Bahrain’s response to COVID-19 praised in study

Bahrain now in top 10 Africa and MENA countries for early-stage funding, according to study

Manama, July 5, 2020: The GCC’s Bahrain and Sharjah are among the world’s top five fastest-growing ecosystems with fewer than 1,000 start-ups, according to The Global Start-up Ecosystem Report 2020.

The major study, titled ‘The New Normal for the Global Start-up Economy and the Impact of COVID-19’, assesses not only the progress of ecosystems over the last year but also how markets have responded to the ongoing global Coronavirus outbreak. In the wider region, Cairo was also in the top five, with Dubai making it into the Top 20 emerging ecosystems.

The report ranked Bahrain as one of the ecosystems in the ‘activation’ phase – describing locations with fewer than 1,000 active start-ups. It also found a dramatic improvement in funding availability in Bahrain, awarding the country nine out of 10 (up 8 places of one last year) – an achievement which puts Bahrain in the Top 10 Africa & MENA countries for early-stage funding.

The report – which tracks performance, funding, experience & talent, market research, connectedness and knowledge – also praised Bahrain’s strength in FinTech and noted the success of its stimulus programme in response to COVID-19.

Dr. Ebrahim Janahi, the Chief Executive of Labour Fund ‘Tamkeen’ commented on the report’s finding stating: “Building on its track record as a successful financial centre, Bahrain has quickly established itself as an innovative FinTech hub, home to regulations designed to enable and encourage entrepreneurship. In addition, during the current COVID-19 crisis, Bahrain has acted quickly to support adversely affected enterprises from the economic repercussions caused by the global spread of the pandemic. This is evident with the launch of the Business Continuity Support Program from Tamkeen, which comes as part of the Government’s economic and financial stimulus package announced to support both citizens and businesses in the Kingdom. With a budget of USD $  106 million allocated, the program has already helped support small and micro enterprises, providing them with financial grants ranging between USD $ 5,438 and USD 31,830 depending on the size of the enterprise, which have been disbursed over a period of three months.”

Bahrain’s Labour Fund, Tamkeen, has long been a part of GSER’s Global Network and remains a major source of government funding, including financial grants and subsidies. Tamkeen is part of a Bahrain-wide support structure for start-ups that includes Startup Bahrain, a community-led initiative, local angel networks like Tenmou, accelerators like Flat6Labs and BRINC, VCs like Middle East Venture Partners and 500 Start-ups, and local $100m Fund of Funds Al Waha.

David Parker, Co-Chief Investment Officer at Bahrain EDB in charge of ICT, said: “This recognition is a great achievement for Team Bahrain. The massive improvement in Bahrain’s score around funding is testament to the success of Al Waha Fund of Funds which has helped to drive the creation of more VC interest in Bahrain and across the Gulf, and supported the growth in our overall scores.

“But the report also recognises the comprehensive nature of the support for start-ups in Bahrain, and the positive impact of Bahrain’s stimulus programme which has helped SMEs weather the current pandemic.

He also added: “COVID-19 acted as a catalyst to the startups adaption of new technologies in all sectors including Foodtech, Smart logistics, Proptech and Healthtech aiming to improve business continuity and increase efficiencies.”

The report singles out Bahrain for its FinTech expertise, with the Central Bank of Bahrain’s FinTech Sandbox and Bahrain FinTech Bay, the region’s largest FinTech hub, being major factors in Bahrain’s growing reputation. Tarabut Gateway is the first licensed open banking platform and the largest in MENA. The GSER also recognised the Bahrain government’s $11.4bn stimulus package as a major source of support for start-ups.

Local Bahrain start-ups have been very active during the crisis. As well as providing its services for free for Bahraini government agencies, medical centres, and hospitals, Bahraini queue management start-up Skiplino has deployed its technology with Italian hospitals and UK supermarkets to help maintain social distancing during the pandemic. Similarly, GetBaqala and Weyak are both Bahrain-based apps that have been delivering medicine and pharmaceuticals direct to customers, ensuring that Bahrainis can continue to comply with social distancing rules.

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For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.

The EDB works with the government and both current and prospective investors, in order to ensure that Bahrain’s investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.

The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

The Kingdom of Bahrain maintained its second place ranking among Arab countries in the eGovernment Development Index 2020 ranking it among the very high categories, which was formulated based on the results of a 2020 United Nations eGovernment Survey. The index and its accompanying report, launched on Friday, 10th July, 2020 by the United Nations Department of Economic and Social Affairs (UNDESA), also highly ranked the UAE, Saudi Arabia, Kuwait, and Oman.

Manama, June 18 2020: The UAE and Bahrain have ranked among the 100 top destinations for startups around the world, according to a new study by StartupBlink.

The research firm’s annual Startup Ecosystem Rankings Report calculates a score for each country based on tens of thousands of data points gathered from more than 50,000 members working as venture capitalists, founders and employees of small firms.

