Dalal Al-Ghais: Launching a $185 million growth fund to empower small and medium-sized companies

Heba Mohsen

Bahrain Development Bank CEO Dalal Al Ghais confirmed that the bank continues its vital role in strengthening the system of supporting small and medium enterprises by launching innovative financing initiatives, most notably the Growth Fund, which was launched last November 3 with a value of $185 million, and is fully allocated to enable companies to expand inside and outside Bahrain.

Al-Ghais explained that the bank provides advanced digital banking solutions, including opening current accounts within minutes via the electronic platform with a 3.5% profit return on deposits, in addition to financing programs compatible with Islamic law in cooperation with the Labor Fund (Tamkeen), which provides support of up to 50% to reduce the financial burdens on entrepreneurs, stressing the importance of institutions benefiting from the system of available services to ensure their growth and sustainability.

This came during a special symposium entitled: “Empowering the Entrepreneurship System and Small and Medium Enterprises in the Kingdom of Bahrain” organized by the Bahrain Development Bank (BDB) yesterday morning in the Majlis Hall at the Bahrain Chamber of Commerce and Industry in cooperation with the Chamber and the Small and Medium Enterprises Development Association, with the aim of highlighting the financing solutions and offers provided by the Bahrain Development Bank, including the Small and Medium Enterprises Support Fund.

The event was attended by the CEO of the Bahrain Development Bank, Dalal Al-Ghais, the Deputy Financial Secretary and Head of the Coordinating Group of Sectoral Committees in the Chamber, Walid Kanoo, the President of the Bahrain Small and Medium Enterprises Association, Ahmed Al-Salloum, and a member of the Chamber’s Industry and Energy Committee, Mohammed Al-Aali.

At the beginning of the symposium, Dalal Al Ghais confirmed that the Bahrain Development Bank works within an integrated system with various partners, including the Bahrain Chamber and the Ministry of Commerce and Industry, to support the small and medium enterprises sector and enhance its role in the national economy. She announced the launch of a new initiative aimed at empowering small and medium-sized companies, explaining that the symposium is based on two main axes: empowering entrepreneurs and providing innovative banking and financing solutions.

Al-Ghais explained that the bank plays a pivotal role in providing advanced financing tools that meet the growing needs of small and medium enterprises, noting that the Growth Fund for Small and Medium Enterprises, which was launched on November 3, allocated $185 million with the aim of supporting the expansion of these companies locally and abroad, and creating new opportunities for growth in promising sectors.

She added that the bank’s role is not limited to traditional financing, but rather includes providing integrated digital banking services, including opening current accounts instantly within minutes via the electronic platform, and benefiting from a 3.5% profit return on deposits, which enhances the ability to manage financial flows with greater flexibility. It also confirmed the availability of financing solutions compatible with Islamic Sharia, in cooperation with the Labor Fund (Tamkeen), which provides support of up to 50% to reduce the financial burdens on entrepreneurs.

Al-Ghais stressed the importance of investing in all the advantages offered within the bank’s system, calling on entrepreneurs and small and medium enterprises to seize the financing opportunities and banking services available for growth and expansion.

For his part, Deputy Financial Secretary and Head of the Coordinating Group of Sector Committees at the Bahrain Chamber of Commerce and Industry, Walid Kanoo, confirmed that the vision of the Chamber’s Board of Directors is based on supporting and developing the small, medium and micro enterprises sector, which represents about 98% of the total establishments in the Kingdom. He explained that this sector constitutes the backbone of the national economy and a major source of job generation, which necessitates strengthening programs and initiatives that ensure its sustainability.

Kanoo pointed out that the Chamber continues its active role in empowering entrepreneurs and small merchants through strategic initiatives, most notably the “Jadara” Award and the “Jadara Hackathon,” which aim to encourage innovation and honor distinguished practices, in addition to the distinguished support path that provides specialized consulting services to restructure institutions and support their ability to overcome challenges. The Chamber also issued the “Take Off” booklet to be a comprehensive guide to programs and supporting entities in the Kingdom, and to promote the culture of entrepreneurship on strong and sustainable foundations.

In turn, the President of the Small and Medium Enterprises Association, Ahmed Al-Salloum, stressed the importance of the vital role that these institutions play in supporting the national economy, noting that the symposium comes to shed light on government initiatives and services provided by various agencies to enhance the growth of this sector. He said that the services provided by the Kingdom are not limited to financing, but also include social care services, incubation programs, as well as agricultural incubators that contribute to enhancing food security and the vital economy.

Al-Salloum pointed out that during the symposium the speakers presented insights and personal experiences on how to transform challenges into success stories, stressing that the will and ability to confront obstacles are among the most important factors for the success of entrepreneurs. He stressed the importance of selecting the appropriate individuals to benefit from the financing programs supported by four local banks, noting that awareness of how to invest these resources is an essential key to achieving added value.

In the same context, Chairman of the Energy Committee of the Chamber, Farid Badr, explained that organizing such events comes within the framework of the Chamber’s keenness to raise the level of awareness among entrepreneurs regarding the available financing opportunities, stressing that the issue of financing is still one of the most prominent challenges facing small and medium enterprises, according to studies.

He said that obtaining funding is not the goal in itself, but rather requires additional support in the form of professional guidance and developing the readiness of work teams.

Badr added that financing must be used in a correct and thoughtful manner, whether in expanding manufacturing or enhancing export opportunities that represent added value to institutions. He thanked all the participants in the symposium, stressing the importance of united national efforts to support small and medium enterprises and enable them to compete at the local and global levels.