While the decline in oil prices continues and the direction to be independent from it grows, the need for economic diversification grows. To diversify the economy, countries in the GCC are looking into expanding tourism, business, financial services, logistics sectors and last but not least, startups.
Bahrain is a fertile ground for startups and it knows is. Through Startup Bahrain, the country is developing its startup ecosystem to attract and bring together startups from all around the world.
The falling prices of oil are affecting the economic budgets of Bahrain and its neighbors. Looking at non-oil-based sectors for additional revenue streams to reinforce economic growth is a natural and a wise move.
Bahrain’s policy reforms gave the country an attractive ecosystem for starting businesses due to its efforts to support sustainable economic growth. Entrepreneurs are increasingly taking their role as one of the primary motivators of Bahrain’s economy as small and medium enterprises form 30% of nominal Gross Domestic Product of Bahrain while also providing 73% of private sector employees.
Through Startup Bahrain, the country is taking big steps to ensure that the ecosystem is not only read to accept new startups but strong enough to allow growth and development creating an inviting environment for young people to participate. Startups are booming all over the world, and Bahrain is surely and naturally, becoming a strong regional ecosystem due to its easy company setup and operation, foreign ownership and management, and low cost base. The bet is on startups to create jobs, new markets through technology.
What further encourages the growth of startup businesses in the Bahraini economy is the presence of supporting bodies like Tamkeen and governmental economic policies that encourage nurtures young Bahraini entrepreneurs towards successful integration in the economy. Tamkeen offers a number of programs that help stimulate the growth of companies within the private sector, through a globally unprecedented approach, including Business development, training and wage support and micro-finance among many others.
Visit the initiative’s website on Startup Bahrain for more information.