Manama, June 14 (BNA) The Kingdom of Bahrain was ranked among the top ten performing ecosystems in the Middle East and North Africa region in the Global Startup Ecosystem Report 2022 (GSER), moving from its ranking among the top 15 ecosystems in last year’s report.
The report is one of the world’s most comprehensive, data-driven research on startup ecosystems, and is published annually by the leading policy and advisory research firm Startup Genome in collaboration with the Global Entrepreneurship Network (GEN).
Bahrain’s ecosystem was evaluated leading to its distinction across various indicators, a testament to the recent successes of startups and Bahrain-based companies. It ranks among the top 10 MENA emerging ecosystems for finance and experienced local talent, and has recently been recognized for its strides in blockchain, as well as for its past performance in the fintech space. Bahrain also ranks in the top 15 of the Bang for Buck ecosystem – which measures the average amount of venture capital for startups operating in the technology sector.
This year, the Kingdom of Bahrain has made incremental jumps in its rankings despite having more ecosystems to compete against. The Bahraini ecosystem is steadily moving towards maturity as its total value has quadrupled this year – from less than $100m (BD376,000) to $564m (BD213m) which is a 468% increase over the previous year. Additionally, the average follow-up funding received by at least one startup has doubled from $0.9 million to $3.1 million, which is an increase of 244% over 2021.
It is ranked among the top 15 MENA ecosystems for knowledge – which measures innovation through research activity and patents. In addition, Bahrain also improved by five places in performance in the MENA region compared to last year’s report, reflecting the progress made by the Bahrain team.
In addition, Bahrain’s business-friendly environment was highlighted as a key factor for attracting and supporting startups. In the past year an increasing number of Bahrain-based startups have grown into large partnerships, further venturing into the MENA, GCC, Turkey and Pakistan region, setting a new precedent for success for existing and new startups and providing opportunities New employment and economic growth.
On this occasion, Hussain Mohammed Rajab, CEO of Tamkeen, shared his vision on Bahrain’s global ranking and performance in the latest edition of the Global Startup Ecosystem Report, and stated that “Growth within the ecosystem is another example in Bahrain’s long history of economic dynamism. The Kingdom’s attractive environment for a dedicated and talented workforce, as well as the willingness of the private and public sectors to embrace innovation and entrepreneurship, are key reasons for the positive development of the ecosystem and growth in startups.Through our various supporting programs and partnerships, we hope to continue building on this momentum and strengthening the ecosystem in a way that allows thriving startups
His Excellency added: “We are fully committed to our mission of making the private sector an engine of economic growth and ensuring the ability of the local workforce to compete locally and internationally, in line with national economic priorities and the economic recovery plan. We continue to support all sectors with a focus on stimulating sectors with high potential, Including the startup sector, for their ability to make a positive impact on the national economy, as well as their ability to generate high-value and sustainable jobs.”
Stephen Koester, Head of Ecosystem Development for Startup Genome, shares his insights into Bahrain’s performance “Working with our local partner Tamkeen, we are eager to share the stories behind this success. As global economic transformation specialists and policy advisors, we are extremely proud of Bahrain’s performance in the Ecosystem Report Global Startup World 2022.
The latest version of the report was announced globally during London Technology Week. It ranks 140 leading ecosystems from around the world, highlights ideas by region, and includes articles by leading experts and economists.
Earlier this year, Tamkeen revealed an enterprise-wide strategic transformation plan that included the launch of 16 support programs. The transformation initiative focuses on making a greater impact on the national economy in response to market needs. Tamkeen’s programs were developed after a series of consulting sessions with representatives from various sectors thus meeting market demands. The transformation initiative focuses on creating a greater impact for the national economy in response to market needs, in line with the directions of the National Economic Recovery Plan.
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