Page 23 – Invest in Bahrain

UK tech firm helping Middle East play global catch-up

Posted on July 21, 2019August 25, 2020 by edbuser

British firm benefits from Brexit-busting digital boom

Press Release

A small British tech firm saved from the brink of bankruptcy two years ago is playing a leading role in the digital transformation of the Middle East.

Innervate – which operates from a 150-year-old barn conversion in rural Leicestershire – has expanded its established European customer base to serve a growing number of industry sectors in the oil-rich Kingdoms of Saudi Arabia and Bahrain.

Described by its CEO as “a tiny British business that consistently punches above its weight”, the firm was responsible for last year’s single biggest roll-out of Microsoft Dynamics CRM software to the region’s financial services industry.

It is also driving transformative technological change in the region’s education and travel sector.

Just over two years ago, it faced potential closure following Chapter 11 bankruptcy of its US-based parent company.

Senior UK executives led a management buy-out and the business is now at the forefront of a Brexit-busting boom in Middle Eastern demand for its homegrown expertise.

“I suppose you could say we are a bit of a best kept secret,” says CEO Andy Startin.

“But we aren’t about shouting from the rooftops. We’re about serving our customers and our customers’ customers, quietly and effectively. If at the same time we can lead a bit of a British charge overseas, when many innovations here and in Europe are being stifled by Brexit, then of course we’ll take that.”

The firm – which employs just over 50 people in the UK – has recently opened an office in Bahrain and is being actively supported by the Kingdom’s Economic Development Board (EDB; MENA’s leading FinTech Hub; and the UK government’s trade mission there.

Surprisingly, much of the Middle East is lagging behind the rest of the world in the tech stakes.

For decades, its vast, easily-tapped oil wealth has blunted a need for it to keep pace with the frantic global digital modernisation of economies more dependent on consumerism.

But recent downward reassessments of its oil reserves – coupled with an expanding younger population demanding ‘digital everything’ – has led to a technological awakening.

Demand for digital capability is so strong that Innervate is now exporting its own UK software engineering expertise as well as seeking to recruit and upskill a native workforce in the region.

“The Middle East is a fantastic place to do business,” explains Startin. “I’ve been seduced by the region’s appetite for change and also by its people, who are excited by the opportunities that digital presents. The opportunity is huge and it feels like we are in at the beginning of something very significant.

“Social and cultural change is driving digital modernisation in every sector. There is a genuine desire to embrace new ways of working and business is very serious about it. Unlike in Europe, which feels like it is shrinking due to Brexit, the Middle Eastern economy is accelerating.

“Many businesses are seeking to respond to customer demand for change but are dependent on unfit-for-purpose legacy systems upon which to execute. That’s where we come in.”

Innervate is a Gold partner of global tech giant Microsoft and deploys configured versions of its Dynamics 365 software to power Customer Relationship Management (CRM), fully integrating with a myriad of systems to provide a single view of the customer and a single version of the truth.

It is currently engaged on three ongoing customer projects in the Middle East and recently hosted with Microsoft an education and insight event for financial services entrepreneurs and executives at Bahrain’s most prestigious business venue, The Capital Club.

An event to mark their recent opening of an office in the country was hosted by the UK Ambassador Simon Martin, CMG at his official residence.

“The support we are receiving in the region is amazing,” says Startin. “It feels like we are running a Bahraini business as opposed to a British business with an office in Bahrain. It also feels like we are making an impact with the business community in the Middle East as a whole. They like the fact that we have made a commitment to the region by investing in a permanent base here. It has shown me that, although we are a tech business, success is about people and relationships too.”

“The reality is that we are a tiny British business that is punching way above its weight in a region of the world that is hungry for our expertise and approach, and my team is excited for the future.”

Originally posted on Zawya

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Bahrain Bourse turns to AWS Cloud technology

Posted on July 21, 2019August 25, 2020 by edbuser

Published: 13 July 2019 – 7:55 p.m.

By: ITP.net Staff Writer

Bahrain Bourse announced today that it has started migrating to Amazon Web Services (AWS) due to the increased availability and security it will get and to increase its application speed and performance, while reducing operational costs.

The first phase of the migration includes moving backup and disaster recovery solutions to the cloud, with plans to adopt advanced data analytics services to build smart and innovative trading services.

