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The Small and Medium Enterprises (SME) Development Board in Bahrain has initiated a national survey targeting private sector institutions.
This initiative aims to assess opportunities and challenges across economic sectors, providing valuable insights to shape national strategies that strengthen the role of SMEs in fostering economic growth.
Industry and Commerce Minister and SME Development Board chairman Abdulla bin Adel Fakhro emphasised the board’s commitment to establishing Bahrain as a leading hub for startups and SMEs.
He highlighted the importance of creating a conducive environment for these enterprises to thrive, noting that strategic development plans should be based on comprehensive insights from the private sector regarding the opportunities and challenges they encounter at different growth stages.
Minister Fakhro also highlighted that the board is committed to formulating promising developmental strategies aimed at enhancing the growth and competitiveness of SMEs locally, regionally, and internationally.
The board aims to increase the contribution of these enterprises to the gross domestic product, boost exports, and create quality employment opportunities for the national workforce, aligning with Bahrain’s economic objectives.
He underscored the board’s commitment to advancing SMEs through innovative initiatives and programs that adhere to global best practices, aiming to improve their performance and have a positive impact on the national economy.
This initiative aligns with Bahrain’s Economic Recovery Plan (2022-2026), which includes 43 initiatives focused on SME development. The plan is a collaborative effort involving the Economic Development Board (EDB), the Labour Fund (Tamkeen), Bahrain Development Bank (BDB), the Youth Affairs Ministry, and the Tender Board. These stakeholders work together to create a supportive ecosystem for SMEs, recognising their pivotal role in economic diversification and job creation.
Currently, SMEs constitute approximately 93 per cent of Bahrain’s commercial establishments, with 81pc being Bahraini-owned, 39pc owned by women, and 23pc by youth. This significant presence underscores the importance of targeted initiatives to support and enhance the SME sector’s contribution to the national economy.
The national survey represents a strategic step towards understanding and addressing the specific needs of SMEs, ensuring their growth and sustainability within Bahrain’s evolving economic landscape.
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