New $100m portfolio to boost SME’s growth

Manama : A new $100 million investment portfolio will be soon established to support Small and medium enterprises here in Bahrain, it was revealed yesterday. 

The fund, aimed at boosting the growth of SMEs, will be realised as directed by the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister HRH Prince Salman bin Hamad Al Khalifa. 

The decision was taken during a recent meeting of the Economic Development Board, said Industry, Commerce and Tourism Minister Zayed bin Rashid Al Zayani.

The minister was speaking at the fourth edition of the “Alwani” regional forum organised by Bahrain Association for Small and Medium Enterprises Development in association with Tamkeen (the Labour Fund) and Bahrain Chamber of Commerce and industry.

The fund, according to the minister, also complements the six-themed comprehensive national strategy to promote SMEs, which includes facilities for training, funding, regulation and exportation. 

Highlighting the recent launch of “Sijili”, the minister said, “This is also the appropriate time to launch initiatives and projects that fall within the small and medium enterprise sector.”

The move also follows a decision taken earlier this year to establish a US$100 million fund to boost women-led businesses in the Kingdom. The Bahraini Women Development Portfolio Fund was jointly developed by the Supreme Council of Women (SCW), Tamkeen and the Bahrain Development Bank (BDB), according to Arabian Business.com.