The Mastercard Center for Inclusive Growth and the Kingdom of Bahrain’s Labour Fund (Tamkeen) announced a landmark strategic partnership to explore projects that promote financial and digital readiness for Small and Medium Enterprises (SMEs) in the Kingdom of Bahrain.

The partnership will bring the centre’s flagship small business program, Mastercard Strive, to Bahrain so SMEs can operate more efficiently through financial and digital tools.

A first of its kind, the partnership aims to create a scalable model of collaboration between the Kingdom and the centre to drive inclusive economic growth in the country, empower local small businesses and entrepreneurs, and strengthen the Kingdom’s private sector as a key driver of national development.

This partnership marks a significant step in the region, as Bahrain will house the first Mastercard Strive Project in the Middle East. Through the partnership, both organisations will enhance the robust network and ecosystem of resources to drive impactful change and support for SMEs while helping foster and create financial and digital resilience and economic opportunity in the region.

Speaking during his keynote address at the Global Inclusive Growth Summit (GIGS), Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, highlighted the importance of providing SMEs with the tools and opportunities needed to grow, given their key role in the national economy. He noted that Bahrain has long focused on creating a supportive environment for SMEs, and that the partnership with Mastercard will help them adopt financial and digital solutions to enhance operations and boost productivity.

Shaikh Salman bin Khalifa added that the partnership aligns with the directives of His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa, Chairman of the Board of Trustees of the Isa bin Salman Educational Charitable Trust and Chairman of the Labour Fund (Tamkeen), to implement several new initiatives and updates to support programmes. These include launching a first-of-its-kind plan to train 50,000 Bahrainis in artificial intelligence skills by 2030, supporting this year’s strategic goals to strengthen the position and competitiveness of Bahraini citizens in the private sector and equip them with the skills needed for career development.

Shaikh Salman bin Khalifa also highlighted that the partnership reflects a commitment to prioritising institutional growth, digitisation, and sustainability, while supporting the broader ecosystem to improve the effectiveness of the labour market and the private sector, contributing to economic impact and sustainable development.

Maha Abdulhameed Mofeez, Chief Executive of the Labour Fund (Tamkeen), described the partnership as a key step in helping SMEs in Bahrain use financial and digital tools to boost their growth and competitiveness. She said the collaboration with Mastercard supports one of Tamkeen’s main goals, as the solutions offered through Mastercard STRIVE will enable Bahraini SMEs to adopt digital transformation and strengthen their businesses with expert guidance to reach their full potential.

This initiative aligns with Tamkeen’s strategic priorities for 2025, which aim to enhance the competitiveness of Bahrainis in the private sector, equip the national workforce with future-ready skills, drive enterprise growth and digitalisation, and build a sustainable ecosystem that supports the development of both the labour market and private sector.

According to the Bahrain 2023 Economic Report, SMEs constituted 93% of all enterprises in the Kingdom of Bahrain. Of these, 79% are owned by Bahrainis, 40% are owned by women, and 25% are owned by young entrepreneurs. In 2023, SMEs contributed 10% of Bahrain’s total exports and employed over 44,000 Bahraini nationals.

Since 2020, Mastercard Strive has supported small businesses worldwide to thrive in the digital economy. In markets and regions around the world, the programme empowers small businesses to acquire capital, go digital and grow their networks and expertise, all to build stronger communities and create more economic opportunities. As of December 2023, Mastercard Strive reached more than 12 million small businesses with support and tools to increase their financial security and economic mobility.

Shamina Singh, Founder and President of Mastercard’s Centre for Inclusive Growth, stated that small businesses have long been recognised as a driving force of the global economy, contributing to community growth and opportunity. She added that through Mastercard STRIVE, the Centre looks forward to partnering with the Kingdom of Bahrain and Tamkeen to support Bahrainis in the private sector and help them build financial and digital skills.