Main points on the agenda included a review of the Q4 2012 Chief Executive report, 2012 financial statements, organisational restructuring plan, as well as future plans for a number of current flagship projects.
The financial statements showed that fee income decreased significantly in 2012 compared to the last two years. Fee income earned in 2012 amounted to BD29 million, a 34% drop from the previous year. This drop is due to the continued freeze on LMRA expatriate labour fees since April 2011, and the decrease of Tamkeen’s share of the LMRA fees from 80% to 50% in October 2011. LMRA fees are Tamkeen’s sole source of income.
Despite the decline in income, Tamkeen significantly increased its support of Bahrainis and enterprises by 87%, with total support amount for 2012 reaching BD 46 million. Of this total, Human Capital Development projects’ expenses totaled just over BD 16.5 million, or 36% of total project expenses, while over 29.5 million were spent on Private Sector Support projects equaling 64% of total project expenses in 2012.
Tamkeen also continued to pay the unemployment insurance subscriptions on behalf of the private sector employers, a sum which reached BD 15.5 million in 2012.
With regards to enterprises, Tamkeen launched 47 Private Sector Support targetting 30,200 enterprises. More than 18,600 enterprises benefited from the private sector support programmes during 2012 alone. Moreover, Tamkeen successfully added BD 50 million to the Enterprise Financing Scheme which provides low-cost loans to the private sector, thereby raising the scheme’s portfolio value to BD 199.5 million by the end of 2012.
As per the 2012 management report, a total of 24 new Human Capital Development programmes were launched in 2012 alone enrolling 15,000 Bahrainis, bringing the total number of Bahrainis who have completed or enrolled in these programmes to more than 56,000. Furthermore, over 1,150 Bahrainis found jobs through the various training and human capital development programmes. Tamkeen’s Human Capital Development Programmes are targeting more than 100,000 Bahrainis.
In addition to reviewing the financial reports and progress reports, Tamkeen’s Board members also placed the utmost priority on the aviation sector training programmes Tamkeen offers, with board members keen to address the issues of the graduates who have not found employment following the schemes due to the liquidation of Gulf Technics and restructuring of Gulf Air.
“The Board acknowledges that there are certain challenges faced by the aviation industry which has unfortunately left some graduates without employment and trainees unable to complete their training,” said HE Shaikh Mohammed bin Essa Al Khalifa, Chairman of Tamkeen. “However, stemming from our role as an enabler and partner for development of the private sector, we are making every effort to stand by and assist the trainees and graduates and provide them with suitable alternative solutions.”
“Negotiations are underway with various regional airline organisations to find placements. Bearing in mind the market conditions, we found it necessary to focus our efforts on supporting the trainees who wish to complete their graduation requirements to become qualified under international standards which will enable them to find job opportunities in Bahrain or other markets,” Shaikh Mohammed, added.
“Tamkeen is here for the development of the private sector and are committed to making it the driver of economic development in line with Bahrain’s Economic Vision, and as such we will continue to communicate to all trainees to identify other opportunities with Tamkeen which could lead to their successful employment in Bahrain,” Shaikh Mohammed said.
Tamkeen’s Chairman Shaikh Mohammed bin Essa Al Khalifa commended the executive management team for their commitment to maximising Tamkeen’s available resources to ensure long-term sustainable development. The Chairman also stressed the need to continue working closely with all relevant organisations to ensure the continuous alignment of Tamkeen’s support programmes with the needs of the private sector.
The Tamkeen Board of Directors consists of 9 members representing the organisations which spearhead the development of the private sector, with 3 members representing the public sector and 6 the private sector divided as follows: Government (Sh. Mohammed bin Essa Al Khalifa and Abdulellah Al-Qassimi), Economic Development Board Dr. Zakaria Hejres, Bahrain Chamber of Commerce and Industry Khalid Al-Amin, Isa Abdulrahim, and Kadhim Al Saeed, General Federation of Bahrain Trade Unions Sayyid Salman Mahfoodh and Mohammed Abdulrahman and Bahrain Association of Banks Abdulkarim Bucheery.