Manama: Abdulla bin Adel Fakhro, Minister of Industry and Commerce and Chairman of the Small and Medium Enterprises (SME) Development Council, has announced the launch of the SME Fund following the signing of strategic partnership agreements between Bahrain Development Bank (BDB), the National Bank of Bahrain (NBB), Bank of Bahrain and Kuwait (BBK), and Al Salam Bank. The announcement was made during the Gateway Gulf 2025 Forum in the presence of senior officials and representatives from government entities and the banking sector.
According to Bahrain News Agency, the launch of the SME Fund represents a key milestone in advancing the government's mandate, led by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, to strengthen the private sector and empower SMEs through easier access to financing. The initiative is among the strategic measures introduced by the SME Development Council to foster a sustainable, innovation-driven economy and enhance the role of entrepreneurs in driving national development.
The Minister further emphasized that the initiative aligns with the Ministry of Industry and Commerce's efforts to bolster the local entrepreneurship landscape through meaningful public-private partnerships that create new opportunities for innovation, growth, and active participation in achieving Bahrain's Economic Vision 2030.
Dalal Al Qais, Group Chief Executive Officer of BDB, highlighted that the launch underscores a commitment to supporting Bahraini entrepreneurs and accelerating growth in this vital sector. She emphasized the focus on empowering businesses to expand, innovate, and contribute to Bahrain's sustainable economic development, marking BDB's active role in building an inclusive national economy.
Maha Abdulhamid Mofeez, Chief Executive of Tamkeen, noted that Tamkeen's support for the SME Fund builds on its ongoing efforts to assist SME growth by helping businesses secure necessary financing in collaboration with banking sector partners. This cooperation aims to achieve development goals, enhance productivity, and expand employment for Bahraini talent.
Yaser Alsharifi, Group Chief Executive Officer of BBK, expressed that the support for this Fund aligns with BBK's strategy to empower Bahraini entrepreneurs and facilitate their access to required financing. This initiative contributes to fostering innovation, creating employment opportunities, and advancing economic development in line with Bahrain's Vision 2030.
Usman Ahmed, Group Chief Executive Officer of the NBB, remarked that this fund marks a turning point for Bahrain's entrepreneurial ecosystem. By combining the expertise of financial institutions with national enablers' support, it fosters a foundation for SME growth, crucial for the Kingdom's long-term prosperity.
Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, concluded that their participation in the Fund reflects a dedication to nurturing entrepreneurship and supporting sustainable business growth. The initiative is seen as a step towards fostering a culture of entrepreneurship and strengthening public-private sector collaboration for a more inclusive and diversified economy.
Applications for financing will open on Monday, November 10, 2025, at BDB's headquarters, where a dedicated team will assist business owners. Interested parties may contact 17511000 for more information on the application process.
The Fund underscores public-private collaboration to advance Bahrain's economic diversification goals under Economic Vision 2030. It represents a national milestone in empowering SMEs by equipping them with necessary resources within a competitive environment.
BDB will manage the SME Fund, offering Sharia'a-compliant financing exceeding USD 185 million. With Tamkeen covering up to 50% of the profit rate, the Fund offers repayment terms of up to five years, with simplified application procedures to bridge funding gaps.