Using AWS, Bahrain Bourse will take advantage of a range of security tools, including encryption, DDoS Mitigation, and monitoring and logging to ensure they continue to maintain the highest levels of security for their customers. Bahrain Bourse will also be able to retrieve archived data within minutes, enabling it to be more responsive in delivering critical and timely data to customers and to more rapidly meet any regulatory requirements.

As it expands its AWS adoption, Bahrain Bourse will continue to explore new ways to support customers with more advanced trading tools by leveraging data lake tools such as Amazon Simple Storage Service Glacier and AWS Glue, as well as data analytics services such as Amazon Redshift, Amazon Kinesis Data Analytics and Amazon QuickSight.

Shaikh Khalifa, Chief Executive Officer of Bahrain Bourse, commented, “We have adopted AWS as part of our digital transformation efforts and for its ability to provide us with even higher levels of security and performance. We will continue migrating Bahrain Bourse’s technology infrastructure to AWS in order to increase the innovation we can provide customers and in line with the Government of Bahrain’s Cloud First Policy. With AWS, the ability to store and share data at significantly higher speeds will enable us to deliver our services more efficiently to all of our stakeholders. We are excited to continue exploring more advanced cloud solutions that will enhance our service delivery significantly and enable us to be more competitive at a global level.”

Vinod Krishnan, Head of MENA, AWS, said, “It is exciting to see ambitious financial institutions like Bahrain Bourse transform the way they innovate and serve their customers through cloud technology. With AWS, Bahrain Bourse is now able to increase its performance, while improving security and lowering costs. We look forward to continuing to support Bahrain Bourse in its digital transformation journey.”

Originally posted by arabianindustry.com

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Bahrain and UK first in the world to pilot new artificial intelligence procurement guidelines across government

Posted on July 3, 2019August 25, 2020 by edbuser

World Economic Forum selects UK and Bahrain as a testbed for new AI procurement rules

3rd July 2019, Dalian: Bahrain has announced it will pilot new guidelines for the procurement of Artificial Intelligence in the public sector, produced by the World Economic Forum (WEF) Centre for the Fourth Industrial Revolution. The announcement was made by WEF and the Bahrain Economic Development Board (EDB) – the public agency tasked with attracting investment to the Kingdom – at the WEF Annual Meeting of the New Champions in Dalian, China.

AI has huge potential to streamline and transform service delivery for governments. However, due to lack of understanding and concerns over complexity, public institutions are often wary of adopting AI and lack the knowledge needed to successfully implement the technology. This spurred the Centre to announce in 2017 that it would bring governments, businesses, start-ups and civil society together to co-design guidelines to empower governments to responsibly and sustainably deploy AI technology.

It partnered with the UK government to help design the guidelines and assess them in real-world conditions. Bahrain will join the UK in piloting the framework and providing feedback.

Khalid Al Rumaihi, Chief Executive of the EDB said:

“When it comes to the governance and regulation of emerging technologies, Bahrain has earned a reputation as the Middle East’s testbed thanks to its innovative regulatory framework, strong technology ecosystem and rapid shift to eGovernment. AI can deliver huge benefits to citizens, but it needs a robust framework for successful implementation, and this project with WEF will build a global knowledge-base that can be used by other governments to sustainably and responsibly introduce AI across their public sector institutions.”

Murat Sonmez, Head of the Centre and Managing Board member said:

“Last year at the Annual Meeting of the New Champions, we announced that the Forum and the UK government would build the world’s first AI procurement policy. Bahrain’s decision to pilot the framework demonstrates the Centre Network’s unique ability to accelerate and scale innovative ways to govern emerging technology. We are looking forward to rolling the framework out to more partners around the world.”

Thanks to its innovative, flexible and often pioneering regulation, Bahrain has come to be viewed as the Middle East’s testbed for the governance and regulation of emerging technologies. Bahrain’s government has recently moved to the cloud, and the Kingdom is a pioneer in providing eGovernment services.

In 2017 Bahrain launched the region’s first regulatory sandbox allowing FinTechs to test and scale new technology products and services, and in 2018 launched FinTech Bay, one of the leading FinTech hubs in the Middle East. Bahrain is also one of first countries in the world with a fully operational commercial 5G network. The Kingdom was one of the first to mandate open banking, which came into force last month, and is also a leader in the regulation of cryptocurrencies – in February 2019 the Central Bank of Bahrain introduced ground-breaking new rules on Crypto-asset services and Crypto-asset exchanges.

