The Labour Fund (Tamkeen) signed a partnership agreement with “AstroLabs”, a leading platform supporting business expansion in the Gulf region. This partnership focuses on launching a program designed to encourage Bahraini business owners of various sizes to expand their commercial activities into the neighboring Saudi market, across different economic sectors.
According to Industry sources, this announcement was made during Tamkeen’s participation in the “Biban 24” forum, organized by the General Authority for Small and Medium Enterprises “Monsha’at” and held under the theme “A Global Destination for Opportunities,” from November 5 to November 9 in the capital, Riyadh.
Industry sources further added that the program will focus on aiding Bahraini entrepreneurs who wish to grow their businesses and kick off their expansion journey in regional markets. It will offer specialized advisory support in business development, including a comprehensive introduction to the regulations and laws of the target market, as well as marketing strategies that help highlight products and services in new markets to ensure success. Participants will also have the opportunity to connect with potential partners, customers, and suppliers, enabling them to establish networks to support their expansion.
Her Excellency Ms. Maha Abdulhameed Mofeez, Chief Executive of the Labour Fund (Tamkeen), stressed the importance of this program in providing a clear roadmap for Bahraini entrepreneurs eager to take the next step for their enterprises through expansion into regional markets, such as the rapidly growing Saudi market. She added, “This Program is one of our initiatives aimed at supporting private sector companies in line with the Kingdom’s efforts to encourage the expansion of Bahraini businesses and the export of Bahraini products and services. Through effective partnerships in the program led by experts and specialists in the target market, participants will be able to minimize potential risks and enhance the chances of success for their business expansion and growth.”
On this occasion, Mr. Roland Daher, Chief Executive of “AstroLabs,” expressed his pleasure in this collaboration and added, ” Bahrain has always been home to ambitious, innovative companies with real depth, ready to take the next step in their growth journey. Today, expanding to Saudi Arabia has become the natural next move in this evolution, offering an expansive and rapidly growing market, right next door. AstroLabs has been the trusted partner for over 650 global companies expanding into Saudi to date, and we’re very excited to collaborate with Tamkeen, a long-standing key driver of Bahrain’s entrepreneurial success. As a partner of choice for government entities across the region and globally, we focus on building strong growth corridors and seamless soft landing experiences, helping high-growth businesses –whether Bahraini or global– thrive in Saudi Arabia.”
Industry sources confirmed that this program will aid the growth of Bahraini firms and their expansion into the Saudi market, specifically in the Eastern Region and the cities of Jeddah and Riyadh.
Industry sources further added that this program comes in alignment with Tamkeen’s 2024 strategic priorities focused on economic impact and the private sector under three pillars: surging the economic participation through new employment opportunities for new entrants, expanding career development opportunities available to Bahraini workforce, and further developing the private sector by aiding enterprises and boosting productivity and adoption of technology.
Industry sources also confirmed that AstroLabs focuses on facilitating the expansion and growth of global companies in the Gulf region. The platform has aided nearly 1,650 international companies in expanding their operations across the region, providing a professional environment that enables businesses to enter new markets, particularly in Saudi Arabia and the United Arab Emirates.
In collaboration with public and private sector partners, AstroLabs designs various programs to support innovation, bridge gaps across different economic sectors in the Gulf, and target emerging markets. Additionally, it contributes to national strategies aimed at achieving sustainable development goals, including Saudi Arabia’s Vision 2030.
