Mastercard and Tamkeen Launch Partnership to Support Bahrain's SMEs with Financial and Digital Tools
The Mastercard Strive initiative is designed to enhance the capabilities of SMEs by providing them with the necessary resources and expertise to improve their financial and digital readiness. As part of the partnership, the Kingdom will become home to the first Mastercard Strive project in the Middle East, with the goal of fostering inclusive economic growth, strengthening Bahrain's private sector, and helping local businesses thrive.
The announcement was made during the Global Inclusive Growth Summit (GIGS), where Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, highlighted the importance of SMEs in Bahrain's economy. He emphasized the government's commitment to empowering these businesses and providing them with tools to enhance productivity and growth.
'The Kingdom of Bahrain has always prioritized fostering a supportive environment for SMEs,' said Shaikh Salman. 'This partnership with Mastercard will ensure SMEs in Bahrain are equipped with the digital and financial tools they need to succeed.'
He also noted that this collaboration aligns with His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa's strategic initiatives, which aim to enhance the competitiveness of Bahrainis in the private sector. These initiatives include training 50,000 Bahrainis in artificial intelligence by 2030, helping citizens develop the skills necessary for career growth.
Maha Abdulhameed Mofeez, CEO of Tamkeen, welcomed the partnership, calling it a crucial step for empowering Bahrain's SMEs. 'We are thrilled to partner with Mastercard to help Bahrainis embrace digital transformation and ensure that their businesses remain competitive,' she said. 'Mastercard Strive will provide specialized guidance to support SMEs in realizing their full potential.'
This partnership also aligns with Tamkeen's strategic priorities for 2025, which focus on strengthening Bahrainis' skills for the future, promoting enterprise growth, advancing digitalization, and supporting the sustainable development of Bahrain's economy.
According to the Bahrain 2023 Economic Report, SMEs represent 93% of all businesses in the Kingdom, with 79% owned by Bahrainis, 40% by women, and 25% by young entrepreneurs. SMEs contribute 10% of Bahrain's total exports and employ over 44,000 Bahraini nationals.
Shamina Singh, President of Mastercard's Center for Inclusive Growth, expressed excitement about the partnership, noting that small businesses are key drivers of global economic growth. 'Through Mastercard Strive, we are excited to help Bahrainis thrive in the private sector by building their skills in financial and digital readiness,' she said.
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