-ENDS-

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: communications@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 Family Office’ Launches Programme to Sponsor 100 Bahrainis to Attend Digital Transformation Courses

Posted on May 29, 2019August 25, 2020 by edbuser

29^th May, 2019, Manama: With the cooperation of the Bahrain Economic Development Board, “The Family Office”, a global investment manager is sponsoring 100 Bahrainis to attend online programmes around digital transformation hosted by two leading universities, Massachusetts Institute of Technology (MIT) and Columbia University as part of the MIT-Columbia Digital Transformation Online Education Programme.

As part of the EDB’s role of attracting FDI into Bahrain, which creates high-quality jobs for Bahrainis, the EDB works closely with organisations like The Family Office who offer opportunities to participate in initiatives like the Digital Transformation Online Education Programme. This allows for the further diversification of the talent pool and ensures that Bahrainis are the employees of choice for companies establishing operations in the Kingdom.

The programmes being offered by MIT and Columbia University will provide fast and achievable alternatives to traditional education which can have an immediate positive economic impact through business, allowing motivated youth and up-and-coming business leaders to play a role in the digital transformation of Bahrain and the Region.

“As the future is digital, we are proud to leave a mark by contributing to Bahrain’s rise as a regional digital hub. In partnership with the EDB, we look forward to strengthening the abilities of the Bahraini workforce so that they become a critical part of this digital transformation. ” – Abdulmohsin Al Omran, Founder & Chief Executive Officer

The three courses offered will run for two to three months and are titled “Digital Transformation: Platform Strategies for Success” (MIT), “Digital Strategies for Business: Leading the Next Generation Enterprise” (Columbia), and “Digital Marketing: Customer Engagement, Social Media, Planning and Analytics” (Columbia). Applicants to the programme must be Bahraini nationals, between the ages of 25 and 40.

Digital transformation is set to be one of the most important and essential forces driving economic growth and prosperity for the Kingdom. With technology permeating every aspect of business and society, the potential to further drive productivity, efficiency, knowledge sharing, new opportunities and increased connectivity is limitless.

Interested individuals will be able to apply to the programme through the EDB’s website, at the following link: www.bahrainedb.com/digital-transformation. The deadline to submit applications is the 4^th of June.

-ENDS-

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: communications@bahrainedb.com

About Bahrain Economic Development Board

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

The National Bank of Bahrain Takes the Lead as the First Bank in MENA to Provide Open Banking Services

Posted on May 16, 2019May 29, 2023 by edbuser

Bahrain’s national bank partners with Tarabut Gateway, Bahrain’s first licensed open banking systems provider, to enable customers to access new digital services and aggregate all their accounts from different banks

15 May, 2019 – Manama, Kingdom of Bahrain: National Bank of Bahrain (NBB) has today taken a lead role in evolving the banking industry in the region, by adopting technologies that enable it to deliver new open banking services to its customers.

Open banking enables account holders to share their account information and payment history externally with other banks and with licensed third parties. This means that account holders can link multiple accounts from different banks together and view all of their financial assets and liabilities from within a single mobile app or online banking service. It also means they will be able to link their accounts to verified, independent apps that offer a broader range of services and functionality.

NBB’s new systems are provided by Tarabut Gateway, a new specialist FinTech and open banking infrastructure provider. Tarabut Gateway’s technologies will enable NBB’s customers to connect their account to any bank in Bahrain and create a consolidated view of their finances from within the NBB’s online and mobile banking apps. This is the first significant partnership between an open banking FinTech and a major bank in the Middle East and reflects NBB’s commitment to transform and diversify its business through investment in digital infrastructure and services.

“Allowing our customers to get a full view of their finances in one place is an important step in making banking more accessible and convenient for our customers and an achievement towards our digital offering,” comments Yaser Alsharifi – Chief Strategy Officer at the National Bank of Bahrain.

In November 2018, the Central Bank of Bahrain (CBB) introduced regulation that mandated the adoption of open banking by all banks in the Kingdom by 30^th June 2019. In line with CBB’s long term vision for open banking, and NBB’s strategy and commitment to innovation, NBB has taken a strategic decision to develop its systems beyond the regulation’s basic requirements, by investing in systems that enable it to enhance the customer experience through transparency and efficiency.

