StartUps are Reshaping Bahrain Economy
The kingdom of Bahrain is attracting new investors to develop its local and regional startup business. A variety of young graduates are gaining employability in startups, stated Dr Mehdi Mili an Associate Professor at the department of Economics and Finance at the University of Bahrain.
Dr Mehdi said that the Kingdom of Bahrain is counting on the dematerialization of its economy and on the modernization of its development factors to become an attractive land of start-ups. It reserves generous reception conditions for entrepreneurs. With the rise of new technologies, entrepreneurship is a key argument that proves both the open-mindedness of the state and its ability to attract new investors for the development of local and regional startups.
In Bahrain, the number of startups has grown by 46.2% over the past 3 years. The strategic vision of the government makes Bahrain the perfect hub for startups in the GCC region by offering a whole support package including, Subsidize 50% of startups needs, from accounting to marketing, subsidized wages by 70% and training needs by 100%.
He added, Startups contribute to the employability of young graduates from different disciplines and provide openness to a highly competitive labor market. They employ qualified young people in different sectors and offer them an excellent polyvalent experience in high tech, leadership, entrepreneurship, etc.
While women create less than 10% of Startups in the world, the new economic diversification operated by Bahrain offers a real openness to women entrepreneurs. According to a report published by Al Masah Capital, women in Bahrain create over 25% of new startups in the country.