Manama: The Mastercard Center for Inclusive Growth and Bahrain's Labour Fund, Tamkeen, have announced a strategic partnership to launch the first STRIVE Centre in the Middle East. This collaboration aims to enhance financial and digital readiness for Small and Medium Enterprises (SMEs) in Bahrain.
According to Bahrain News Agency, the partnership will introduce Mastercard's flagship small business program, Mastercard Strive, to Bahrain. This initiative will provide SMEs with the necessary tools to operate more efficiently, thereby supporting local economic growth and development. The collaboration seeks to create a scalable model to drive inclusive economic growth, empower local businesses, and strengthen Bahrain's private sector.
During the Global Inclusive Growth Summit, Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, emphasized the importance of equipping SMEs with the tools and opportunities needed for growth. He noted that Bahrain has consistently focused on fostering a supportive environment for SMEs, and the partnership with Mastercard will further aid in adopting financial and digital solutions to enhance productivity.
Shaikh Salman bin Khalifa highlighted that the partnership aligns with the directives of His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa to implement initiatives that support national development. This includes a plan to train 50,000 Bahrainis in artificial intelligence skills by 2030, enhancing the competitiveness of Bahraini citizens in the private sector.
Maha Abdulhameed Mofeez, Chief Executive of Tamkeen, described the partnership as crucial for helping Bahraini SMEs leverage financial and digital tools to enhance growth and competitiveness. She stated that this collaboration supports Tamkeen's goals, enabling SMEs to adopt digital transformation and strengthen their businesses.
The initiative aligns with Tamkeen's strategic priorities for 2025, focusing on enhancing the competitiveness of Bahrainis, driving enterprise growth, and building a sustainable ecosystem for the labour market and private sector. According to the Bahrain 2023 Economic Report, SMEs make up 93% of enterprises in Bahrain, contributing significantly to exports and employment.
Since its inception in 2020, Mastercard Strive has supported small businesses globally, empowering them to thrive in the digital economy. As of December 2023, the program has reached over 12 million small businesses, providing tools to enhance financial security and economic mobility.
Shamina Singh, Founder and President of Mastercard's Centre for Inclusive Growth, stated that small businesses are a driving force of the global economy. Through Mastercard STRIVE, the Centre looks forward to partnering with Bahrain and Tamkeen to support Bahrainis in building financial and digital skills.