In line with the objectives of the Economic Recovery Plan and the Labour Fund “Tamkeen’s” strategic direction to support local expansion, boost productivity, and incentivize key economic sectors, Tamkeen announced its support for YAS Factory’s expansion, which will employ 40 Bahrainis and increase factory production, expanding exports in the region.
Since 2012, YAS Holding has operated through its subsidiaries, including The Closets International and Yas Factory with showrooms located across the Gulf region. The company specializes in designing, manufacturing, and distributing wooden furniture using premium raw materials. The new production line is expected to reduce raw material imports, increase employment of Bahraini talent to 40 additional employees, and raise its export capacity to neighboring markets.
Tamkeen’s support for YAS Factory is in line with the Industrial Sector Strategy (2022-2026) which was announced as part of the Kingdom’s Economic Recovery Plan, and aims to increase the contribution of the industrial sector to the national GDP, as well as increase industrial local exports and create quality job opportunities for the national workforce. The manufacturing sector contributed to approximately 14% of Bahrain’s real GDP in 2021, making it the second largest non-oil sector. The sector is also the third largest employer in the labor market, employing 11% of the total workforce in the private sector.
On this occasion, Ms. Maha Mofeez, Acting Chief Executive of the Labour Fund “Tamkeen” emphasized the importance of supporting enterprises in the manufacturing sector, saying: “supporting local enterprises in the rapidly growing manufacturing sector creates high value sustainable job opportunities for Bahrainis, as well as positions the Kingdom as a manufacturing hub that serves both local and regional markets, thus strengthening the competitiveness of the “made in Bahrain” label on a global scale and driving sustainable economic growth in the Kingdom.”
In addition, Ali Al Haddad, Managing Director at YAS Holding expressed his gratitude for the partnership with Tamkeen and stressed the active role it plays in ensuring the continued growth and expansion of the company. He stated: “We appreciate Tamkeen’s support for our growth and expansion plans. With their support, YAS Holding was able to increase its production and expand its outreach by opening showrooms in neighboring countries. We now aspire to further expand and develop, by employing national talent and presenting more Bahraini products to regional and international markets.”
Tamkeen supports committed enterprises that aim to expand their activities and explore export opportunities, creating growth in the national economy. This is reflected in its new strategy which focuses on driving greater impact for Bahrain’s economy. Tamkeen’s 16 programs were launched following a series of consultation sessions with representatives from various sectors and thus respond to the market requirements through supporting all sectors while incentivizing key economic sectors.