Tamkeen is tasked with developing Bahrain’s private sector and positioning it as the key driver of economic development. Established in August 2006, Tamkeen is one of the cornerstones of Bahrain’s national reform initiatives and Bahrain’s Economic Vision.
Tamkeen’s two primary objectives are:
1) Fostering the creation and development of enterprises
2) Providing support to enhance the productivity and growth of enterprises and individuals.
To achieve these objectives, Tamkeen’s strategy focuses on quality enhancement, customer care and having a results-oriented approach. Through this strategy, a number of innovative programs are provided to Bahrainis and businesses in Bahrain, which include training, consulting, financing, entrepreneurship support and others. These programs help develop the capabilities of Bahrainis and enterprises and integrate new critical concepts for a vibrant sustainable private sector. Tamkeen’s continuously prepares initiatives that seek to address emerging or ongoing challenges and opportunities in Bahrain. It also takes into consideration other activities, plans and strategies initiated by other government bodies and authorities seeking to further the common objectives of economic development in the Kingdom through Bahrain’s Economic Vision and National Strategy.
Tamkeen updates it strategy every 3 years to ensure better ongoing alignment with the market needs. The new strategy will be a reflection of the Government’s upcoming three year strategy in terms of enhancing the productivity and sustainable growth of individuals and businesses.
Tamkeen has come up with a strategy for companies, be it beginners or companies that are old; it is called the Enterprise Support Programme which empowers enterprises to prosper and contribute in Bahrain National Economy. Like every strategy has its own good programme objectives like-
- Support the needs of the firms based on the business type, size and the sector of each firm.
- Ease the process of applying and monitoring
- Accelerate the approval process
Commenting on this announcement, Tamkeen’s Chairman and Acting Chief Executive His Excellency Shaikh Mohammed bin Essa Al Khalifa said, “Launching the revamped programme in September delivers on the promise we made in Q1 of this year. The programme has been re-structured to deliver a better service that enables enterprises to grow and effectively contribute to economic Development.”
Shaikh Mohammed also stressed, “Enterprises are expected to provide information related to their current business activities and operations, as well as their business development plans, so that Tamkeen can diagnose and serve enterprises in a manner that addresses their business needs.”
Regarding this strategy, a lot of issues and feedback were raised from customers like-
- Enhance schemes model to a more tailored approach
- Enhance the monitoring system of/for Tamkeen Programmes
- Facilitate enterprise support procedures and regulations
- Provide sufficient support to Micro firm
- Assess applicants needs via a cost/benefit analysis system
- Use management information tools (MIS)
- Facilitate for online services
- To agree on KPIs/ performance measures
All registered enterprises from private sector are eligible to apply for the support, whether registration is from the Ministry of Industry and Commerce or the Ministry of Health or the Ministry of Education or any other official government issuing licenses to engage in economic or professional activities. But the project’s/firm’s “under establishment” may apply and enterprises with a valid Tamkeen contract may apply for the revamped programme in the first quarter of 2015. This sums up the Eligibility Criteria of the Enterprise Support Programme. Tamkeen will help and support firms with an amount calculated based on the enterprise’s current status, future plan via a score model. The current and old financial status, enterprise size in terms of turnover and number of employees and enterprise vision in relation to the support-amount will be few points that will be taken under consideration. The support amount reaches up to 80% of the business cost; 50% paid upon implementation and 30% paid based on reward system.
Yes a Reward System is also considered by this programme by Tamkeen which lists down that an enterprise will be eligible to apply for the reward upon satisfying the monitoring requirements and meeting the Bahrainisation quota, clear measurable KPIs, that are directly linked to achieving enterprise vision will be applied and last but not the least, during the contract validity, applicant will be providing Tamkeen with data to feed into the reward system.
”His Excellency Shaikh Mohammed bin Essa Al Khalifa concluded “We expect the enhancements made to the programme to have a positive impact in a number of areas; namely, instilling sound management concepts amongst business owners, maintaining a healthy balance between easing processes and achieving Tamkeen’s goals, enhancing flexibility, efficiency, transparency and the ability to measure results, and encouraging enterprises to set objectives that contribute to national economic development”.