In a recent announcement at the TNW Conference in Amsterdam, Bahrain has secured its position as top 10 MENA Ecosystem and top 10 Emerging Ecosystem in Performance in accordance to the 2023 Global Startup Ecosystem Report. Published annually by Startup Genome in collaboration with the Global Entrepreneurship Network (GEN), this report is renowned for its comprehensive research on startup ecosystems worldwide.
Bahrain’s ecosystem value has witnessed a remarkable surge in reaching $928 million compared to the previous year’s figure of $564 million. This represents an impressive 54% growth in ecosystem value, which serves as a measure of economic impact, encompassing exits and startup valuations.
Plus, Bahrain has been recognized as the 15th ranked MENA ecosystem in Talent & Experience. This achievement marks the Kingdom’s commitment to nurturing and upskilling the talent, particularly in the thriving ICT sector. Emphasizing the importance of digital literacy in driving economic growth and development, Bahrain continues to prioritize the training and development of its workforce.
The evaluation of Bahrain’s ecosystem has highlighted several indicators that reflect the recent successes of local startups and scaleups. In addition to its notable performance in the FinTech sector, Bahrain has gained recognition in the fields of cybersecurity and govtech. As a result, the Kingdom now ranks among the top 15 MENA ecosystems in terms of funding opportunities and access to affordable local talent.
Mrs. Alya Alaali, Executive Director of Strategy and Transformation at Tamkeen, shared her insights on Bahrain’s global ranking, stating, “Startups are essential to economic growth, driving technology adoption and innovation, and job creation. The growth in the ecosystem value is a testament of Bahrain’s dynamism and workforce advantage. The strength of the Fintech Sector, and the Cybersecurity skills of local workforce, along with the use of advanced technologies to provide efficient government services reflects the joint efforts put forward by Team Bahrain which resulted in the positive development of the ecosystem ” She continued “Through Tamkeen’s various programs, partnerships, and initiatives, we will continue building on this momentum and march towards an ecosystem that allows startups to thrive and grow.”
Head of Ecosystem Strategy at Startup Genome, Stephan Kuester, expressed his enthusiasm for collaborating with Tamkeen and showcasing Bahrain’s success stories to the world. He shared, “We are proud to work alongside Tamkeen in highlighting Bahrain’s startup achievements and sharing the tremendous growth opportunities in the region. Bahrain’s inclusion in our global network of leading innovators is a testament to its entrepreneurial prowess. We look forward to driving further success through collaboration and knowledge-sharing.”
The remarkable rise of Bahrain’s startup ecosystem signifies the Kingdom’s commitment to continuously foster entrepreneurship and create an environment conducive to the growth and success of startups. With support from Tamkeen and ongoing collaborative efforts, Bahrain is poised to solidify its position as a global hub for innovation and entrepreneurship.
