The Labour Fund (Tamkeen) signed a new strategic cooperation agreement with the American Industrial Acquisition Corporation (AIAC), a global organization specialized in company turnaround, mergers and acquisitions, private equity, and improving non-performing enterprises as well as enterprises that are performing below their full potential.
AIAC brings decades of turnaround expertise and will provide advisory support as part of Tamkeen’s recently launched program Business Turnaround that aims to empower enterprises to transform their business models in response to major organizational, market, technology and financial challenges and opportunities. The Business Turnaround program is among the 16 programs Tamkeen launched recently as part of an organization-wide strategic transformation plan which focuses on creating greater impact for the national economy in response to market needs.
On this occasion, H.E. Husain Mohamed Rajab, Chief Executive of Tamkeen emphasized Tamkeen’s commitment to empowering enterprises in Bahrain and helping them become key contributors to the national economy. He said “The effect of supporting productivity and sustainability of private sector enterprises will generate positive impact for the national economy, further driving the national priorities outlined in the government’s economic recovery plan.”
He added: “This strategic cooperation with AIAC will provide enterprises eligible for the program with advisory services that include understanding the business performance as well as its potential and a turnaround implementation plan to enhance their business and operation models and optimize them to achieve higher productivity and sustainable growth. The outcome of these services will enable enterprises to get on a path of recovery and growth, enhancing their competitiveness both locally and internationally, and helping them get closer to reaching their full potential.”
The American Industrial Acquisition Corporation boasts over two decades of experience in turning around enterprises and enabling them to survive and thrive. They are practitioners experienced in evaluating underperforming businesses and developing strategies tailored to their needs to enhancing productivity and success.
Commenting on this initiative, Mr. Peter Graham, Managing Director COO, Asia, AIAC, said “We are very impressed with the strategic vision of Bahrain’s government and the mandate of Tamkeen to empower Bahraini individuals and private sector enterprises. It is a great initiative by Tamkeen to tailor programs and build partnerships for enterprises in all sizes and through all their development stages.
AIAC portfolio consists of 78 manufacturing and distribution sites in 24 countries in North America, Europe, and Asia across different sectors such as manufacturing, healthcare and renewable energy. We look forward to deploying our group’s expertise across many sectors with the objective of turning around Bahraini businesses that would contribute significantly to the Kingdom of Bahrain’s economy.”
Earlier this year Tamkeen embarked on a strategic transformation journey that encompassed the entire organization and resulted in the launch of a line-up of objective-driven support programs and a transparent and enhanced assessment process. The new programs were developed following a series of consultation sessions with representatives from various sectors and thus cater to the market requirements. The transformation initiative focuses on creating greater impact for the national economy in response to market needs.
Tamkeen will continue to launch programs and initiatives that serve its main mandate of empowering Bahrainis to become the first choice of employment and enabling private sector enterprises to be key drivers of economic growth.