Accra:The third edition of the "Startup of the Year" competition saw DOO and Tanami emerge as the winners. The awards ceremony was attended by Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of Bahrain Mumtalakat Holding Company, who emphasized Bahrain's commitment to fostering innovation and entrepreneurship as part of the Kingdom's economic development.
According to Bahrain News Agency, this competition is a joint effort between Mumtalakat, Bahrain's sovereign wealth fund, and the Labour Fund (Tamkeen), aimed at creating opportunities for start-ups. Shaikh Salman highlighted national schemes and initiatives that support start-up growth, contributing to the Kingdom's development under the leadership of His Majesty King Hamad bin Isa Al Khalifa and the support of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
The event underscored the role of Tamkeen in empowering start-ups through various initiatives that enhance employment and training opportunities, thereby contributing to the Kingdom's economy. Shaikh Salman also praised the private sector and Bahrain's youth for their innovative contributions to enhancing the Kingdom's global economic competitiveness. He noted the ongoing partnership between Tamkeen and Mumtalakat as crucial for creating an enabling environment for start-ups.
Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, reiterated the commitment to investing in promising Bahraini ventures with growth potential. He emphasized that Mumtalakat's role extends beyond funding to include sharing expertise and leveraging partnerships that enable companies to grow and compete regionally.
Maha Abdulhameed Mofeez, Chief Executive of Tamkeen, stressed the importance of an innovation-driven economy and the competition's role in connecting entrepreneurial talent with essential resources. The collaboration with Mumtalakat aligns support with high-potential ventures, transforming Bahraini innovation into sustainable economic value.
The "Startup of the Year" competition not only supports entrepreneurs but also enhances the national culture of innovation and entrepreneurship. It assesses the commercial viability of start-ups and provides winners with opportunities for direct equity investment from Mumtalakat, facilitating their growth and expansion in local and global markets.