“By offering a common platform to all banks in Bahrain, Tarabut Gateway enables banks to comply with open banking regulation, deliver payment and information services to customers quickly and efficiently, and provide secure and frictionless access to banks for third-party providers,” comments Abdulla Almoayed – CEO, Tarabut Gateway. “Our partnership with NBB aligns with the Kingdom of Bahrain’s strategy to become the leading destination for FinTechs in the region. NBB’s infrastructure will enable it to set new standards for digital banking services, and deliver immediate value to its customers. Banks in other markets, like the UK, have taken years to reach this point. NBB has achieved it in less than six months.”

– ENDS –

Originally posted on NBBOnline.com

Bahrain highlights its plans to target InsurTech as part of its FinTech strategy during UK Roadshow

Posted on May 14, 2019 by edbuser

Manama, 14th May 2019: A Bahraini delegation led by His Excellency Rasheed Al Maraj, Governor of the Central Bank of Bahrain (CBB) concluded a successful visit to the UK.

The delegation attended the renowned Innovate Finance Global Summit (IFGS), where senior executives from the Central Bank of Bahrain, Bahrain Economic Development Board (EDB), National Bank of Bahrain, Bank ABC and Al Salam Bank hosted a number of events and spoke on a variety of panels. IFGS was attended by over 2,000 FinTech leaders from around the world, offering Bahrain an unparalleled opportunity to showcase the Kingdom as the destination of choice for FinTech in the Middle East.

Highlighting the latest FinTech developments in Bahrain, including the launch of open banking; robo advisory, cryptocurrency regulations, insurtech and the ongoing success of the region’s first onshore regulatory sandbox; was the main objective of the roadshow.

His Excellency, the Governor of the CBB, spoke at a panel discussion on RegTech – the future of financial services regulation. Noting the significant progress in developing an agile and pro-innovation regulatory system in Bahrain, His Excellency noted:

“Our role as regulators is to inspire, lead and remove any roadblocks to innovation and we in Bahrain would like to lead growth in this sector in the MENA region. We have ambitious plans to disrupt the insurance sector, by focusing and enabling insurtech through enhancing the ecosystem that will allow the evolvement of the sector.”

“At the CBB we have made great progress in designing a regulatory system that achieves exactly that. But, there is always more to accomplish, and we must always be looking to the future when regulating our financial services today.”

The EDB also hosted a roundtable debate on the importance of diversity in driving future growth in FinTech. As demonstrated by the success in building the current FinTech ecosystem in Bahrain, a variety of backgrounds and ideas is crucial to creating a sustainable FinTech community. As Bahrain looks to attract even more inward investment into the Kingdom, attendees agreed that it must remain true to its heritage of encouraging inclusivity and access to financial services, that stretches back to the founding of Bahrain’s banking system in 1919.

The visit also saw the signing of a Memorandum of Understanding (MoU) between the EDB and Digital Jersey in Jersey, a self-governing Crown dependency of the United Kingdom. The agreement between the two leading jurisdictions in the FinTech sector seeks to build cooperation as an extension of Bahrain’s efforts to internationalise its domestic success in digitising its financial services industry.

The cooperation between Bahrain and Jersey will build upon the success of Bahrain’s efforts to develop a sustainable FinTech industry. Bahrain FinTech Bay, the region’s first and largest FinTech hub, will partner with Digital Jersey Hub and Digital Jersey Xchange. The two sides also pledged to develop a joint Women in FinTech programme. Additional stakeholders who will contribute to areas of cooperation include Jersey Finance, Jersey Financial Services Commission and the Central Bank of Bahrain (CBB). The CBB already works alongside Jersey Financial Services Commission in the Global Financial Innovation Network, an international partnership between regulators from over 16 countries such as the UK, United States, Australia and Hong Kong, who are working together to design supportive FinTech regulatory pilot schemes.

-ENDS-

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: communications@bahrainedb.com

About Bahrain Economic Development Board

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

Game of hubs: The battle for the Middle East’s startup capital

Posted on May 13, 2019 by edbuser

Image courtesy of Shutterstock

For several years, Dubai, with its strategic location and stability, has been able to establish itself as the hub for the private sector across the Middle East and North Africa (Mena).

