Page 15 - SAMENA Trends - January 2020

POSITIONING THE KINGDOM OF BAHRAIN AMONG THE LEADING DIGITAL ECONOMIES SAMENA TRENDS

Bahrain Progresses toward Becoming a Major Technology and Innovation

Hub

capital markets, which have including the need for startups
yielded measurable results. In to grow into larger firms that will
addition, Bahrain has enhanced create more jobs, access to highly
support structures for small trained labor to satisfy these
and medium-sized enterprises additional jobs, and assistance for
(SMEs) and startups that connect existing firms transitioning to the
government agencies, investors, new digital economy. The report
and other stakeholders to help offers several recommendations,
businesses grow. Today, three including:
Bahraini firms are listed among • Assist micro-firms to grow and
the top-100 startups by Forbes offer more jobs
Middle East, and the Kingdom • Facilitate access to
boasts the largest share of female international talent
founders in the Middle East and • Ensure private-sector wages
North Africa in the 2019 Global are competitive
Startup Ecosystem Report. • Support small local firms with
Bahrain’s strong emphasis on services that can help with the
startups and technology comes transition to digital
with challenges that need to be Bahrain and the Fourth Industrial
addressed to ensure the resilience Revolution was produced by the
of the new economic model. Based Milken Institute with support
on their analysis, the authors from the Bahrain Economic
identify several challenges, Development Board.

Through careful planning and bold regulatory reforms, the
Kingdom of Bahrain is poised to become a major hub for
finance, technology, and innovation, according to a new
report released by the Milken Institute. However, Bahrain
needs to continue its efforts to overcome challenges and
achieve the objectives laid out in the Kingdom’s Vision
2030 strategic plan launched in 2008. The report, Bahrain
and the Fourth Industrial Revolution, is authored by Claude
Lopez, Ph.D., Milken Institute director of research, together
with research analysts Joseph Bendix and Cesar Servin.
“Bahrain has developed a business-friendly environment,
regulatory framework, and support system that make the
Kingdom an attractive destination for global companies,
investors, and entrepreneurs,” said Lopez, citing a six-fold
increase in foreign direct investment between 2016 and
2018. “With its skilled population, low cost of living, and
continued investment in technology infrastructure, Bahrain
is positioned to continue to achieve positive outcomes.”
The Milken Institute report points to recent policy changes
that increase transparency, protect investors, align with
international standards, and modernize access to Bahrain’s

15 JANUARY 2020