Bahrain is among the top ten business incubators for startups in the Middle East and North Africa, according to the Global Report on Startup Ecosystems

The total valuation of Bahrain start-ups has increased by 460%, equivalent to half a billion dollars in 2022

The Kingdom of Bahrain’s rankings rose from the 15th to the 10th most startup ecosystems in the Middle East and North Africa region for the year 2022 in the Global Report on Startup Ecosystems. This report is one of the most comprehensive worldwide reports in the field of research related to the systems of start-ups, depending on the data analysis approach to research and development. This report is issued annually by the “Genome” Foundation for Emerging Systems in collaboration with the International Entrepreneurship Network.

According to the results of the report, the position of the emerging business incubator in Bahrain has emerged in a number of analyzed themes, thanks to a series of successes recently achieved by emerging and emerging companies in the Kingdom . Bahrain is ranked among the top ten economic systems in the Middle East and North Africa region in terms of availability of funding in addition to the presence of experienced local authorities, and the Kingdom has also advanced in the field of Blockchain, in addition to its previous distinction . in financial technology. In addition to this distinction, Bahrain is also ranked among the top 15 ecosystems in the Middle East and North Africa region on the Bang for Buck scale – which measures the amount of average investment capital for beginners working in the technology sector.

It is noteworthy that the Kingdom of Bahrain has made impressive progress in classifying the report for this year, despite the presence of a greater number of competing economic systems at a global level. The economic environment continued to grow at the growth rate. four times, from about $ 100 million in 2021 to $ 564 million this year, achieving a growth rate of 468% compared to last year. In addition, the average value of venture capital financing for beginners has more than doubled from $ 0.9 million to $ 3.1 million, an increase of 244% compared to 2021.

The report also ranked the Kingdom of Bahrain among the top 15 economies in the Middle East and North Africa region on the measurement of knowledge, measuring the extent of innovation through research and patent activities. The Kingdom has also progressed five phases in terms of regional achievement, reflecting the hard work and progress achieved by the Bahrain team.

The report also took note of the active role that the supportive business environment in the Kingdom of Bahrain plays in attracting and supporting emerging companies, which has taken Bahrain as its headquarters and expanded to reach the stage of growth, by planning for expansion in the Gulf, Middle East, North Africa, Turkey and Pakistan regions. This progress sets a successful model for existing and new emerging companies, due to its role in providing jobs and driving the wheel of economic growth.

On this occasion, the CEO of the Labor Fund “Tamkeen”, His Excellency Mr Hussain Mohammed Rajab, welcomed the outstanding achievement of the Kingdom of Bahrain in this year’s report and said: “This growth in the economic environment of the Kingdom is a vivid one. example of its long history in economic activity, where Bahrain has managed it through its attractive business environment and highly skilled cadres, in addition to the readiness of the public and private sectors, and the adoption of innovation and entrepreneurship thinking, leading to the development and growth of emerging companies, which have reflected positively on the economic system in general.We seek to enable Tamkeen through support programs and multiple partnerships to achieve the continuity of this economic growth in the Kingdom and to incubate and motivate emerging companies to to achieve the highest levels of success. ”

His Excellency emphasized Tamkeen’s commitment to achieving its goals focused on making the private sector the main driver of economic growth in the Kingdom and improving the competitiveness of national frameworks locally and internationally, in line with national priorities and the economic recovery plan. . He added, “We will continue to support all economic sectors, with a focus on promising sectors, including the emerging companies sector, due to its huge impact on supporting the national economy and creating quality and sustainable jobs. for local talent. “

Stephen Koster, Head of Systems Development at the Genome Foundation for Emerging Systems, Stephen Koster, commented on the classification of the Kingdom of Bahrain in the report, saying: “Through our specialization as consultants in the field of economic transformation, and our work . with our partner in the Kingdom of Bahrain, the Labor Fund “Tamkeen”, we are proud of the level

To which Bahrain has risen in the Global Report on Startup Ecosystems for the year 2022.

The latest version of the report was officially announced today, Wednesday, at London Technology Week, which includes a classification of the 140 most prominent economic environments around the world, broken down by region and continent, with analytical articles presented by leaders and economic experts in this field.

Earlier this year, Tamkeen unveiled a comprehensive transformation plan that included a package of 16 support programs developed after a series of consultative sessions held with representatives from various sectors to work to meet market requirements. Tamkeen’s strategic transformation plan focuses mainly on achieving the greatest positive impact on the national economy in line with the National Economic Recovery Plan.

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