Boasting superior infrastructure, vibrant cultural and entertainment lifestyle sector, the emirate has been able to attract expatriates from across the world to its manmade islands and glittering skyscrapers.

The latest stakeholders for this destination are startups and the government is working hard to maintain their presence. At the World Economic Forum (WEF) that took place in Jordan at the beginning of April this year, Dubai announced that it would grant the top 100 Arab startups (picked by WEF) five-year visas.

The UAE is already home to 20 of them and in a statement to WAM, Abdullah Bin Touq, secretary general of the UAE cabinet said the move “reflects our commitment to facilitate businesses, create an attractive and encouraging environment for growth, and underline the UAE’s position as a global destination for talents”.

But Dubai is expensive, the most expensive city in Mena for startups due to the high real estate prices, visas, licences and telecommunications costs.

A recent report by OC&C identified Dubai as one of the most expensive cities in the world to launch a startup, accounting for 13.4 per cent of income per capita, compared with 6.8 per cent in Saudi Arabia and just 1.1 per cent in the US.

And so, several other cities across the region are attempting to position themselves as an alternative destination hub for startups in Mena.

Abu Dhabi

The latest is Abu Dhabi, which will be providing a Dh1 billion ($272 million) package for startups as part of a new entrepreneurship space called Hub71 launched in partnership with sovereign wealth fund Mubadala Investment Company and Japan-based investment bank Softbank as well as Microsoft and Abu Dhabi Global Market (ADGM).

Half of this investment plan will be used to provide subsidies for housing, office space, health insurance and the remaining Dh535 million for an investment fund for both startups and venture capital (VC) firms which will be deployed over the next three to five years. The government is encouraging VCs to set up base at Hub71 by co-investing with them through a government matching scheme.

It is hoping to attract startups from around the world by promising them a network that includes Softbank and Mubadala’s portfolio companies which includes Uber, China’s Didi and India’s OYO.

“What makes Hub71 different from other initiatives in the region is the partnership strategy,” says Ibrahim Ajami, head of Mubadala Ventures.

Working with government, universities, global tech companies like Microsoft will enable an ecosystem that Abu Dhabi hopes will propel it to the ultimate destination for entrepreneurs.

“They get to sit alongside leading tech companies from around the world – that dialogue, that engagement is absolutely immense,” says Ajami. “The role of Softbank is another part of our partnership strategy. Softbank sits on some of the greatest companies in the world and a lot of them are asking about how to expand to the region.”

Saudi Arabia

Networking, while beneficial is not enough to guarantee success. Most startups would prefer easy access to market and Saudi Arabia, for many, is the most lucrative market in the region.

Saudi Arabia’s Vision 2030 has repositioned the small to medium sized enterprise (SME) sector as one of the most important for the kingdom’s economic prosperity. The government launched the General Authority for SMEs known as Monshaat, whose sole mandate is to help, aid and enable them, a one-stop shop for SMEs.

Over the past few months Monshaat has announced a roster of new initiatives which has included launching a government-owned VC firm – the Saudi Venture Capital Company (SVC) with a fund worth SAR 5 billion ($1.33 billion) which it will invest directly in the country’s startups as well as VC funds.

It has also signed agreements with 20 global and regional VCs, including with Wamda Capital to facilitate the visa and licensing process for their portfolio companies.

Saudi Arabia is the Middle East’s biggest economy with a gross domestic product (GDP) of more than $680 billion and a population of 33 million of which 70 per cent are below the age of 30. This demographic is technologically savvy with strong purchasing power and for startups, cracking the Saudi Arabian market is one way to ensure growth.

But the country’s restrictive social and cultural requirements make it difficult to attract talent. Riyadh-based logistics company Salasa has considered relocating to Dubai in a bid to attract the talent that is lacking in Saudi.

“We used to say lack of funds was a challenge, but this is not an issue anymore especially with government support. A big hassle for us is to find someone talented who wants to work for a startup. This is why sometimes we think if we move to Dubai, it will be easier to acquire talent,” says Abdulmajeed Alymeni, co-founder and CEO at Salasa.

Amman and Cairo

Two countries that do boast talent however, are Jordan and Egypt. During the opening plenary session at WEF, Jordan’s King Abdullah II bin Al Hussein told a room of the region’s top businessmen and policymakers that his country was ripe for investment and a destination for startups.

