A $10 billion fund may be supporting Bahraini businessmen in their emerging businesses soon.

It follows the signing of a memorandum of understanding between Bahrain Development Bank (BDB) and the Dubai-based Mohammed bin Rashid Al Maktoum Foundation.

The MoU is also a commitment to establish an Arab business incubator network and encourage the region's decision makers to speed up creation of new jobs.

In addition, it obliges the BDB to come up with business concepts that could be selected by high-tech international campuses and research facilities.

It was signed by BDB chief executive officer Nedhal Al Aujan and Mohammed bin Rashid Al Maktoum Foundation entrepreneurship and employment vice-president Sultan Lootah.

Launched in May last year with an endowment of $10bn, the Mohammed bin Rashid Al Maktoum Foundation is spearheading a series of programmes that provide infrastructure and an appropriate environment for knowledge creation in the Arab world.

It also seeks to encourage Arab intellectual output, support knowledge transfer and nurture young talent, while helping Arab youth overcome unemployment issues.

The MoU also mandates both organisations to identify areas of mutual growth, promote business acumen among Arab youth, and promote the exchange of information and best practices.

'We are keen to enter into strategic partnerships that seek to enhance opportunities for the youth,' said Al Aujan.

'Our co-operation with the foundation underlines our objective to achieve sustainable economic development in Bahrain through exploring and supporting growth opportunities for emerging entrepreneurs.

'The bank will leverage its synergy with the foundation to explore and identify innovative solutions that will support entrepreneurial business models to evolve into major corporations and successful commercial ventures and eventually lead to increased job opportunities.'

BDB loans had so far helped generate 10,459 job opportunities, said Al Aujan.

'We are looking forward to doubling these figures during the coming years,' he added.
The BDB will participate in developing the content of an Arab Entrepreneurs Network currently being established by the foundation for the exchange of expertise, knowledge and ideas among Arab entrepreneurs.

The foundation will support the establishment of academic, institutional and corporate relationships that will contribute to BDB's incubation centre and its incubated businesses through knowledge and financial support.

'Entrepreneurial talent is the cornerstone for economic growth, especially in the Arab world,' said Lootah.

'With an enormous talent pool and a highly promising growth potential, the agreement with the BDB will help us build solid economic fundamentals in the region.'

The banking sector needs to shoulder the responsibility of promoting entrepreneurial activities as it is a key partner in the Arab region's socio-economic development, said Lootah.

'We believe the BDB is playing a significant role in helping potential entrepreneurs translate their ideas into viable commercial entities,' he added.

BDB formal training in various aspects of enterprise building, such as identifying and developing business opportunities, promoting entrepreneurial competencies and acquiring skills in managing small ventures.

Participants at the BDB's entrepreneurship programme receive counselling and advisory services to help project implementation. – Trade Arabia News Service