In this year’s rankings, the UAE came in at 43^rd, while Bahrain jumped 20 places to 75^th, ranked first and second respectively in the GCC. The report praised Bahrain’s “collaborative startup community” and “framework of legal and support systems for startups and entrepreneurs”. Initiatives including StartUp Bahrain, Tamkeen and Bahrain FinTech Bay were also highlighted – as well as favourable tax conditions and recent record investment highs.

The research also mentioned several Bahrain-based startups such as Rain, the first licensed cryptocurrency platform, and Skiplino – a cloud-based queue management system that allows companies to intelligently manage social distancing during the COVID-19 pandemic.

The UAE, meanwhile, was recognised for the potential of its Arab-speaking market and close involvement of the government in the local startup ecosystem.

Commenting on the release of the report, Eli David, CEO of StartupBlink, said: “Good startup ecosystems are fundamental. They create jobs, boost the economy, increase tax revenue, improve quality of life and urban innovation, and attract and retain talent. As an entrepreneur, location will greatly influence the chances your startup will succeed.

“Knowing how well your ecosystem performs is also important. Corporations use these rankings to make decisions about future expansion, universities and consulting agencies use them for research, and governments and local development organization use them to gauge how well their programs are paying off.

“The efforts of governments, municipalities, and development organizations make a real difference. Knowing this information and measuring it mathematically without sugarcoating results helps track real progress and creates an urgency to encourage improvement.”

Pakiza Abdulrahman, Manager, Startups at Bahrain Economic Development Board, said: “Picking a startup location is one of the most important choices a founder can make, affecting everything from taxation levels to market access and the cost of doing business.

“Startups coming to Bahrain join a thriving ecosystem that combines pro-enterprise regulation with competitive costs, backed by the support of a government that listens – not to mention our unrivaled access to the $1.5 trillion GCC market.

“We are delighted that the Bahrain approach – and that of the wider Arab region – continues to gain recognition and we look forward to enhancing our support for the startups of tomorrow and today.”

Bahrain offers startups an ideal testbed location for new ideas, combining pro-enterprise government policies with an ever-evolving ecosystem and a wide pool of international talent.

Startups in the Kingdom raised more than USD63 million in funding during 2016-2019, driven by a surge of investments in the MENA region in recent years –564 venture deals worth USD 704 million were made in 2019 compared to 294 deals in 2015, for example.

The full report can be viewed here: https://report.startupblink.com/

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For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.

The EDB works with the government and both current and prospective investors, in order to ensure that Bahrain’s investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.

The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

Manama, June 14 2020: Bahrain has become the first country in MENA to ratify a key United Nations convention on electronic communications, helping to enable a new wave of digital business across the region and enhance investor protections.

The United Nations Convention on the Use of Electronic Communications in International Contracts (2005) aims to enhance commercial certainty by ensuring that contracts concluded and other communications exchanged electronically are as valid and enforceable as their traditional paper-based equivalents and by introducing specific principles surrounding the use of technology during signing processes. This will enter into force for Bahrain on January 1 2021.

The principles of the treaty include defining terminology such as ‘writing’ and ‘signature’ so that all parties are legally protected when entering into a contract. The convention also aims to remove legal obstacles to the use of electronic communications in enacting previous treaties that were first created before the widespread use of modern technology.

Bahrain became the 14th country globally to join the treaty, alongside major economies such as Singapore and Russia. Countries that have signed, but not yet ratified, the convention include China, the Republic of Korea and Saudi Arabia.

It comes after Bahrain made history in November 2018 by becoming the first nation to enact legislation based on the United Nations Commission on International Trade Law (UNCITRAL) e-commerce model laws. The move was part of a series of sweeping reforms aimed at bolstering the digital readiness of the GGC region’s US$1.5 trillion economy.

Commenting on the announcement, HE Khalid Humaidan, Chief Executive of Bahrain Economic Development Board, said: “To build a truly digital economy in the GCC, it is essential that our regulation keeps pace with the latest developments – particularly at a time when more and more business is being conducted in the virtual realm.

“Bahrain is leading the way on tech-driven reforms and is committed to supporting the needs of entrepreneurs and investors as they work to build long-term growth in our thriving e-commerce landscape.

“We look forward to continuing to work closely with the United Nations as we stay on the cutting edge of legislative developments.”

Luca Castellani, Secretary of Working Group IV (Electronic Commerce) of the United Nations Commission on International Trade Law (UNCITRAL), noted: “The accession of Bahrain to this treaty completes the significant work that the Government of Bahrain and the UNCITRAL Secretariat have carried out together to provide Bahrain with a modern, efficient and effective enabling legal framework for the digital economy. I am confident that this will encourage more countries in the region and worldwide to adopt the latest UNCITRAL texts in the field.”

Stefano Pettinato, Resident Representative of the United Nations Development Programme said: “By ratifying the UN Convention on electronic communications, the Kingdom of Bahrain sets an example on how digital technology, international law, and multilateralism are enabling factors for the promotion of international trade and the achievement of the Sustainable Development Goals through greener and more efficient protocols.”

