Under the patronage of the Minister of Industry and Commerce, H.E. Mr. Abdulla bin Adel Fakhro, the official opening ceremony of the third branch of the business incubator and accelerator "The Collective Hub", was held this morning, organized by Tenmou Company at Yateem Centre, Manama. In the presence of Tenmou and The Collective Hub Chairman, Mr. Suhail bin Ghazi Algosaibi.

During the ceremony, H.E. Fakhro affirmed the government's support to the SMEs sector by issuing stimulating legislation and laws and developing infrastructure to create an attractive economic environment for investment, praising in the innovative contributions made by Tenmou to support entrepreneurs.

On the other hand, Collective Hub Chairman Mr. Suhail Algosaibi, stated: "Since the launch of the incubator in February 2020 with its first and main branch in the Adliya, we have been able to achieve many outstanding achievements, as the available work spaces were filled within six months despite the pandemic, and a joint cooperation agreement was signed with (BNH) to provide distinguished services to members, as the success of The Collective Hub continued at a steady and deliberate pace and expanded to open its second branch in 2021 in Bahrain Bay, which attracted investors and financial investment companies, and cooperation was made with the US Embassy to exchange and host various programs that serve emerging entrepreneurs and investors.

Algosaibi continued: " the third and largest branch of The Collective Hub in Yateem Centre, is strategically located in the heart of Manama, and its proximity to Bab Al Bahrain makes it a tourists destination, and it targets, in addition to emerging entrepreneurs and investors, Bahraini creative pioneers, as well as our training project in cooperation with Tamkeen "All Things Media").

H.E. the Minister toured the incubator, and was briefed on the available work environment, co-working spaces and other facilities .

“The Collective Hub" is a business incubator and co-working space based on community communication, providing its services in the Kingdom of Bahrain with the support of Tenmou, the first angel investment company in Bahrain. The incubator targets emerging and creative entrepreneurs in addition to investors, as it provides valuable assistance in the field of business, including financial investment and supervision, advice and guidance, incubation of SMEs, and programs that seek to develop Entrepreneurship and provide funding opportunities by encouraging direct interaction between companies, startups, and investors, in an open and collaborative environment.​

H.E. Minister of Industry and Commerce Abdulla bin Adel Fakhro affirmed the depth of historical relations between Bahrain and India, especially in the commercial field, which date back to the Dilmun civilization until present day.

This came during the Minister's participation as a keynote speaker in the gala dinner held on the sidelines of the 42^nd International Seminar on Industrial/Medical Gases in Bahrain, in the presence of Indian Ambassador Mr. Piyush Srivastava, and Mr. Saket Tiku, President of All India Industrial Gases Manufacturer's Association (AIIGMA), organized by All India Industrial Gases Manufacturer's Association (AIIGMA) in cooperation with the Indian Embassy, and with the participation of the EDB and a number of concerned authorities, at the Art Rotana Hotel.

HE the Minister pointed to the volume of Bahraini-Indian economic relations, as the volume of non-oil trade between the two countries amounted to $ 1.4 billion, and imports from India amounted to $ 904 million, while the value of exports amounted to $ 498 million. Not to mention the number of Indian companies established in Bahrain, including 10 thousand either 100% owned by Indian investors or shared with Indian partners, amounting to 10% of the number of active commercial registers in the "Sijilat" system at the Ministry of Industry and Commerce. 

Moreover, H.E. referred to the most prominent positive repercussions achieved since the launch of the Industrial Sector Strategy 2022-2026 within the economic recovery plan, which aims to increase the contribution of the industrial sector to the GDP, increase the sector's exports of national origin, and provide more qualitative opportunities for citizens.

Fakhro also mentioned that the Ministry of Industry and Commerce is keen to develop and support various types of projects, as the industrial sector in the Ministry is constantly updating and reviewing commercial laws to eliminate challenges and facilitate the process of establishing businesses in Bahrain, and the government has taken a set of steps to consolidate the Kingdom's position as a preferred destination for business, economic activity and direct investment flow by expanding the private sector's contribution to the GDP.

Adding that the government is working to develop and support the entrepreneurship and SMEs sector by implementing the transition from an oil-based economy to a sustainable economy based on competitiveness and providing global products to achieve the goals of Bahrain's Economic Vision 2030.

The seminar included a panel discussion by the EDB, and several presentations discussing topics related to Industrial/Medical Gases. In an aim to enhance cooperation and push relations between Bahrain and India towards wider horizons to achieve desired objectives.​

H.E. Mr. Abdulla bin Adel Fakhro Minister of Industry and Commerce, received in his office this morning the Chairman of the Board of Directors of Tenmou and The Collective Hub Mr. Suhail Ghazi Algosaibi, in the presence of Undersecretary of the Ministry HE Ms. Eman Ahmed Al-Doseri and Tenmou CEO Mr. Nawaf Al-Kooheji. Where they discussed the opening of the third branch of "The Collective Hub".

