For decades, Bahrain Development Bank has been at the helm of supporting, nurturing and promoting entrepreneurs in Bahrain, and thereby contributing substantially to Bahrain’s identity of becoming the entrepreneurial hub of the world. BTW speaks to HE Shaikh Hesham Bin Mohamed Al Khalifa, Deputy General Manager, Development Services to understand the role of the organization in boosting entrepreneurship in Bahrain.
Did you grow up in Bahrain? What about Bahrain do you love the most?
I did grow up in Bahrain except for my higher education where I was in the United States of America. I love that Bahrain is cosmopolitan and the melting pot of the Middle East.
How has Bahrain, according to you, changed in terms of opportunities in various fields for the youth?
Bahrain has grown to support innovation and entrepreneurship over the past ten years with various initiatives and programs providing youth with more opportunity to thrive in following their passion.
Bahrain has always been pioneering in identifying ways to provide further opportunity especially for the youth.
Please tell us briefly about BDB and how it has touched and changed lives of the people of Bahrain?
Bahrain Development Bank (BDB) supports entrepreneurship in Bahrain by providing both financial (loans, financing tools, and venture capital) and development (business advisory, coaching, training, incubation) products & services across the island. The services assist individuals and companies across the business spectrum from pre start-up all the way to expansion utilizing unique and specialized programs and business models.
Over the years, the services provided by BDB have been fundamental in the development of the SME segment in Bahrain and are catalysts for the establishment of start-ups and in the growth of existing SMEs.
Our strategy focuses on providing a holistic platform of products and services to assist entrepreneurs and SMEs in all stages of the business cycle. We also have started to collaborate with the private sector in various initiatives such as our Rukn.me (ICT Incubator), which is a public-private partnership offering the public a shared workspace and incubation facility for ICT entrepreneurs.
Working closely with the Bahrain Economic Development Board allows us to drive the focus of the products and services toward the diversification and industry focus that they set out for the nation.
What is the vision of BDB behind supporting the Rowad.co initiative?
The Rowad Program is a comprehensive platform designed to assist and empower entrepreneurs in starting their business. The program supports entrepreneurs from the earliest stage of idea conceptualization all the way to scaling and growing their business along with distressed stages. The program resides on main pillars which are Coaching, Training, Incubation, Funding, and Mentoring, offering entrepreneurs a holistic platform of products and services.
The Rowad Program is run by the Development Services at the Bahrain Development Bank under the division led by me with the aim to support the bank’s finance clientele that not only require financing to startup or grow, but also may require services which fall under the main pillars that are offered by Rowad. The Rowad program also benefits clients who are not necessarily BDB financing beneficiaries.
Besides monetary support, how has BDB helped and supported start-upers?
We support entrepreneurs and SMEs at any stage of the business cycle. The bank acts as an instrument to drive the private sector through the creation of startups, the growth of SMEs and the support
of industry.
Our mandate is not for profit, we focus on working in line with the National Economic Strategy, Economic Vision 2030 to encourage the growth of the private sector through supporting entrepreneurship and SMEs in Bahrain.
The bank offers an entire array of support services through its Rowad Program which lies on the main pillars of Coaching, Training, Incubation, Funding, Mentoring, Partners, and Network- www.rowad.co
BDB also manages incubator centers across the island that include Rukn.me, BBIC, and Riyadat that offer space for early stage businesses and enterprises.
What do you think are the essential qualities of a true entrepreneur?
-Eagerness
-Passion
-Purpose drivenness
What is your vision and mission for BDB in the coming years?
Our vision and mission is to continue to drive the private sector through the creation of startups, the growth of SMEs and encourage an entrepreneurial society. The bank will continue to innovate to create more opportunity and support to allow SMEs and entrepreneurs to flourish in Bahrain.
What is your message to the young entrepreneurs of Bahrain?
“Challenge the known and embrace the unknown, and don’t let perfectionism delay you”.