US$ 75 million investment in Bahraini skills training
Skilled workforce top of agenda as Bahrain follows ambitious plans for growth
Bahrain - The Labour Fund’s Human Capital Development (HCD) initiatives have, to date, invested in excess of US$75 million (BD28 million) to provide over 11,000 Bahraini nationals with world class training over the next four years. The initiatives extend to improving the skills of nationals entering the labour market as well as existing employees.
The initiatives are designed to address challenges in the labour market and improve the employability and careers of Bahrainis in the private sector, as well as upgrading the skills of existing employees in order to improve productivity. Bahrain continues to attract foreign direct investment, drawn by Bahrain’s strategic location as a commercial hub in the Gulf, its open, transparent and liberal economy, as well as its well-integrated, tolerant and hospitable lifestyle. Satisfying the demand for an educated, skilled and diversified workforce is an important part to economic growth and success for Bahrain-based multinational companies.
Shaikh Mohammed bin Essa Mohammed Al Khalifa, Chief Executive of the Bahrain Economic Development Board commented: "The Economic Development Board (EDB) understands that creating the right employment pool is important for national and international companies alike. As such, the EDB has put into place the initiatives and organisations necessary to be prepared for the changing labour demands. Bahrain aims to be best positioned to address the shortage of skilled labour, a global problem and particularly relevant in the GCC where we have seen phenomenal growth over the last five years.”
To gather the data needed to map out the future strategies, The HCD initiative has commissioned a Skills Gaps study of the job market in Bahrain, one of the most comprehensive ever undertaken.
The Minister of State for Foreign Affairs and Chairman of the Labour Fund H.E. Dr. Nezar bin Sadiq Al Baharna said: "We believe that this will identify future areas of growth, employment potential and above all, highlight the kingdom's economic development in the years ahead."
The portfolio of investments includes numerous projects under Skills Gaps Training, Career Progression Programme, Talent Management Programme, as well as initiatives based on market needs. The areas of training include: healthcare, financial services, professional services and information and communications technology.
The HCD initiative actively supports various private sector organisations through financing training, and various training and employment agreements to meet the respective needs of the organisations and investors in the private sector
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About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic Government agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics and health, education and training.
More information on the Bahrain EDB is available on the Bahrain’s EDB’s website on www.bahrainedb.com
EDB Mission Statement
Our mission is to grow and diversify Bahrain’s economy by developing a strategy that supports the advancement of a modern and liberalized business environment, encourages inward investment and enables us to compete in the global marketplace.
We are dedicated to raising living standards by creating greater opportunities for our citizens and to make Bahrain the Gulf’s most welcoming, business friendly location. We will accomplish these goals by working in partnership with the public and private sectors, and by being passionate, professional and innovative in all that we do.
For more information, please contact:
Maria Mansfeld
T: 020 7067 0464
E: mmansfeld@webershandwick.com
The Labour Fund
The Kingdom of Bahrain has taken vital steps towards a labour market reform which is an essential stride to ensure that the human capital of the country is developed and that employment is made more attractive for localization as well as to improve performances of businesses. The strive towards labour reform will impact the Kingdom’s economy and raise standards of living as well as pose a challenging commitment to the improvement of services in Bahrain.
The Labour Fund is a semi-autonomous yet independent authority which formulates strategic and operational plans to use the fees collected by the LMRA in order to enhance the overall prosperity of Bahrain by investing in Bahraini employability, job creation, and social support. Hence, the Labour Fund's main objectives are (i) to support Bahrainis to become the employees of choice, and (ii) to support high quality private sector job creation and helping the private sector cope with the impact of labour market reform.
To achieve these objectives, the LF will invest (i) in the cost and quality competitiveness of Bahrainis (e.g., reduction of cost of employing Bahrainis relative to expatriates, investment in skills and work ethic development programs of Bahrainis) and tackle employment barriers on both employer and labour market entrants sides through a combination of financial incentives and capability building, and (ii) in supporting the private sector's adjustment to new cost structures by providing access to capital to alleviate short-term cash constraints or improve productivity, and in know-how initiatives that support improvements in productivity and decreased reliance on expatriate labour through spreading management and technical knowledge.
For Media Enquiries, you may contact:
Ms. Hala A. Suleiman
Marketing Communications Manager
Labour Fund
Kingdom of Bahrain
Tel 17568850/17568851
Fax 17581801
email info@lf.bh