More than 70 entrepreneurs from family owned businesses and small and medium enterprises today registered as members of a newly launched club in Bahrain.

KPMG Fakhro launched the 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 keynote address from Shaikh Hesham Bin Mohammed Al Khalifa, deputy general manager, non-financial services, Bahrain Development Bank.

Fakhro said: “We are delighted by the support that we have received from the Bahraini entrepreneurs for the launch of the club.

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

 “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 Fakhro.

The challenges of financing faced by entrepreneurs as well as the challenges faced by the organisation supporting the SMEs and the various options and mechanisms available for the SME companies were discussed during the In its inaugural seminar.

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

Other keynote 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. – TradeArabia News Service