4 days ago
Mumtalakat announces winners of Startup of the Year competition
Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of the Board of Bahrain Mumtalakat Holding Company, attended the Startup of the Year competition awards ceremony in its second edition, held in the presence of Abdulla bin Adel Fakhro, Minister of Industry and Commerce; Khalid Ibrahim Humaidan, Governor of the Central Bank of Bahrain; and Shaikh Abdullah bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, alongside several senior officials.
During the event, Shaikh Salman emphasised the vital role of the private sector in advancing economic development and creating high-quality opportunities for Bahraini citizens. He highlighted the contribution of entrepreneurs in enhancing Bahrain's global competitiveness in the field of entrepreneurship through innovative and creative ventures.
He reiterated Bahrain's ongoing efforts to foster a supportive environment for entrepreneurship, backed by programmes and initiatives that help emerging enterprises grow and compete across sectors. He noted that these efforts contribute to the comprehensive development process under the leadership of His Majesty King Hamad bin Isa Al Khalifa and the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
Shaikh Salman also underscored the strategic role of the Labour Fund (Tamkeen) in promoting employment, training, career progression, and entrepreneurship through targeted initiatives, in line with the directives of His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa, Minister of the Prime Minister's Court and Chairman of the Board of Directors of Tamkeen.
The winners of the competition were announced as 'Procural' and 'Parcel', both recognised for their promising contributions to Bahrain's entrepreneurial landscape. The initiative is part of efforts to support high potential Bahraini ventures and empower entrepreneurs to drive economic growth and diversify income sources.
Shaikh Salman emphasised that the competition is one of several initiatives aimed at supporting innovation and encouraging start ups to scale and compete regionally and internationally. It does so by facilitating access to investment and providing support that enables the creation of quality employment opportunities, while enhancing Bahrain's position as a regional hub for business and investment.
Shaikh Abdullah bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, said the company's objective is to invest in promising local ventures that contribute to national economic growth and strengthen Bahrain's position as a regional and international centre for innovation and entrepreneurship. These investments also support the creation of quality jobs for Bahraini talent.
Maha Abdulhameed Mofeez, Chief Executive of Tamkeen, reiterated the fund's commitment to supporting start ups as key contributors to the national economy. She highlighted Tamkeen's role in providing opportunities and tailored support to help emerging Bahraini ventures grow, achieve sustainability, and increase their capacity to generate employment for local talent.
The partnership between Mumtalakat and Tamkeen to support the Startup of the Year initiative aligns with Tamkeen's 2025 strategic priorities, which include empowering Bahraini nationals, enhancing their competitiveness in the private sector, and supporting business growth, digitisation, and sustainability.
Procural is a Bahrain based cloud platform for commercial tenders that uses innovation to streamline procurement by connecting buyers with a diverse network of suppliers. Parcel is a delivery platform offering logistics solutions and services to households and small businesses across the Kingdom.
Now in its second year, the Startup of the Year competition is jointly organised by Mumtalakat, the sovereign wealth fund of Bahrain, and Tamkeen. The two winning companies will receive direct investment from Mumtalakat under agreed terms to accelerate their growth.
The competition is part of a broader initiative that included start ups which had previously secured top placements in the 'Startup Bahrain' rounds held last year. These rounds were investment-focused events featuring live pitches presented to panels of experts, investors, and specialists. A total of six rounds were conducted, resulting in 12 finalists.
The rounds also included training programmes to help participants refine their pitches and receive mentorship, thereby increasing their chances of securing investment and presenting their ventures more effectively.
BNA(R)