The Minister praised the innovative projects aimed at developing the business environment in all its sectors, which go hand in hand with the ambitious government strategies to push and develop the entrepreneurship sector in the Kingdom of Bahrain. H.E. the Minister praised the innovative projects provided by Tenmou Company to develop and support entrepreneurs.

The Collective Hub, which operates with the support of Tenmou Company, is the first company in the Kingdom of Bahrain to operate with the concept of "Business Angels", and aims to support entrepreneurs, incubate small enterprises and provide a number of programs that seek to develop the entrepreneurship environment and provide funding opportunities by encouraging direct interaction between companies, startups and investors in an open cooperative environment.​

H.E. Minister of Industry and Commerce Abdulla bin Adel Fakhro affirmed the continuous development and growth of the historical relations between Bahrain and the US.

This came as H.E. the Minister participated as a keynote speaker in the business Luncheon organized by the American Chamber of Commerce in Bahrain at the Diplomat Hotel, in the presence of Amcham president Mr. Quay H. Zu'bi, and a number of officials and stakeholders, where a number of upcoming projects between the two countries were reviewed.

HE the Minister also pointed to the government's program (2023-2026) "From recovery to sustainable growth", reviewing the efforts and initiatives of the Ministry of Industry and Commerce to support new opportunities and economic investments in priority sectors and industries and ways to enhance economic and trade cooperation mechanisms to achieve the goals of comprehensive development and 2030 economic vision. ​

Fakhro also referred to the most important developments of the FTA, in addition to discussing the most prominent developments in current bilateral trade, services and investments, besides other topics of common interest.

H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, received in his office this morning Mrs. Dalal Al Qais, CEO of Bahrain Development Bank (BDB), where they reviewed and discussed a number of topics related to economic affairs and banking and development in Bahrain.

During the meeting, HE the Minister praised the role of Bahrain Development Bank as a major contributor in supporting and developing the entrepreneurship sector to promote SMEs, noting its prominent support for government programs and projects and training and development programs.

For her part, Mrs. Dalal Al Qais, BDB CEO, gave a detailed explanation of the bank's future strategies and plans, appreciating the government's continuous support for various economic sectors to advance economic development and provide more qualitative opportunities for citizens, as well as develop institutions and attract investments.

H.E. Mr. Abdulla bin Adel Fakhro Minister of Industry and Commerce received Mr. Kwah Kok Kim, Chairman of the board of directors of Singapore's MTQ group, in the presence of officials from both sides.

H.E. stressed that hosting "MTQ" international company in Bahrain is a positive indicator added to the Kingdom's balance in attracting leading global investments at regional and global scales.

Noting that the Kingdom of Bahrain is witnessing a growth in international investment projects, pointing to the facilities provided by the government to enhance its investment position as a business gateway in the region.​

On the other hand, Mr. Kwah Kok Kim expressed his appreciation for the government's efforts, referring in this context to the company's future plans to progress its investment in the Kingdom.

Under the patronage of the Minister of Industry and Commerce, and in the presence of Assistant Undersecretary of Industrial Development Dr. Khaled Fahad Alalawai, and factory Chairman Mr. Hayel AbdulMueen Hakimi, Al-Taawon Foodstuff Factory was inaugurated in Salman Industrial City

Dr. Alalawi affirmed that Bahrain welcomes all investments that contribute to economic growth, and provides facilitations to enhance the Kingdom's investment position, according to the industrial sector strategy (2022-2026) within the economic recovery plan, which aims to increase the industrial sector's contribution to the GDP, and exports of national origin, and provide promising job opportunities for citizens.
 

Moreover, the Undersecretary praised the local industrial development that contributes to the diversification of food industries in the Kingdom of Bahrain, praising Bahrain's investment environment, and affirming efforts to promote local investments to serve the local, regional and global market.

For his part, Mr. Hayel Hakimi, Chairman of the Board of Directors of Al Taawon Foodstuff Factory, appreciated the support of Bahrain's Government, and the investment environment it offers, noting the role of the Ministry of Industry and Commerce in strengthening partnership with the private sector, which increases its contribution to the GDP and its support for the national economy.

H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, met Mr. Mohammed Mahfoodh Al Ardhi, Executive Chairman of Investcorp Bank, 

The Minister noted the government's efforts to diversify the base of the national economy by involving all vital sectors, which contributes to advancing economic development to achieve Bahrain's ambitious development goals.

Moreover, His Excellency pointed to the vital role of the banking sector in promoting commercial activity and raising economic growth rates in the Kingdom in general, which contributes to attracting and stabilizing investments and development projects.