MANAMA: Bahrain Bourse (BHB) and Flat6labs have signed an agreement for joint action in developing an entrepreneurship culture in Bahrain, specifically in relation to the upcoming Bahrain Investment Market (BIM).
The agreement was signed by BHB chief executive Shaikh Khalifa bin Ebrahim Al Khalifa, Flat6Labs Bahrain chairwoman Sabah Al Moayed and Flat6Labs co-founder Hany El Sonbaty.
The signing ceremony also featured Mr El Sonbaty ringing the bell to commence the day’s trading session.
Under the agreement, both entities will work together for the development of an ecosystem for the growth of companies in Bahrain.
Through BIM, BHB seeks to help small and medium enterprises (SMEs) meet their financing requirements.
“This is part of the government’s efforts in supporting the SMEs sector in a way that will contribute to the economic growth in order to create more job opportunities for citizens, create wealth, and increase productivity,” said Shaikh Khalifa.
BIM initiates the process of a holistic ecosystem for entrepreneurs to thrive with accelerator programmes such as Flat6Labs.
The ecosystem will also enable entrepreneurs to benefit from industry experts in the form of bootcamps, mentoring and training.
Flat6Labs is a regional start-up accelerator programme that fosters and invests in bright and passionate entrepreneurs with cutting-edge ideas.
It provides seed funding, strategic mentorship, a creative workspace, a multitude of perks, entrepreneurship-focused business training, and directly supports start-ups through an expansive network of partner entities, mentors and investors.
Meanwhile, in a separate announcement, BHB said it plans to establish a new company to provide services in the areas of settlement, depository of securities, custodians, and other services to companies, investors, and other related parties.
Bahrain Clear Company will be established with an issued capital of BD5 million ($13.1m) and a paid-up capital of BD1m ($2.6m).
The announcement was made at the BHB board’s meeting under the chairmanship of Abdulkareem Ahmed Bucheeri.
During the meeting, the board also nominated the new members and executive management of the company.
The members, who were briefed on BHB’s strategic plan for 2016-2020, agreed to focus on key actions that go in line with the vision in the upcoming period.
The board also approved the financial results for the year ended December 2016 as well as the recommendation to the shareholder to re-appoint the auditor.
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