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The Bahrain Labour Fund (Tamkeen) signed a Memorandum of Understanding (MOU) with digital bank, Singapore Gulf Bank (SGB) to support the institution’s training and employment of Bahrainis in high-value roles and launch in Bahrain. 

Commenting on the occasion, Her Excellency Ms. Maha Abdulhameed Mofeez, Tamkeen Chief Executive said that this announcement comes in line with the directives of His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa, Chairman of the Board of Trustees of the Isa bin Salman Education Charitable Trust and Chairman of the Bahrain Labour Fund (Tamkeen), to support job opportunities for Bahrainis through Tamkeen’s employment and career development programs. 

Her Excellency stated that Tamkeen is working closely with SGB founding investor, Whampoa Group, to support its launch as a major player in the local and regional financial services sector, while contributing to Bahrain’s Economic Recovery Plan and the Kingdom’s overall development goals. She added that SGB has set its sights on forming partnerships with the local ecosystem in the Kingdom, to offer innovative and differentiated financial services to sophisticated global investors, innovators and institutions worldwide.

She also said that the strategic collaboration with SGB will bolster investment in Bahrain’s thriving financial services sector, a key sector for the Kingdom, contributing 18.1 % to Bahrain’s total real GDP in Q3 of 2023, the highest among all non-oil sectors. The partnership will also support the employment of local talent in the industry in line with Tamkeen’s objectives to support the growth and development of Bahraini talent and make them the preferred choice for employment in the Kingdom. Furthermore, this partnership will strengthen Bahrain’s position as a hub for innovative financial services in the region, contributing to sustainable national economic growth.

SGB Co-CEO, Aureole Foong expressed his appreciation to Tamkeen for its support, adding, “Tamkeen has been instrumental in paving the way for our successful launch in Bahrain. This partnership will enable us to effectively initiate our operations, attracting qualified Bahraini talent and providing distinctive financial services to our clients. We look forward to creating a lasting impact on the sector and contributing to the development of Bahrainis working in banking and finance.”

Tamkeen’s support of SGB aligns with its strategic priorities for 2024, which are focused on economic impact and fostering sustainable development under three pillars: increasing economic participation by creating new employment opportunities for emerging talent and new entrants, enhancing career development prospects for Bahraini professionals, and further developing the private sector by supporting enterprises, and boosting productivity and the adoption of technology.