he Labour Fund “Tamkeen” announced that it has enhanced its cooperation with the Bahrain Economic Development Board (EDB) to attract direct investment opportunities.
Tamkeen signed an agreement with the first aluminum grain refiner in the GCC “Aleastur,” as part of a Tamkeen program which focuses on attracting quality investments to the Kingdom/
The move is in line with the Government’s economic recovery plan centered around key pillars which aim to attract investments, increase employment, and boost the training of local talent in all economic sectors, with a focus on high potential sectors.
This cooperation will create a new milestone in the manufacturing sector, which enhances the Kingdom of Bahrain’s economic position as a global center for advanced and sustainable industries, especially in high-potential sectors like aluminum and manufacturing.
Aleastur, one of the most reputable Spanish factory chains, is located in 11 countries around the world and is responsible for producing high-quality aluminum alloys with multiple uses in various industries. In addition, the company has held strong ties with over 800 international enterprises since 1974.
Many international manufacturing companies have adopted flexibility in their operations to adapt to the changing market conditions that have affected supply chains and have diversified their manufacturing centers by setting up other branches in several regions around the world.
This approach was also implemented by Aleastur Group, which launched its first aluminum grain refiner outside Spain to expand operations in the region, which will aid in tackling the shortage caused by economic and global conditions, in addition to reducing the duration of time and strengthening the regional supply chains of the aluminum industry to nearby markets.
The Bahrain factory is the first in the Gulf region and will contribute to meeting the growing regional and global demand for high quality aluminum products, with the potential to reach an estimated export rate of 87%.
On this occasion, Husain Mohamed Rajab, Chief Executive of the Labor Fund “Tamkeen”, praised the joint efforts of the Ministry of Industry Commerce and Tourism (MOICT), Tamkeen, Mumtalakat, the Bahrain EDB, ALBA and the other institutions forming Team Bahrain that contributed to the implementation and success of this project.
He stressed the importance of supporting all sectors in the economy while focusing on incentivizing high potential sectors, which include manufacturing, for their ability to positively impact the economy and provide sustainable job opportunities for locals.
“This collaboration adds great value to the aluminum manufacturing industry which has been identified as a high-potential sector due to the availability of resources supplied by ALBA, the largest aluminum smelter in the world outside China, as well as solid infrastructure, and a highly skilled local workforce, all of which are aspects that enables Bahrain to meet the growing demand in the Gulf and Middle East region.”, he said.
Aleastur Group CEO Sergio Martínez expressed his gratitude for the cooperation between all partners, saying: “Bahrain holds many great attributes which contributed to our decision to make Bahrain headquarters of the Aleastur plant in the region, including its strategic location at the heart of the Gulf, highly skilled local talent and the availability of a number of trade agreements. We are pleased to be part of Tamkeen’s strategic direction which is derived around creating growth and impact in line with the Kingdom of Bahrain’s vision”.
Tamkeen has supported 3,967 enterprises in the manufacturing industry by providing various solutions in the form of financial grants to purchase machinery and equipment, marketing, and branding, as well as international quality assurance certificates, in addition to providing financing support through partnering with several local banks. Tamkeen was also able to support 7,696 training courses within this industry.
Tamkeen will continue to support enterprises aiming to expand and diversify their operations, which will in turn achieve positive impact in the national economy.
The Labour Fund recently embarked on a comprehensive transformation plan which resulted in launching 16 support programs with the aim of achieving greater economic impact in the national economy.
Tamkeen’s programs were developed after a series of consultative meetings held with representatives from various sectors to identify the current market requirements. These initiatives are in line with Tamkeen’s main objectives centered around making the Bahrainis the employees of choice and making the private sector the engine of economic growth. AHN
