Tamkeen, AIAC kick off Business Turnaround Programme

TDT | Manama  

The Daily Tribune – www.newsofbahrain.com

The Labour Fund (Tamkeen) announced signing a new strategic cooperation agreement with the American Industrial Acquisition Corporation (AIAC). AIAC is a global organisation in company turnaround, mergers and acquisitions, private equity as well as improving non-performing enterprises and enterprises performing below their full potential.

AIAC will provide advisory support as part of Tamkeen’s recently launched programme Business Turnaround that aims to empower enterprises to transform their business models in response to major organisational, market, technology and financial challenges and opportunities. Husain Mohamed Rajab, Chief Executive of Tamkeen, emphasised Tamkeen’s commitment to empowering enterprises in Bahrain and helping them become key contributors to the national economy.

He said: “The outcome of these services will enable enterprises to get on a path of recovery and growth, enhancing their competitiveness both locally and internationally, and helping them reaching their full potential.”

Peter Graham, Managing Director COO, Asia, AIAC, said, “It is a great initiative by Tamkeen to tailor programmes and build partnerships for enterprises in all sizes and through all their development stages. AIAC portfolio consists of 78 manufacturing and distribution sites in 24 countries in North America, Europe, and Asia across different sectors such as manufacturing, healthcare and renewable energy.

We look forward to deploying our group’s expertise across many sectors with the objective of turning around Bahraini businesses that would contribute significantly to the Kingdom of Bahrain’s economy.” Earlier this year, Tamkeen embarked on a strategic transformation journey that encompassed the entire organisation and resulted in the launch of a line-up of objective-driven support programs and a transparent and enhanced assessment process. The new programmes were developed following a series of consultation sessions with representatives from various sectors and cater to the market requirements.