As part of its objective to deliver accessible business support services to Bahrain’s private sector enterprises across all sectors, Tamkeen has stepped up its support of Bahrain’s real estate and property development sector by backing six Bahraini firms in the Bahrain Real Estate Exhibition (BaPDEX 2012).
The first exhibition of its kind in Bahrain dedicated to Bahraini Developers and Bahraini Projects, the six-day event which took place recently at Seef Mall was organised by the Bahrain Property Development Association (BaPDA) under the patronage of the Deputy Prime Minister of the Kingdom of Bahrain, Shaikh Khalid Bin Abdulla Al Khalifa.
Tamkeen’s support initiative is a reflective of its efforts to uplift this vital sector which has seen significant decline reaching to up to 2.2 % growth rate during the year 2011 but began to recover gradually due to government injection of funds and investments and expectations of higher growth rates (3.5 % in 2012 ) according to latest projections issued by Standard & Poor’s.
The participating firms benefited from Tamkeen’s “Tarweej” scheme, one of the many support schemes under Tamkeen’s Enterprise Development Support Programme which was designed to enhance the productivity and growth of private sector enterprises. “Tarweej” specifically seeks to encourage Bahraini enterprises to showcase their products and services at leading local, regional and international trade fairs and exhibitions.
The event was an ideal platform for leading local, regional and international names in the Housing sector including manufacturers, suppliers, service providers to showcase their projects and services to visitors.
Dr. Hassan Al Bastaki, Managing Director of Manara Developments, a leading Bahraini real estate development company participating in BaPDEX 2012 hailed the support extended by Tamkeen, commenting, “Tamkeen’s support to Manara and other pioneering Bahraini real estate firms in this successful event is a welcome gesture that reflects Tamkeen’s active commitment towards supporting the growth and development of the real estate sector in Bahrain in line with Bahrain’s Economic vision 2030.”
Ali Isa Alghasra, Business Manager at Reef Real Estate Finance noted that the event’s unique location in Seef Mall enabled exhibitors to attract a wide range of visitors interested in keeping to date with the latest products and developments in this vital sector.
Tamkeen’s Private Sector Support Senior Manager, Mohammed Bucheery said commenting on the event “As Bahrain’s property industry continues to face a number of challenges in its efforts towards recovery, Tamkeen recognises its vital role in supporting and enabling this emerging sector in proactive partnership with service providers and industry experts to ensure its recovery and rapid development reinforcing Bahrain’s sterling reputation as a cosmopolitan, business-friendly and progressive nation.”
Since its launch in 2009, nearly 800 companies have benefited from Tamkeen’s support through the Tarweej scheme, through which Tamkeen contributes up to 80% of the cost of registration fees and design and production of display stands. Travel, accommodation, and shipping are also covered for events which are held abroad.