“Our most important strength is Jordan’s high-skill human capital,” he said. “Our young people are globally connected, tech-savvy, fluent in multiple languages and determined to succeed. They are proven assets to every enterprise. And we have already seen this strength at work, in the success of Jordan’s ICT industry, which has created thousands of new jobs and accessed markets across the region and beyond.”

Amman provides many of the engineers for the back offices of many startups and technology companies in the region, including Amazon. But they tend to be more expensive than engineers in Cairo, where the region’s most populous city is re-establishing its entrepreneurial flair amid a flurry of activity.

Kuwait-based Boutiqaat is currently considering opening a back office in Cairo.

“I can hire 10 engineers in Egypt for the price of one in Jordan,” says Fahd Mannaa, IT manager at Boutiqaat.

But cost alone is not enough to attract startups to establish headquarters in Egypt, or Jordan, which lack the same living standards as the Gulf. They are likely to remain as the backend offices for the rest of the region.

Bahrain

The country making the strongest effort take replace Dubai as the region’s hub is Bahrain. The small Gulf state enjoys easy access to Saudi Arabia, a bankruptcy law that allows startups to fail and restart and Al Waha’s $100 million fund of funds of which half has already been invested. Bahrain has also adopted a “cloud first” policy and is home to the Middle East’s Amazon Web Services (AWS) infrastructure which will go live this year and will create thousands of jobs according to Amazon.

Much of the progress has been led by the Bahrain Economic Development Board (EDB) which recently launched a special programme for startups by providing them with a fast-tracking service for applications to establish a presence in the country and an opportunity to pitch and access funding from Bahrain’s Sovereign Wealth Fund as well as the venture capital partners of Al Waha.

Bahrain has also worked hard to become a regional hub for financial technology (fintech) companies with the establishment of Bahrain Fintech Bay, home to a regulatory sandbox, co-working spaces and regional and global banks.

So will any one city take Dubai’s crown as the Middle East’s startup hub? Perhaps, but in a region where the markets are so fragmented, it would be better if these countries focused on specific sectors or technologies and become a hub for that, rather than attempt to attract all the startups of the Middle East.

“Today, Dubai is a hub mostly because it’s easier to attract talent, doing business is easier, but the market is pretty small and it is difficult for a startup to flourish in Dubai alone,” says Abdulkader Lamaa, vice-president of digital at McKinsey Digital Labs. “It is healthy to have more hubs coming up and more investments coming in but the disadvantage of too many hubs is sharing of information. It would be more useful to focus on sectors or certain technologies. As a region we would benefit from some level of personalisation.”

Originally posted on Wamda.com

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5 Upcoming Tech Companies in Bahrain to Watch Out For in 2019

Posted on May 10, 2019 by Fatima Fedaie

Bahrain’s business-friendly environment has already helped attract and nurture many startup businesses, and new startups are establishing themselves all the time. The tech startup industry, in particular, is thriving, helping to grow the Middle East technology sector and generating more jobs every year.

Tech businesses new to Bahrain don’t need to navigate the startup process alone. Startup Bahrain offers an exciting and helpful ecosystem that works to guide, develop, and support startups, as well as forging new connections that bring together investors, accelerators, incubators, and government. Many startups have already grown and benefited from the resources offered through Startup Bahrain, and its ecosystem has expanded to include over 119 new businesses.

With so many promising startups now being established in Bahrain, it can be hard to tell which ones could become the next Microsoft and generate a fortune worth billions. Some of our tech startups have already seen great success, and we at EDB Bahrain have gathered a list of a few that stand out. Read on to learn more about 5 of the most promising tech startups to watch out for in 2019.

Inagrab

Inagrab is a retail platform that helps retailers generate more revenue by using technology to determine the best time to sell a product and the best place to promote it. This e-commerce business includes features that show product performance, potential commerce platforms to display the product, and leads to generate future contracts. Inagrab includes an app that allows buyers to search for deals and learn more about a particular product. In 2018, the startup added an AI feature to give retailers even more options. Inagrab was founded by Hussain Haji and Mustafa Marhama in 2017 and has become one of the most promising startup tech companies over the last year with co-founder Hussain Haji as the current CEO.

