Manama, June 1 (BNA) The Labor Fund “Tamkeen” announced that it has strengthened its cooperation with the Economic Development Board in Bahrain to attract direct investment opportunities.
Tamkeen has signed an agreement with the first aluminum refinery company in the Gulf Cooperation Council (Aleister), as part of the Tamkeen program that focuses on attracting high-quality investments to the Kingdom /
This step is in line with the government’s economic recovery plan that revolves around the main pillars aimed at attracting investments, increasing job opportunities and enhancing the training of local talent in all economic sectors, with a focus on sectors with high potential.
This cooperation will create a new milestone in the manufacturing sector, enhancing Bahrain’s economic position as a global hub for advanced and sustainable industries, particularly in sectors with high potential such as aluminum and manufacturing.
Aleastur, one of the most famous Spanish factory chains, is located in 11 countries around the world and is responsible for the production of high-quality aluminum alloys with multiple uses in various industries. In addition, the company has built strong relationships with more than 800 international companies since 1974.
Many international manufacturing companies have adopted flexibility in their operations to adapt to changing market conditions that have affected supply chains and have diversified their manufacturing centers by establishing other subsidiaries in several regions around the world.
This approach has also been implemented by the Aleastur Group, which launched the first aluminum grain refinery outside Spain to expand its operations in the region, which will help address shortages caused by economic and global conditions, in addition to reducing the lead time and strengthening the regional supply chains of the aluminum industry for neighboring markets.
The Bahrain plant is the first of its kind 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, Hussain Mohammed Rajab, CEO of the Labor Fund “Tamkeen”, praised the joint efforts of the Ministry of Industry, Commerce and Tourism (MOICT), Tamkeen, Mumtalakat, the Bahrain Economic Development Board, Alba, and other institutions that make up the Bahrain team. that contributed to the implementation and success of this project.
He stressed the importance of supporting all sectors in the economy with a focus on stimulating sectors with high potential, which includes manufacturing, for their ability to positively impact the economy and provide sustainable job opportunities for citizens.
This collaboration adds significant value to the aluminum manufacturing industry which has been identified as a high potential sector due to the availability of resources provided by ALBA, the world’s largest aluminum smelter outside of China, as well as a strong infrastructure, and a skilled local workforce, all aspects that enable Bahrain to meet the growing demand. in the Gulf region and the Middle East.
Aleastur Group CEO, Sergio Martinez, expressed his gratitude for the cooperation between all the partners, saying: “Bahrain has many great attributes that contributed to our decision to make Bahrain the home of the Aleastur factory in the region, including its strategic location in the heart of the Gulf. High local talent Skill and availability of a number of commercial agreements. We are pleased to be part of Tamkeen’s strategic direction which is centered around creating growth and impact in line with the vision of the Kingdom of Bahrain.”
Tamkeen has supported 3,967 enterprises in the manufacturing industry by providing various solutions in the form of financial grants for the purchase of machinery and equipment, marketing, and brands, as well as international quality assurance certificates, in addition to providing financial support through partnership with several local banks. . Tamkeen has also been able to support 7,696 training courses in this industry.
Tamkeen will continue to support institutions aiming to expand and diversify their operations, which in turn will have a positive impact on the national economy.
The Labor Fund recently embarked on a comprehensive transformation plan that resulted in the launch of 16 support programs with the aim of achieving a greater economic impact on the national economy.
Tamkeen’s programs were developed after a series of consultative meetings held with representatives from various sectors to get acquainted with the current market requirements. These initiatives are in line with Tamkeen’s main goals of making Bahrainis the employees of choice and making the private sector the engine of economic growth.