Monsha’at Signs MoU with Bahrain’s Tamkeen at Biban24 Forum

Photo : SPA

The Saudi General Authority for Small and Medium Enterprises (Monsha’at) has signed a significant memorandum of understanding (MoU) with Bahrain’s Labor Fund (Tamkeen) at the Biban24 Forum. The agreement was formalized by Sami bin Ibrahim Al-Hussaini, the Governor of Monsha’at, and Maha Mofeez, the Chief Executive of Tamkeen.

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This MoU aims to strengthen the economic, trade, and investment relations between the two countries, focusing primarily on the small and medium enterprise (SME) sector. One of the key areas of collaboration is the Franchise Program, which seeks to facilitate the exchange of franchise brands, enabling local and international growth opportunities for businesses in both nations. This initiative is expected to provide valuable opportunities for local SMEs to expand their presence regionally and globally.

Additionally, the MoU highlights a focus on talent development and capacity building within the SME sector, with particular emphasis on the "Global Practical Training Program." This program is designed to enhance skills by offering international training experiences with leading global companies. The goal is to fast-track professional growth and enhance the operational capabilities of SMEs in both countries.

The agreement also aims to foster deeper collaboration between Monsha’at and Tamkeen in terms of information exchange on policies, measures, and practices that empower SMEs and startups. Both parties will work towards promoting partnerships and investment opportunities, further encouraging collaboration between specialized supporting entities in Saudi Arabia and Bahrain.

This partnership reflects the shared commitment of both nations to enhance the SME sector and to create an environment conducive to innovation, growth, and the development of a strong entrepreneurial ecosystem in the region. The signing of this MoU is seen as a crucial step toward advancing the interests of SMEs and supporting the continued economic diversification efforts in both countries.