Tamkeen Board holds second regular meeting of 2015

Tamkeen’s Board of Directors held its second regular meeting of 2015 on Thursday (March 26th). During the meeting, the Board reviewed and approved the Tamkeen’s 2014 audited financial statements, reviewed and approved Tamkeen’s 2015 budget, and reviewed the progress of the various support programmes.

Tamkeen Chairman and Acting Chief Executive Shaikh Mohammed bin Essa Al Khalifa expressed the Board’s delight in winning HRH Princess Sabeeka’s Award for Productive Families, noting that winning such prestigious awards recognises the impact of Tamkeen’s programmes are having on the various segments of business.  The Board also congratulated the winners of the 1^st edition of the Bahrain Award for Entrepreneurship, which was held on the 11^th of March.

Tamkeen Chairman and Acting Chief Executive, H.E. Shaikh Mohammed bin Essa Al Khalifa said, “Our strategy, which revolves around enhancing quality, serving customers, and achieving results, is already paying dividends as we push forward in 2015 and beyond. With our revamped customer-oriented processes and programmes, we have taken our services to new standards that will underpin the sustainable future growth of the private sector and national economy as a whole.”

The audited financial reports for 2014 showed that Tamkeen’s revenues from the Labour Market Regulatory Authority fees reached BD 75.6 million, while total expenditure reached BD 79.1 million over the same period, including operational expenses.

Of the total expenditures in 2014, BD 69.5 million went to Tamkeen’s various support programmes, including BD 16.5 million for the unemployment insurance Tamkeen pays on behalf of private sector businesses to the Social Insurance Organisation, as mandated by law. 

The Board also approved Tamkeen’s estimated budget for the year 2015, which is set at BD 65 million, in addition to an estimated BD 17.5 million for the unemployment insurance. The approved estimated budget is based on Tamkeen’s 2015 operational plan which the Board approved in its first regular meeting in February. 

Moreover, the Board reviewed reports on Tamkeen flagship support programmes and expressed their satisfaction with the progress the programmes have made under the new 2015 – 2017 strategy. 

The Tamkeen Board of Directors consists of 8 members representing the organisations which spearhead the development of the private sector, with 3 members from the public sector and 5 from the private sector as follows: Government (Sh. Mohammed bin Essa Al Khalifa and Abdulellah Al-Qassimi), Economic Development Board (Dr. Zakaria Hejres), Bahrain Chamber of Commerce and Industry (Mr. Khalid Al-Amin, Mr. Mohammed Adel Fakhro, and and Mr. Kadhim Al Saeed), General Federation of Bahrain Trade Unions (Mr. Mohammed Abdulrahman), and the Bahrain Association of Banks (Mr. Hassan Jarrar).