Bahrain: Bahrain’s startup ecosystem is set to receive a significant boost with the launch of the Riyada Business Acceleration Program, a new business support initiative introduced by the country’s labor fund, Tamkeen.
In collaboration with UK-based Hambro Perks, this program is designed to provide essential support for entrepreneurs spearheading technology and innovation-backed projects. The Riyada initiative aims to foster the accelerated growth of emerging enterprises through extensive guidance, resources, and support.
Maha Abdulhameed Mofeez, CEO of Tamkeen, stated, “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.”
Aligned with Tamkeen’s 2024 strategic priorities, the program focuses on three key pillars: increasing economic participation, expanding career development opportunities, and supporting enterprises. Additionally, in the next three years, 36 enterprises will receive support for business incubation and acceleration operations, aiming to help them raise funds, enhance team capabilities, and facilitate local and international expansion.
Eligible startups for the program must be based in Bahrain, be at least three years old, and hold a commercial license or registration. Those without active commercial registration need a product prototype and at least one Bahraini founder. Qualifying companies must demonstrate a business model with significant potential for success in both local and global markets.
Andrew Wyke, founding partner and CEO of Hambro Perks, expressed enthusiasm for the program’s role in supporting Bahraini enterprises, stating, “We look forward to working closely with promising local startups and providing the necessary guidance to steer them toward success and prosperity.” Furthermore, this collaboration signifies an international perspective and expertise being infused into Bahrain’s startup landscape.
The Riyada Program demonstrates Bahrain’s commitment to fostering entrepreneurship and innovation. Aligned with Tamkeen’s mission, it aims to empower the private sector as a primary driver of economic growth.