Skiplino

Skiplino is a free queue management system that helps businesses manage customer queues quickly and efficiently. The company uses cloud software to store and monitor data and collect feedback from customers. With the Skiplino app, customers are able to queue in advance and avoid waiting in a physical line. Skiplino has attracted investor attention with a recent investment from Kuwait-based venture capital firm KISP Ventures, indicating the business may be one of the best startups to invest in. Skiplino was co-founded by Zaman A. Zaman, Alharith Alatawi, and Ricardo Gasparis, and it has risen as one of several international tech companies from Bahrain. Zaman A. Zaman is the current CEO of the company.

Malaeb

Malaeb offers an app that connects local football players who want to organise matches. The features include booking fields, creating a team, challenging other teams, and finding more players to join your game. The app has grown in popularity in a short time, with 20,000 users as of 2018, and has received funding from Raed Ventures, Vision Ventures, 500 Startups, and Inspire Ventures. The business expanded to the United Arab Emirates this year, making the app now available in five countries in the Middle East. Malaeb is another one of the stronger tech startups in 2019. It was co-founded by Ahmed Alrawi and Yasser Abdulaziz in 2016, and co-founder Ahmed Alrawi is the current CEO.

Rain

Rain is one of the most exciting upcoming tech companies. The business is a secure cryptocurrency exchange designed to end the difficulties of obtaining digital currency in the Middle East. Rain will help those in the Middle East to buy, sell, and store digital currency with secure and regulated technology. Rain will be the first Central Bank cryptocurrency exchange in the Middle East, and experts are watching the company for the potential increase in revenue and capital it offers the region. Rain was created at the end of 2018 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawyand, and Joseph Dallago recently became CEO.

Time Control Technologies

Time Control Technologies is an automated live workforce management system that helps companies save time and generate more revenue by managing tasks more efficiently. The features include timesheet processing software, automated payroll processing, and resource monitoring software that all improve business productivity. In a short window of time, the startup has already won an award at the Bahrain Tech Awards in 2018 and has received investments from the Hong Kong hardware accelerator company Brinc. With such a successful launch, Time Control Technologies is one of the top Bahrain tech startups for 2019. Time Control Technologies was founded in 2018 by Jhony Leyva and Jesus Alvarado, who is the current CEO.

Bring a Startup to Bahrain

While the list of startups above highlights a few of the new businesses thriving in Bahrain, many more call Bahrain home, and even more opportunities lie ahead for businesses and investors.

We at EDB Bahrain are excited to share more about the opportunities for success for tech startups in Bahrain. To learn more about how we can help you start a business in Bahrain, explore the resources available at Startup Bahrain and on the EDB Bahrain startup information page, which also offers a form for you to get in touch with us for personalized expert support.

Jersey and Bahrain sign digital innovation agreement

Posted on May 2, 2019 by edbuser

Jersey and Bahrain have today signed a Memorandum of Understanding to work together to drive digital innovation across both jurisdictions, to encourage more women into the sector, and to assist entrepreneurs to create digital businesses, products and services – with a particular focus on those that will help the finance industry.

The MoU has been signed by representatives from Digital Jersey and the Bahrain Economic Development Board (EDB).

One aspect of the agreement is to give members of both Digital Jersey and Bahrain FinTech Bay – the leading FinTech hub in the Middle East and Africa – an opportunity to share experiences and open the door to joint projects.

Tony Moretta, the CEO of Digital Jersey, said: ‘Today is a landmark day in the story of Jersey’s growing and thriving tech sector. We’ve reached a level of maturity and confidence here in the island together with a proven track record of innovation and entrepreneurial spirit in a well-regulated environment. It means we’re ready to look further afield and, in line with Government priorities, drive collaboration with strategically important markets such as Bahrain.’

The agreement will see Jersey and Bahrain working to promote the benefits of businesses operating in each others’ locations, further collaboration of women in the sector, and an opportunity for members of Digital Jersey and Bahrain FinTech Bay to use both agencies’ shared working spaces, platforms and knowledge. Commenting on the MoU, David Parker, Executive Director for Business Development- Financial Services at the EDB noted:

“Jersey is a natural partner for Bahrain. As agile and nimble financial services hubs, we both understand what the next generation of FinTech companies want. International cooperation, easy access to larger markets and flexible regulatory systems are key drivers of business success and are defining characteristics of Bahrain and Jersey.”

