The Labour Fund “Tamkeen” announced its support for the innovative and first of its kind concept in the region known as “Trillion Tree Fund”, founded by Bahraini social entrepreneur Leena Al Olaimy. This support comes as part of the Innovation Program which empowers Bahraini individuals and enterprises to conduct research and development in order to innovate and come up with solutions to real life problems. Furthermore, the program aims to stimulate the growth of startups in the field of technology and innovation through supporting research, prototype development, testing and launching new products. Trillion Tree Fund will also benefit from the National Employment Program to employ qualified Bahraini individuals and provide them with specialized expertise and knowledge in the environmental field.
Trillion Tree Fund presents an innovative and creative business model, which aims to match investors with profitable land and forest restoration projects. Their specialized platform “Symbaiosys” will use Artificial Intelligence, scientific research and market data to provide insights on how restoration projects can protect investor assets from climate-related losses such as hurricanes, floods, rising sea levels and others.
The platform can also be utilized to invest in projects related to environmental and social governance (ESG). While the platform is global, it will focus on the countries with the highest potential for forest and land restoration, such as the United States, Canada, Australia, China, Russia, Brazil and others. The targeted investors range from those in the banking sector, asset managers, pension funds, governments, insurance companies, family offices, endowments, real estate developers and multinational companies that are committed in supporting climate change, preserving nature or reducing their carbon emissions.
On this occasion, Ms. Maha Mofeez, Acting Chief Executive of the Labour Fund (Tamkeen) emphasized the importance of supporting Bahraini enterprises that tackle current global issues. She stated: “We are proud to support Bahraini Women through our various programs including the Innovation program, which aims to empower innovative Bahraini enterprises especially during the early startup stage as it requires research and development to facilitate the design and implementation of the prototypes. We are also proud of this pioneering Bahraini project, which positions Bahrain’s as a regional leader in innovation”.
In addition, Ms. Maha Mofeez emphasized Tamkeen’s commitment to achieving its main objectives which is making the private sector the key engine of economic growth and increasing Bahraini’s competitiveness both locally and internationally in line with the national priorities and the economic recovery plan. She added “We will continue supporting all sectors while incentivizing high potential sectors due to its potential impact on the national economy and in creating high quality sustainable jobs for local talent.”
Ms. Leena Al Olaimy, Founder of Trillion Tree Fund expressed her gratitude for the support provided by the Kingdom of Bahrain for early-stage startups, praising Tamkeen’s efforts during this critical stage of her business, saying:
“Symbaiosys is building a science-based AI-powered platform that connects environmental and market data to provide insights on the financial value and impact of land and marine restoration. Users will also have access to nature-related investment projects. Our vision is to mobilize conservation finance at the scale of hundreds of billions of dollars annually.
Without Tamkeen’s support, I would not be able to work with experts in AI, environmental data science, and quantitative ecology to build such an R&D-intensive product. Their support is a testament to Tamkeen’s commitment to homegrown innovation, and their recognition of the importance of climate change, and preserving the planet for future generations.”
She added: “Tamkeen’s belief in the impact of our project through its support will enhance our chances of obtaining greater investments from around the globe.”
“Trillion Tree Fund” received multiple awards and recognition from several entities that support innovation, including the Bahrain FinTech Accelerator in collaboration with the Supreme Council for Women and Bahrain FinTech Bay, through which it received a financial grant of $10,000. In addition to winning top idea stage startup in the Entrepreneurship World Cup in last year’s edition, through which it received $100,000 and was selected as the best startup in the final stage out of 100,000 applicants from around the world.
Tamkeen continues its support to all enterprises that aim to increase their productivity by availing support through the sixteen programs launched earlier this year, due to their vital role in the national economy’s growth and achieving positive economic impact.
