Tamkeen In Tandem With Massive Bahraini $30 Billion Economy Recovery Plan
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Roshan Amiri
- . June 8, 2022
- . Update: June 9, 2022 1:31 pm
Bahrain–The Tamkeen, Bahrain’s Labour Fund is all geared to give its economy the much-needed boost. In its latest move, it has approved over 9,300 proposals and extended funding support worth BD39 million ($103.47 million). This has been done ever since it launched 16 programmes as part of its 2021-2025 strategy this year.
Of a listed 27 programmes, 16 have started now and would be helping in developing local Bahraini talent and incentivise high potential sectors. This has been confirmed by Tamkeen’s Chief Executive Husain Rajab.
Further, there are seven more human capital programmes been also added in to help Bahrain workforce be at par with the rest of the world, and do work of their choosing. Speaking overt the initial launch, Shaikh Salman bin Khalifa Al Khalifa, the Minister of Finance and National Economy said preliminary data showed that the Q4 2021 nominal GDP was at circa BD3.4 billion ($9.02 billion), the highest on record, with a growth of 13% compared to the same quarter in 2020. He concluded his speech by providing an update on Bahrain’s Fiscal Balance Plan, which remains on track to meet its 2024 goal.
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In 2021, the Bahrain government has unveiled projects worth $30 billion towards its Economic Recovery efforts, out of which 22 were to be developed in key sectors. These include telecoms, tourism, education, manufacturing, and health. It will also contribute towards the realisation of Bahrain’s Economic Vision 2030. The new projects include the creation of five cities situated on newly constructed islands, increasing Bahrain’s total land area by more than 60%
All the plans were designed to help Bahrain compete after post Covid recovery phase. These are all multi-year projects that represent one of Bahrain’s most significant injections of capital investment.
The Bahraini government agency, Tamkeen has been praised for continuous building on over the 15 years of achievements, while focusing on its core mandate to make Bahraini individuals the employee of choice in the labour market through programmes and initiatives that aim to upskill and reskill the local workforce, combined with supporting enterprises that create high-value sustainable jobs for the local talent.
