Bahrain to Fast-track Setup Process for Global Startups

Lisbon, Portugal (ots/PRNewswire) - The Bahrain Economic
Development Board (EDB) - the investment promotion agency for the
Kingdom of Bahrain in partnership with Web Summit - announced today a
fast-track setup process for startups globally looking to take
advantage of the business environment and startup ecosystem in
Bahrain. The initiative will also enable startups to access the
broader MENA region markets with the hyper-connected Kingdom of
Bahrain as their launchpad.

The announcement was made prior to the leading annual technology
conference Web Summit 2019, which will be attended by a high-level
delegation from Team Bahrain to include; the EDB, Tamkeem (Bahrain
Labour Fund), Bahrain Chamber of Commerce and Industry, Bahraini
startups and accelerators. International startups and related
entities interested in learning more about Bahrain startup ecosystem,
and the benefits Bahrain has to offer, are encouraged to visit the
Bahrain EDB stand - no. E359, pavilion 3 - where a team will be on
hand for the duration of the summit (November 5 - 7) to answer any
questions.

The fast-track setup process is a free service offered through a
dedicated concierge, and includes:

- A fast-tracked entry process which will cover residency, visa
requirements and business registration
- Guidance from Bahrain's incubators and accelerators, as well as
access to their networks and programmes that will provide
businesses with the connections they need to grow and expand
- Access to grants and financial support

The initiative will allow businesses and startups to benefit from
the full ecosystem in Bahrain, which boasts operating costs up to 40%
lower than its neighbours, one of the region's most highly skilled
local workforces and some of the most advanced soft infrastructure in
MENA. Sitting at the nexus of the Middle East, the Kingdom offers a
convenient springboard into the wider region opportunity, including
its largest market, Saudi Arabia.

Commenting on this announcement, Ms. Pakiza Abdulrahman, Manager
of Business Development - Startups at Bahrain EDB said:

"International startups can benefit hugely from the
entrepreneurial support structure in Bahrain - offering access to
capital, talent and new markets. With a hassle-free approach to
setting up businesses in Bahrain, there is no better base to scale
across the growing $1.5 trillion Gulf market."

Michael Cunningham, Senior Vice President of Partnerships at the
Web Summit said:

"We're glad to see startup initiatives like that of the Bahrain
Economic Development Board. It will be great that startups present at
this year's Web Summit will be able to benefit from their efforts."

In recent years, Bahrain has expended considerable resources
diversifying away from a previous focus on hydrocarbons. It now
enjoys a burgeoning and increasingly dynamic digital economy; a
maturing tech 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 other jurisdictions simply cannot. Thanks
to this, Bahrain has earned a reputation as the region's de facto
test-bed for cutting edge technologies.

About Bahrain Economic Development Board

The Bahrain Economic Development Board (EDB) is an investment
promotion agency with overall responsibility for attracting
investment into the Kingdom and supporting initiatives that enhance
the investment climate.

The EDB works with the government and both current and prospective
investors, in order to ensure that Bahrain's investment climate is
attractive, to communicate the key strengths, and to identify where
opportunities exist for further economic growth through investment.

The EDB focuses on several economic sectors that capitalise on
Bahrain's competitive advantages and provide significant investment
opportunities. These sectors include financial services,
manufacturing, ICT, tourism, logistics and transport.

For more information on the Bahrain EDB visit www.bahrainedb.com;
for information about Bahrain visit www.bahrain.com.

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ots Originaltext: Bahrain Economic Development Board (EDB)
Im Internet recherchierbar: http://www.presseportal.de

Contact:
Communications and Media Department
Economic Development Board
Phone: +973-17-589966
E-mail: internationalmedia@bahrainedb.com

Original-Content von: Bahrain Economic Development Board (EDB), übermittelt durch news aktuell