LISBON, Portugal, Oct. 29, 2019 /PRNewswire/ — The Bahrain Economic Development Board (EDB), in partnership with Web Summit, today announced an expedited set-up procedure for startups from around the world looking to take advantage of Bahrain’s business environment and startup ecosystem. The initiative will enable startups to use the hyper-connected Kingdom of Bahrain as a launch pad to access the broader MENA regional market.
The announcement was made ahead of the Web Summit 2019, a leading annual tech conference, which will be attended by a high-level delegation from Team Bahrain, including EDB, Tamkeem (Bahrain Labour Fund), Bahrain Chamber of Commerce and Industry, as well as Bahraini startups and accelerators. International startups and associated organisations who wish to learn more about the Bahrain startup ecosystem and the advantages Bahrain has to offer are invited to visit the Bahrain EDB’s stand (number E359, pavilion 3). The team will be on hand throughout the summit (5-7 November) to answer any questions you may have.
The fast-track setup process is a complimentary service provided through your dedicated concierge and includes:
Faster immigration procedures covering residency, visa requirements and business registration Guidance from Bahraini incubators and accelerators, as well as access to networks and programs that provide businesses with the connections they need to grow and expand Access to grants and financial support
The initiative will enable businesses and startups to benefit from Bahrain’s complete ecosystem, which boasts operating costs up to 40% lower than neighboring countries, the region’s most skilled local workforce and MENA’s most advanced soft infrastructure. Bahrain’s location in the heart of the Middle East serves as a convenient springboard to opportunities in the wider region, including its largest market, Saudi Arabia.
Commenting on the announcement, Pakiza Abdulrahman, Startup Business Development Manager at Bahrain EDB said:
“International startups can greatly benefit from Bahrain’s supportive entrepreneurial framework, providing access to capital, talent and new markets. With a hassle-free approach to setting up a business in Bahrain, there is no better base from which to expand across the growing $1.5 trillion Gulf market.”
“Web Summit is excited to partner with Salesforce to bring the power of Salesforce to the market,” said Michael Cunningham, senior vice president of partnerships at Web Summit.
“We are pleased to see the efforts of startups like the Bahrain Economic Development Board and it would be great if the startups attending this year’s Web Summit can benefit from their efforts.”
In recent years, Bahrain has devoted significant resources to diversifying away from its previous focus on hydrocarbons. Bahrain now enjoys a burgeoning and increasingly dynamic digital economy, a maturing technology community, and a rapidly growing fintech ecosystem. The Kingdom’s pioneering, agile and flexible regulatory framework allows it to regulate emerging technologies such as open banking and cryptocurrencies in a way that other jurisdictions simply cannot. This has earned Bahrain a reputation as the de facto testing ground for cutting-edge technologies in the region.
About Bahrain Economic Development Board
The Bahrain Economic Development Board (EDB) is the investment promotion agency with overall responsibility for attracting investment to the Kingdom and supporting efforts to improve the investment climate.
EDB works with the government and both current and potential investors to ensure Bahrain’s investment environment is attractive, communicate key strengths and identify where opportunities exist for further economic growth through investment.
EDB is focusing on several economic sectors that leverage Bahrain’s competitive advantages and offer significant investment opportunities. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.
For more information about the Bahrain EDB, please visit www.bahrainedb.com. For information about Bahrain, please visit www.bahrain.com.
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