Further information about the Electronic Communications Convention is available on the UNCITRAL website.

For more information, please contact:

Strategic Communications

United Nations Development Programme

Phone: 973 17319423

Email: ali.salman@undp.org

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.

The EDB works with the government and both current and prospective investors, in order to ensure that Bahrain’s investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.

The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

21^st May, 2020

Saaya Health Tech, a Bahraini based Digital EAP company providing Mental Health Access to employees using its PaaS model has seen a boom in its usage post-Covid19.

In the months since February alone, they have signed deals with the billion-dollar Bayer Pharma of Germany and also the Chemical behemoth Engro Corp of Pakistan. There are reports of another deal with a UK Multi-national in the pipeline.

In addition to their Insurance partnerships across the region, Saaya Health now has access to more than 700,000 clients to avail their Digital Mental Health services.

Emotional & Mental Health has become one of the lead focus, with the WHO citing that “the next pandemic will be Emotional & Mental Health as a result of the shocks of Covid-19” Founded in Bahrain in May 2018, Saaya Health’s Digital EAP services are beginning to take flight.

“For two years, we laid the foundations, building our global network of Multi-Lingual Therapists. Therapists who speak Local languages –  Arabic, French, Hindi, Urdu and over a dozen more languages – and now we are beginning to reap the rewards of being prepared” said Saaya Health Founder Sarmad Ahmad, continuing,

“We all have emotions – and our emotions dictate our actions – but we are just now beginning to realise this on a very personal level”

Corporates that invest in Employee Mental health have greater retention & productivity. A Deloitte 2018 report states that for every $1 invested in Mental Health services, $4 are saved by companies.

Saaya Health is poised for regional growth and is looking to aim a Direct-to-Consumer channel as well – aimed at affordable, culturally relevant mental health.

For more information on how your company can benefit:

contact@saayahealth.com 

www.saayahealth.com

Manama, Bahrain and Faro, Portugal. 4 May 2020: The Bahrain Economic Development Board (EDB) – the Kingdom’s investment promotion agency – has entered into a proactive initiative with GrowIN Portugal, a platform that helps entrepreneurs incorporate, fund, expand and move their startups to Portugal. The agreement will serve to promote cooperation between the two organisations, particularly with regard to supporting startups globally during the ongoing pandemic by connecting the two startups ecosystems.

To this end, both parties have agreed to:

• Collaborate on the promotion of key events and opportunities in their respective markets;
• Promote opportunities for developing the startup markets in their respective countries;
• Support startups by arranging introductory meetings with key ecosystem stakeholders in both countries;
• Exchange information on the evolution of their respective startup markets

Commenting on the initiative, Pakiza Abdulrahman, Head of Startups, Bahrain EDB, said: “This timely initiative will provide some much-needed support for not just Bahraini and Portuguese startups, but startups from around the world. The ongoing crisis has hit almost all economic sectors, including the startup industry, and across the globe, we’re seeing an unprecedented slowdown. By connecting and thereby bolstering our two ecosystems, Startup Bahrain and GrowIN Portugal are providing a lifeline for innovative startups seeking a supportive environment in which they are able to empower the digital economy in their respective countries

Anas El Arras, Chief Executive Officer, GrowIN Portugal, added: “Startups need support now more than ever before, so we are delighted to be collaborating with Bahrain EDB to do just that. Bahrain and Portugal each offer supportive ecosystems complete with funding support, highly-skilled labour forces, cutting edge digital infrastructure and world-class accelerators. Moreover, we each sit on the doorstep of major markets: Europe and MENA respectively. By combining forces, combining ecosystems, we can provide a global space to accelerate startups from around the world, and ensure innovation is not hampered by the global crisis.”

Today, both countries trade in a number of items with a focus on aluminium, paper and cotton products. As of 2019 the non-oil trade between the two countries accounts for nearly US $22 million increasing from US $6.7m in 2009.

The signing of the agreement follows on from a Bahrain EDB delegation to Lisbon in October 2019, where it announced a fast-track setup process for startups globally looking to take advantage of the business environment and a well-connected startup community through the Startup Bahrain initiative.  With its flexible regulatory environment; the availability of multiple accelerators, access to funding opportunities, openness to 100% foreign ownership, world-class physical and digital infrastructure; and some of the lowest set-up and operating costs in the region, hyper-connected Bahrain is increasingly the destination of choice for companies from all over the world seeking to access the growing USD1.5 trillion Gulf markets. The island Kingdom is keen to attract more Portuguese companies and startups.

–Ends–

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973 397 989 19

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.

The EDB works with the government and both current and prospective investors, in order to ensure that Bahrain’s investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.

The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

About GrowIN Portugal

GrowIN Portugal is an accredited Incubator, Accelerator, and Company as a Service Platform that helps Entrepreneurs Incorporate, Fund, Expand and Move their Startups to Portugal.

For more information visit https://www.growinportugal.com/ or https://www.facebook.com/growinportugal

GrowIN Portugal media team can be reached on media@growinportugal.com