Details

  • Type: Press release
  • Date: 1/14/2014

KPMG Fakhro successfully launched a business forum focused on Entrepreneurs 

KPMG Fakhro successfully launched a new business forum called ‘Entrepreneurship club’, which aims to bring together entrepreneurs, share ideas and thoughts on topical issues and hear the views of local entrepreneurs, industry representatives and KPMG experts.

KPMG Fakhro successfully launched a new business forum called ‘Entrepreneurship club’, which aims to bring together entrepreneurs, share ideas and thoughts on topical issues and hear the views of local entrepreneurs, industry representatives and KPMG experts.


Held at the Capital club, the forum was formally launched by Jamal Fakhro, managing partner, KPMG Fakhro and included a key note address from Sh. Hesham Bin Mohammed Al Khalifa, Deputy General Manager, Non-Financial Services, Bahrain Development Bank.


More than 70 entrepreneurs from family owned businesses and small and medium enterprises participated in the launch and registered themselves as members of the club.


KPMG Fakhro managing partner, Jamal Fakhro, said, we are delighted by the support that we have received from the Bahraini entrepreneurs for the launch of the KPMG’s Entrepreneurship club.


“In Bahrain, SMEs contribute 28% to GDP, 73% to employment, and constitute more than  90% of total businesses and KPMG recognizes the unique challenges that need to be addressed to propel the growth of this sector.”


 “This forum, will bring together entrepreneurs to discuss topical issues and get expert advice, and will support, guide, and mentor the entrepreneurs and young leaders,” said Mr Fakhro.


In its inaugural seminar, the club members discussed the challenges and opportunities related to ‘Financing for entrepreneurs’


The challenges of Financing faced by entrepreneurs as well as the challenges faced by the organization supporting the SMEs and the various options and mechanisms available for the SME companies were discussed during the session.


Financing is a key challenge for the SMEs especially in this region, where banks have been known to be reluctant to lend to the sector for a variety of reasons.


Even though SMEs contribute significantly to the GDP’s of the region – access to financing is very low and is estimated to be anywhere between 2% - 4% of the total loans.


Other key note speakers included Prof. Filipe Santos, Associate Professor of Entrepreneurship, INSEAD who spoke on  financing challenges faced by entrepreneurs from a global perspective as well as Mohammed Adel Fakhro, Chairman, MBA Fakhro Group, who discussed the financing challenges faced by the entrepreneurs in local context and shared some of his experience on entrepreneurship.


This was followed by an industry panel discussion facilitated by Robert Ainey, Chief Executive Officer, Bahrain Association of Banks and panelists included, Sh. Hesham Bin Mohammed Al Khalifa, Deputy General Manager, Non-Financial Services, Bahrain Development Bank, Khalid Ali Al Amin, Director and Board member, Ali Rashid Al-Amin Co, Qusay Al-Arayedh, Senior Manager Operations – Private Sector Support, Tamkeen, Prakash Mohan, Group Head – Corporate Banking, Ahli United Bank BSC and Mohan Ganeshan, CEO, State Bank of India, Bahrain Branch.


The club will meet once in six months to cover the issues and challenges that affect the entrepreneurs and will also endeavor to constantly interact with the club members through, informal sessions during the year and various other medium such as social media, which will be launched shortly.


To know more about how to register as a club member, please contact Ramesh Bhaskar on +973 17222392 or email rbhaskar@kpmg.com/bh-fminfoec@kpmg.com.bh.