Tamkeen and Jasmi’s Corporation Partner to Boost Bahraini Employment and Career Development
The Labour Fund Tamkeen has announced a strategic partnership with Jasmi’s Corporation W.L.L. to strengthen Bahraini employment and career advancement.
2 min
With the support of Tamkeen’s National Employment Program, Jasmi’s Corporation has generated employment for 21 Bahrainis across various departments. Furthermore, 52 existing Bahraini staff members at Jasmi’s will receive salary increases through Tamkeen’s Wage Increment Program.
This initiative aims to strengthen the local workforce and enrich career prospects at the prominent quick-service restaurant chain.
Tamkeen’s Chief Growth Officer, Mr. Khalid AlBayat, stated, “Guided by our mandate to make Bahrainis the first choice of employment, we support enterprises that create employment opportunities and career growth for local talent. This support will help Jasmi’s Corporation enhance employee motivation and productivity while fostering a supportive work environment and contributing towards a more robust business ecosystem. Through our cooperation with local partners, we remain committed to nurturing sustainable growth and development, through supporting all sectors including the hospitality and restaurants, which topped all economic sectors in terms of growth rate in 2023 and contributed 1.8% of real GDP.”
Jasmi’s Corporation Vice-President, Adnan Al Ameen, remarked, “As a Bahraini organization that originated as a small family business, we have always been committed to empowering Bahraini talent. We are grateful for Tamkeen’s support, which strengthens our own Bahrainization efforts while enabling us to create new job opportunities for Bahrainis. This will help us sustain the growth of our business while rewarding our existing high performers.”
A well-known entity in Bahrain’s restaurant landscape, Jasmi’s Corporation has been a significant player in the food service sector since its founding in 1986. Operating 50 stores strategically located across the Kingdom, including affiliated companies like Le Chocolat, Jio Chicken, Marash, and Bayt Al Ameen, the corporation continues to enhance its market presence and substantially contribute to the local economy.
Aligned with its 2024 strategic priorities, Tamkeen’s initiatives are designed to create an economic impact and boost the private sector across three main pillars: increasing economic participation by creating job opportunities for new entrants, expanding career development options for the Bahraini workforce, and enhancing the private sector by supporting businesses and promoting productivity and technological adoption.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Highlighting a significant recovery and robust growth across all key performance metrics.
3 min
Bank of Sharjah has released its results for the period ending 30 June 2024, showcasing robust performance and strong momentum since the beginning of the year. The Bank reported a net profit of AED 171 million, a significant turnaround from the AED 144 million loss in the same period last year.
This remarkable improvement is attributed to a substantial increase in net interest income, stringent credit underwriting, and reduced operating costs, marking a 233% increase over the previous year when excluding the one-time impairment charge from de-linking its Lebanese subsidiary.
The Bank’s exceptional financial results highlight the effectiveness of its strategic focus on sustainable growth, with notable improvements across all major performance metrics. Funded and unfunded income both saw increases, with net interest income rising by 108% and operating income growing by 34%.
Additionally, the cost-to-income ratio improved significantly to 40.1% due to cost discipline measures. The balance sheet remains strong with a loans-to-deposits ratio of 86.63%, indicating comfortable liquidity. The Bank also maintains strong capitalization, with a regulatory capital adequacy ratio exceeding 15% and Tier 1 and CET1 capital ratios around 14%. These positive results underscore the Bank’s underlying strength, operational efficiency, prudent risk management, and ongoing enhancement of shareholder value.
Commenting on the Bank’s results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “We are pleased with our outstanding performance in the first half of 2024, which reflects our commitment to adding value to our customers, supporting our communities, and rewarding our shareholders. Despite the challenging geopolitical situation in the region, the UAE economy has remained resilient and continues to register healthy growth following various economic diversification initiatives that provide consistent impetus for trade, investment, and wealth creation. Bank of Sharjah has entered a new chapter with a new leadership team, focused on building new business streams, expanding our reach across the UAE and the region, and delivering exceptional service to our customers.”
He added: “Our performance in the first half of the year demonstrates the effectiveness of our new strategy, and we look forward to delivering continued growth in the years to come.”
The CEO, Mr. Mohamed Khadiri, commented “2024 has begun exceptionally well for Bank of Sharjah, with the bank achieving a record year-on-year profit. I am delighted with our stellar performance as we continue to strengthen the bank’s fundamentals. Our outstanding results reaffirm that our new business strategy is on track to deliver sustainable revenue growth, driven by business expansion, operational efficiency, prudent risk management, and talent development. This achievement is also a testament to the Bank’s success in providing high-quality financial services that meet the aspirations and growing needs of our customers.”
He further added: “Bank of Sharjah is a strong and respected brand within the local community. We are leveraging our core strengths to build a platform that will operate at its full potential across the UAE and the region. The Bank remains focused on executing our strategy and is well-positioned to maintain strong performance throughout 2024 and beyond.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
