Latest news with #BD2.4
Daily Tribune
05-07-2025
- Business
- Daily Tribune
Tamkeen Support Tops BD2.4 Billion Since 2006
Tamkeen has poured BD2.4 billion into Bahrain's economy since its launch in 2006. The funding has reached some 190,000 citizens and 82,000 private firms, according to new figures. The Labour Fund said the support was directed towards job creation, skills training, and helping businesses grow. Around BD849 million went into subsidised financing for more than 22,000 enterprises. A further BD612 million backed training and employment schemes, generating over 265,000 opportunities across nearly 19,000 organisations. Targeted support pro - grammes provided an additional BD338 million to more than 19,000 businesses. Tamkeen also spent BD64 million through its business continuity programs, which covered 22,000 firms and supported the wages of around 1,600 Bahraini employees. 360 partnerships Over 360 partnerships have been formed since 2006. Around 260 were aimed at individual development and training, while more than 100 focused on business growth. These partnerships accounted for a total of BD260 million. Unemployment insurance payments to private sector firms reached BD313 million. Tamkeen began with the foundation phase between 2007 and 2009. That was followed by a period of expansion until 2014, then a push to build partnerships between 2015 and 2017. Internal restructuring marked the years from 2018 to 2020. Since 2021, the focus has been on increasing productivity and economic return. The National Employment Programme is the main instrument currently in use. It offers scaled wage support for employers who hire Bahrainis. One model covers 70 per cent of wages in the first year, 50 per cent in the second, and 30 per cent in the third. A range of training options is also available, including apprenticeships, workplace training, and schemes tied to employment outcomes. Other programmes support career progression. These include salary support, professional qualifications, international placements, and in-house training. Firms are encouraged to place Bahrainis in senior and specialist roles. Support for entrepreneurs includes grants that can cover up to half the cost of launching or expanding a business. This includes funding for equipment and help with entering overseas markets. Financing is available on Sharia terms, with partial profit subsidies and repayment plans lasting up to seven years. Dedicated initiatives are also in place for Bahraini women leading small and mid-sized businesses. The Global Ready Entrepreneur Programme offers international experience. The Jobs+ scheme links jobseekers to vacancies in the private sector and helps companies recruit Bahraini talent.
Zawya
27-03-2025
- Business
- Zawya
Bahrain's Basrec shareholders approve dividend
Bahrain Ship Repairing and Engineering Company (Basrec) shareholders yesterday approved a 50 fils per share cash dividend, amounting to BD989,622, after the company reported a net profit of BD2.4 million for the fiscal year ending December 31, 2024. The decision was made at the company's annual general meeting (AGM) held at the Gulf Hotel Bahrain Convention and Spa. The meeting, which met legal attendance requirements, was chaired by Fawzi Kanoo, chairman of the board, and attended by shareholders, board members, executive management, representatives from KPMG Fakhro, and officials from the Central Bank of Bahrain, the Industry and Commerce Ministry, and Bahrain Bourse. Mr Kanoo highlighted the company's strong performance despite 'challenges and strong competition,' attributing the success to customer trust and regulatory support. He also emphasised a key achievement: the launch of the new floating dock (Basrec 2), which he described as a 'significant engineering achievement' bolstering Bahrain's marine industry. 'We are pleased to announce that the company achieved a net profit of BD2.4m despite challenges and strong competition,' said Mr Kanoo. The AGM also saw the approval of the board of directors' report, audited financial statements, auditors' report, and corporate governance report. On the sidelines of the AGM, Basrec chief executive John Robson noted the company has made a $20m investment in recent years. He stated that the new floating dock has effectively doubled operational capacity. 'We have installed a new floating dock, something we've sought for over 20 years, effectively doubling our operational capacity,' said Mr Robson. The company is also focusing on increasing local workforce participation. 'We are actively working to increase local workforce participation, having hired 200 new Bahraini employees and planning to hire another 200,' Mr Robson added. Furthermore, Basrec is pursuing new contracts and aiming to diversify through strategic partnerships and acquisitions. 'We anticipate new contracts with the BDF, the US Navy, and local partners, further solidifying our position,' Mr Robson explained. The company is investing in staff training, including sending Bahraini employees to the UK for advanced skills development, and has promoted several long-term employees to senior management. 'Basrec is also committed to reinvesting in the local community, aiming to become the leading provider of ship repair, maintenance, and engineering in the Gulf,' he added. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
