Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of Bahrain Mumtalakat Holding Company (Mumtalakat), attended the awards ceremony of the "Startup of the Year" competition, organised for the third consecutive year through a partnership between Mumtalakat, the Kingdom of Bahrain’s sovereign wealth fund, and the Labour Fund (Tamkeen).
During the ceremony, DOO and Tanami were announced as the winners.
Shaikh Salman bin Khalifa affirmed that Bahrain continues to strengthen its status as a hub for ideas and entrepreneurship and emphasised the critical role that innovation plays in advancing the national economy towards greater prosperity and development.
He noted the various national schemes and initiatives that help to foster the growth of start-ups in Bahrain. These efforts contribute to creating promising opportunities for citizens and advancing the objectives of the Kingdom's comprehensive development, led by His Majesty King Hamad bin Isa Al Khalifa and supported by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
He underscored the role of Tamkeen, chaired by His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa, Minister of the Prime Minister’s Court and Chairman of the Board of Directors of Tamkeen, in strengthening the entrepreneurship ecosystem and supporting the growth of private sector enterprises.
He recognised Tamkeen's commitment to delivering initiatives and programmes aimed at empowering start-ups, developing national talent, and enhancing employment and training opportunities, thereby investing in the sustainable growth of these enterprises and increasing their contributions to the Kingdom’s economy.
He also commended the role of the private sector and Bahrain’s youth in delivering innovative, high-impact projects that enhance the Kingdom’s global economic competitiveness. He noted that continued cooperation between Tamkeen and Mumtalakat reflects a shared commitment to creating an enabling investment environment for start-ups and affirmed that turning promising ideas into investments and lasting success stories is key to diversifying income sources, creating quality opportunities for citizens and driving economic development.
On this occasion, Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, said: "At Mumtalakat, we are committed to investing in promising Bahraini ventures with strong growth and expansion potential, supporting sustainable economic development and strengthening the Kingdom’s innovation and entrepreneurship ecosystem. Our collaboration with Tamkeen reflects our shared vision of supporting the ambition and creativity of Bahraini entrepreneurs. Mumtalakat has worked alongside winning ventures as an active partner in growth, as demonstrated by the tangible results achieved by these companies. This reaffirms that our role extends beyond the provision of funding to include sharing expertise and leveraging partnerships across our portfolio to create real value and enable companies to grow, expand, and compete both locally and regionally."
For her part, Maha Abdulhameed Mofeez, Chief Executive of Tamkeen, emphasised that building an innovation-driven economy requires a comprehensive ecosystem that goes beyond nurturing promising ideas and enables start-ups to evolve into scalable, investable, and competitive businesses. She added: "The "Startup of the Year" competition serves as a practical platform that connects entrepreneurial talent with the capital, expertise, and opportunities needed to scale, thereby enhancing the contribution of start-ups to economic diversification and private sector growth. Our collaboration with Mumtalakat represents a model of national partnership that aligns support with high-potential ventures and transforms Bahraini innovation into sustainable economic value and success stories capable of expanding from Bahrain into wider markets."
The "Startup of the Year" competition underscores the commitment of Mumtalakat and Tamkeen to creating a national culture of innovation and entrepreneurship. By supporting high-potential start-ups and drawing on shared expertise and resources within Team Bahrain, the partnership aims to create an enabling business environment that helps Bahraini enterprises grow and expand both locally and globally.
The competition supports entrepreneurs and gives start-ups greater access to investment and scaling opportunities. Mumtalakat assesses the commercial viability of start-ups identified through previous StartUp Bahrain Pitch editions and selects the most promising candidates to compete for the "Startup of the Year" title. Winners have the opportunity to secure direct equity investment from Mumtalakat, subject to applicable terms and conditions.
The first two editions assessed 30 promising start-ups from the StartUp Bahrain Pitch competitions, with four winners securing the opportunity to receive investment from Mumtalakat. The initiative aims to empower start-ups to contribute to economic growth and income diversification, fostering innovation and creating sustainable value that supports private sector growth.