Manama: Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of the Board of Bahrain Mumtalakat Holding Company, attended the Startup of the Year competition awards ceremony in its second edition. The event was held in the presence of Abdulla bin Adel Fakhro, Minister of Industry and Commerce; Khalid Ibrahim Humaidan, Governor of the Central Bank of Bahrain; and Shaikh Abdullah bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, alongside several senior officials.
According to Bahrain News Agency, the event underscored the significant role of the private sector in advancing economic development and creating opportunities for Bahraini citizens. The contributions of entrepreneurs enhance Bahrain's global competitiveness in entrepreneurship through innovative ventures. Shaikh Salman reiterated Bahrain's efforts to foster a supportive environment for entrepreneurship, backed by programmes that help emerging enterprises grow and compete. These efforts are part of the comprehensive development process under the leadership of His Majesty King Hamad bin Isa Al Khalifa and the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
Shaikh Salman highlighted the strategic role of the Labour Fund (Tamkeen) in promoting employment, training, career progression, and entrepreneurship through targeted initiatives, in line with the directives of His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa, Minister of the Prime Minister's Court and Chairman of the Board of Directors of Tamkeen.
The winners of the competition, 'Procural' and 'Parcel', were recognised for their contributions to Bahrain's entrepreneurial landscape. This initiative supports high-potential Bahraini ventures, empowering entrepreneurs to drive economic growth and diversify income sources. The competition is one of several initiatives aimed at supporting innovation and encouraging startups to scale and compete regionally and internationally.
Shaikh Abdullah bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, stated that the company's objective is to invest in promising local ventures that contribute to national economic growth and strengthen Bahrain's position as a regional and international centre for innovation and entrepreneurship. These investments also support the creation of quality jobs for Bahraini talent.
Maha Abdulhameed Mofeez, Chief Executive of Tamkeen, reiterated the fund's commitment to supporting startups as key contributors to the national economy. She highlighted Tamkeen's role in providing opportunities and tailored support to help Bahraini ventures grow, achieve sustainability, and increase their capacity to generate employment for local talent.
The partnership between Mumtalakat and Tamkeen to support the Startup of the Year initiative aligns with Tamkeen's 2025 strategic priorities, which include empowering Bahraini nationals, enhancing competitiveness in the private sector, and supporting business growth, digitisation, and sustainability.
Procural, a Bahrain-based cloud platform for commercial tenders, streamlines procurement by connecting buyers with a network of suppliers. Parcel is a delivery platform offering logistics solutions to households and small businesses across the Kingdom.
Now in its second year, the Startup of the Year competition is jointly organised by Mumtalakat and Tamkeen. The two winning companies will receive direct investment from Mumtalakat to accelerate their growth. The competition is part of a broader initiative that included startups with top placements in last year's 'Startup Bahrain' rounds, which featured pitches to panels of experts, investors, and specialists. These rounds included training programmes to help participants refine their pitches and receive mentorship, increasing their chances of securing investment.