Tamkeen nets $50m revenues from LMRA fees
Manama, May 18, 2014
Bahrain's labour fund Tamkeen has generated BD19.1 million ($50.3 million) revenues from Labour Market Regulatory Authority (LMRA) fees, said a report.
Tamkeen board of directors held its second regular meeting for this year and reviewed first quarter financial statements, as well as the preparations for 2015 - 2017 strategy.
The financial reports for the first quarter of this year showed that over that same period, Tamkeen's expenditures for its various projects and support programmes amounted to BD12.4 million, reported the Gulf Daily News, our sister publication.
In addition, BD4.2 million was spent for the unemployment insurance which Tamkeen pays on behalf of the private sector businesses to the Social Insurance Organisation as required by law.
"The board reviewed the progress of the ongoing restructuring process of Tamkeen's programmes currently being conducted, as part of the 2014 operational plan's objectives of enhancing quality, being more customer-oriented, and achieving better results to serve the dynamic needs of the market," chairman and acting chief executive Shaikh Mohammed bin Essa Al Khalifa said.
The Tamkeen board consists of nine members representing the organisations which spearhead the development of the private sector, with three members representing the public sector and six the private sector: government (Shaikh Mohammed and Abdulellah Al Qassimi), Economic Development Board (Dr Zakaria Hejres), Bahrain Chamber of Commerce and Industry (Khalid Al Amin, Isa Abdulrahim and Kadhim Al Saeed), General Federation of Bahrain Trade Unions (Sayyid Salman Mahfoodh and Mohammed Abdulrahman), and Bahrain Association of Banks (Abdulkarim Bucheery).
Tamkeen is tasked with developing Bahrain's private sector and positioning it as the key driver of economic development. Established in August 2006, Tamkeen is one of the cornerstones of Bahrain's national reform initiatives and Bahrain's Economic Vision.
Tamkeen has two primary objectives: firstly, fostering the creation and development of enterprises, and secondly, providing support to enhance the productivity and growth of enterprises and individuals.
To achieve these objectives, Tamkeen's strategy focuses on quality enhancement, customer care and having a results oriented approach.
Through this strategy, a number of innovative programmes are provided to Bahrainis and businesses in Bahrain, which include training, consulting, financing, entrepreneurship support and others.
These programmes help develop the capabilities of Bahrainis and enterprises and integrate new critical concepts for a vibrant sustainable private sector.
To date, Tamkeen's programmes have benefited more than 98,000 Bahrainis and businesses.-TradeArabia News Service