The report of Bahrain startup ecosystem was published on one of the world’s comprehensive annual reports by the world-leading policy advisory and research organization Startup Genome in cooperation with the Global Entrepreneurship Network (GEN). The report ranks 140 leading ecosystems from around the world, highlighting insights by region, and including articles by key experts and economists.
“The growth within the ecosystem is another example in Bahrain’s long history of economic dynamism. The Kingdom’s attractive environment dedicated and talented workforce, as well as the readiness of both the private and public sectors to embrace innovation and entrepreneurship have been identified as key reasons for the positive development of the ecosystem and the growth in startups. Through our various support programs and partnerships, we are hoping to continue building on this momentum and furthering the ecosystem in a way that allows startups to thrive” Tamkeen’s Chief Executive His Excellency Husain Mohamed Rajab
“Working with our local partner Tamkeen, we are eager to share the stories behind this success. As global economic transformation specialists and policy advisors, we’re extremely proud of how Bahrain has performed in the 2022 Global Startup Ecosystem Report.” Stephen Kuester, Head of Ecosystem Development of Startup Genome.
The report assessed Bahrain’s ecosystem based on various indicators, which testifies to the recent successes of startups and scale-ups based in the country. The Kingdom of Bahrain is among the top 10 MENA and emerging ecosystems for funding and experienced local talent, and was recently recognized for its performance in Fintech alongside its progress in blockchain. Regarding the average amount of venture capital of startups working in the technology sector, the country was ranked among the top 15 places in the Bang for Buck ecosystems.
The report highlighted that Bahrain’s business-friendly environment was a key factor for attracting and supporting startups in addition to the skilled labour force and the low taxes system. In the past year, an increased number of the country-based startups have grown into scale ups, further accessing the GCC and the MENA region, and providing new employment opportunities and flourishing economic growth.