises must have an active Commercial Registration Certificate, should also earn annual revenue equal to or more than BD 5 million and must be able to provide audited financial statements.
Furthermore, the enterprise should commit tohire minimum two Bahrainis or increase the wage of at least 2 existing Bahraini employees. Applications will be evaluated and approved by Tamkeen’s Enterprise Development Support Agency on a first – come first served basis.
Tamkeen’s Private Sector Support Senior Manager Mohammed Bucheery said “The Large Enterprises Scheme” is a new Tamkeen strategic initiative designed to support business Enterprises across all sectors touplift large enterprises’ capabilities and performance as well as create sustainable and well paid employment for Bahrainins”.
Mr. Bucheery affirmed Tamkeen’s commitment to continuously introduce further market initiatives to accelerate economic growth in line with Bahrain’s vision of 2030. He further pointed out that around3000 Bahraini businesses have benefited from the Enterprise Development support Programme to date and over 1000 enterprises received support by Tamkeen to take part in leading national and international trade exhibitions.
Tamkeen had announced earlier this year that it has allocated a total of BD104 million dedicated to human capital development and enterprise support of the private sector. Around BD. 51 million have been allocated to the various enterprise support programmes for the year 2012.
The enterprise support programmes include Tamkeen's Enterprise Growth Management Programme which includes: the Business Development Scheme (Istishara) to assist in the strategic planning and determining vision and goals of the organisation, the Technical Assistance Scheme (Tachania) to provide support for the purchase of latest enterprise-related tools and equipment, the Quality Management Systems Scheme (Jawda) to assist in the design and application of world-class quality standards, the Growth Assistance Scheme (Tarweej) to support enterprises' participation in local and international events and exhibitions, and the Marketing Assistance Scheme (Tasweeq) to provide support in the design and implementation of effective marketing and communications strategies, the Large Enterprises support Scheme allows Large Enterprises to acquire industrial machinery and technology.
Business owners interested in benefiting from the Large Enterprises Scheme (LES) can visit Tamkeen’s Enterprise Development Support Agency at Meral Building located in Seef area, or email firstname.lastname@example.org.
Tamkeen was established in August 2006 as part of Bahrain’s national reform initiatives and Bahrain Economic Vision 2030, and is tasked with developing Bahrain’s private sector and positioning it as the key driver of economic development.
Tamkeen’s two primary objectives are: 1) Fostering the creation and development of enterprises, and 2) Providing support to enhance the productivity and growth of enterprises and individuals.
Under each of those objectives, a number of mechanisms and programmes have been identified based on detailed studies of the labour market to identify current and future gaps for individuals and enterprises and how to address them.
As of December 2011, Tamkeen has injected more than BD 166 million into the private sector through its programmes, targeting over 100,000 Bahrainis and enterprises.
Moreover, it has made in excess of BD 166 million available through its financing portfolio, and enabled over 3,000 Bahrainis find employment, and more than 1,000 enterprises to participate in leading local, regional, and international trade fairs and exhibitions.