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Thursday, June 13, 2024

Bahrain’s labor fund launches Riyada program to boost startup ecosystem 


Bahrain’s startup ecosystem is poised to strengthen with the launch of a new business support initiative by the country’s labor fund, Tamkeen.  

Partnering with UK-based Hambro Perks, the Riyada Business Acceleration Program will help entrepreneurs with technology and innovation-backed projects. 

The scheme will provide extensive guidance, resources, and support to facilitate the accelerated growth of emerging enterprises, according to a press statement.  

In this initiative, 36 enterprises will receive backing for business incubation and acceleration operations over the next three years.  

By aiding these companies in raising funds and enhancing team capabilities, the program aims to facilitate their expansion both locally and internationally. 

Maha Abdulhameed Mofeez, CEO of Tamkeen, said: “Tamkeen’s support for this initiative is in line with its commitment to strengthening the entrepreneurial ecosystem, stimulating innovation, and creating quality job opportunities for Bahraini talent.”  

He added: “Fostering Bahraini entrepreneurship aligns with our broader mission to empower the private sector so that it can be the primary driver of economic growth.”  

Aligned with Tamkeen’s 2024 strategic priorities, the program focuses on economic impact and private sector development across three pillars: increasing economic participation, expanding career development opportunities, and supporting enterprises.  

Startups eligible for the program must be based in Bahrain, be at least three years old, and possess a commercial license or registration. For startups lacking active commercial registration, a product prototype and at least one Bahraini founder are required. 

In addition, qualifying companies must demonstrate a business model with substantial potential for success and growth in both local and global markets. 

Andrew Wyke, founding partner and CEO of Hambro Perks said that the Riyada Program will play a vital role in supporting emerging Bahraini enterprises to grow and evolve.  

“We look forward to working closely with promising local startups and providing the necessary guidance to steer them toward success and prosperity,” added Wyke. 

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