Jersey’s Minister for External Relations, Senator Ian Gorst, said: “I am delighted that the Economic Development Board of Bahrain have come to Jersey to exchange ideas with Digital Jersey on how to support the growth of the fintech sector in both markets. The MOU sets out practical steps for fostering closer collaboration between our respective start-ups and women tech entrepreneurs, and I am confident this exciting new partnership will help deliver commercial successes for fintech businesses in Jersey and Bahrain”.

The MoU was signed at a special ceremony at Digital Jersey’s dedicated technology space and research centre, DJX, in St Brelade.

-ENDS-

About Digital Jersey

Digital Jersey is the government-backed economic development agency and industry association dedicated to the growth of the digital sector. We work to upskill the Island’s workforce, create new digital jobs, help companies to increase their productivity, and develop strategies to make Jersey a world-leading base for digital innovation.

For further information, and to arrange interviews with Tony Moretta, please contact Kelly Barker on 07797 778982 or email kelly.barker@digital.je

About Bahrain Economic Development Board

Bahrain and Turkey sign MoU to strengthen start-up collaboration

Posted on April 30, 2019August 25, 2020 by edbuser

Manama, 01 May 2019: The Bahrain Economic Development Board (EDB), the investment promotion arm of Kingdom of Bahrain today signed a Memorandum of Understanding (MoU) with the Istanbul Development Agency (IDA) for co-operation on the development of start-up ecosystems in their respective countries. The MoU was signed by Pakiza Abdulrahman, Manager of Business Development – Startup at the EDB and Fatih Piskin, Secretary General of IDA.

Seeking to build on the growing innovation landscape in Bahrain and Turkey, the new agreement offers a platform for entrepreneurs to network, collaborate and scale their businesses on a regional level. Accordingly, the areas of cooperation between the two entities would include the provision of co-working spaces, logistics support, access to the wider startup ecosystem line mentorship, talent, funding, and potential partners. Additionally, the MoU looks at other business set-up services to ensure a smooth transition for start-ups between both markets.

Ms. Pakiza Abdulrahman, Manager of Business Development – Startup at the EDB said: “We are excited to partner with the Istanbul Development Agency to facilitate greater collaboration between start-ups and innovators in Bahrain and Turkey. Both our countries have invested heavily in developing infrastructure that is essential for start-ups to grow and succeed. Global expansion is integral to this journey. By paving the way for the exchange of ideas, resources and growth opportunities between entrepreneurs, we stand to benefit from more trade and investment that is mutually beneficial for our economies.”

The MoU is in line with the EDB’s aims of exploring global networks for the promotion and development of entrepreneurship in the Kingdom. Similar to Bahrain, start-up activity in Turkey has expanded rapidly in recent years.

Mr. Fatih Piskin, Secretary General of Istanbul Development Agency said: “From now on, investment promotion agencies become partners rather than rivals. We are today signing an MoU, which is based on concrete and tangible grounds. In this respect, we will be honoured to welcome Bahraini entrepreneurs in Istanbul; then, provide invaluable services in order to make a smooth landing and transition in their new destination. Our goal is to mutually increase the volume of projects and certainly FDI.”

In 2018, the Foreign Direct Investment (FDI) inflows from Turkey stood at $297m making Turkey the third source of FDI for the Kingdom. Bahrain is home for 9 prominent Turkish banks, including Isbank, ZiraatBank, Yapi Kredi, Finansbank andKuveyturk. There are currently 5 key manufacturing companies operating in Bahrain including TAV, Orta Anadolu, Gama Holding, Goknur Food and Sonmez Metal. F&B sector is another attractive sector for Turkish restaurants and cafés like Mado, Simit Sarayi, Sütiş, and Kosebası. Additionally, Bogazici Ventures (Menapay), Justmop and Mental Up are some of the startups that are currently in the process of setting up their operations in Bahrain.

As a gateway market to the $1.5 trillion GCC economy, Bahrain offers the ideal launch pad for start-ups looking to enter the region. The country provides a positive regulatory environment for global investors and entrepreneurs, including reforms such as a bankruptcy law, data protection laws, and 100 per cent foreign ownership in the majority of sectors. The Kingdom also boasts the lowest cost of doing business in the region, at up to 40 per cent less than neighbouring cities. Consequently, Bahrain has seen international start-ups grow by 100 per cent between 2016 and 2018.

Learn more about scaling your business in the StartUp heart of the Gulf