Manama: The Labour Fund (Tamkeen) has announced its support for Gulf Singapore Bank (SGB), a digital bank backed by Bahrain's Sovereign Wealth Fund, Mumtalakat, and the privately held investment group Whampoa Group. This initiative aims to enhance the employment of skilled Bahraini professionals in high-value positions within the financial services sector and assist the bank in launching its operations in Bahrain.
According to Bahrain News Agency, this support aligns with Tamkeen's strategic priorities for 2025. These priorities focus on enhancing the position and competitiveness of Bahrainis in the private sector, equipping them with suitable skills for career development, prioritizing enterprise growth, digitization, and sustainability, and supporting the development of the ecosystem surrounding the labor market and private sector.
Maha Abdulhameed Mofeez, Chief Executive of Tamkeen, reaffirmed the organization's commitment to supporting the employment of national talent in rewarding roles across key economic sectors. The financial services sector, being the largest non-oil contributor to Bahrain's economy, accounted for 17.7% of the GDP in Q3 2024. "Tamkeen's support will lead to the employment of over 70 Bahrainis at Singapore Gulf Bank, forming the majority of the bank's workforce, and this initiative will provide Bahrainis with exceptional opportunities to gain world-class experience and explore career growth and development opportunities," she stated.
Aureole Foong, Co-CEO of Singapore Gulf Bank, expressed delight in employing qualified Bahraini talent, stating it would aid in efficiently launching and operating their services while maintaining high-quality standards. "We will contribute to Bahrain's economy by upskilling local talent and strengthening the banking and financial sector with innovative solutions," he added.
Singapore Gulf Bank will offer comprehensive digital banking services to its corporate clients in the digital economy, enabling them to manage both traditional and digital assets on a single platform. The bank will also provide global clients with remote digital onboarding solutions.
Tamkeen offers a range of programs aimed at supporting the employment and career development of national talent, with the goal of making Bahrainis the preferred choice for employment and positioning the private sector as the engine of economic growth in the Kingdom.