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Seven GCC companies enter Bahrain’s ICT space in 2019

The Bahrain Economic Development Board – the investment promotion agency for the Kingdom of Bahrain – has announced that over the course of 2019, seven firms from other GCC member states entered Bahrain’s ICT space.

Their total investments total $4,085,965 Innovative companies are increasingly choosing hyper-connected Bahrain to grow their ICT business, attracted by supportive initiatives “The Kingdom has long been recognised for its innovation and tech-friendly regulatory environment, having passed a number of laws to further encourage digital disruption" - Fajer Al Pachachi, Senior Manager, Business Development - ICT, Bahrain EDB

The Bahrain Economic Development Board – the investment promotion agency for the Kingdom of Bahrain – has announced that over the course of 2019, seven firms from other GCC member states entered Bahrain’s ICT space, bringing a total investment of USD 4,085,965. The seven companies range from IT consultants to software and hardware developers; they are:

  • Transcend Travel Technology – Technology consultancy and solutions for the travel industry
  • Bookr – A Kuwaiti startup that provides beauty professionals with cloud-based appointment management features and provides an app-based marketplace for consumers to find, book and pay for beauty service appointments.
  • Digital Transformation Professionals ADTCs – A software enterprise solutions and services firm that helps corporates across the Middle East build and maintain a strong and stable digital environment with a focus on new technologies, including mobility solutions, cloud offerings & services, data visualization (end to end), applied technology solutions (IOT), blockchain and artificial intelligence.
  • Enwan Al Jazeera – A Saudi company established to invest in technology, particularly in the development and implementation of web and mobile applications
  • Dynamic Cloud – One of the fast-growing providers of cutting- edge solutions in the fields of Cloud Computing, Internet of Things (IoT), Digital Twin, and Business Intelligence (BI). With three offices in Saudi Arabia & Bahrain, Dynamic Cloud is one of the very few companies in the region which designs and develops its own products.
  • CodeBase Technologies – Part of an investment group based out of the UAE with a diversified service offering across industries, including solutions for FinTech, blockchain, mobile, Islamic Finance and business intelligence. Awarded Best Islamic Financial Software Provider 2018 by the World Islamic FinTech Awards.
  • Innosoft – An IT and Business Solutions company headquartered in Dubai with stakes in various ICT organizations across the world. Offers solutions for digital transformation, mobile, facilities management, eGovernment, productivity and smart cities.

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Innovative companies are increasingly choosing hyper-connected Bahrain to grow their ICT business, attracted by Bahrain’s nimble and innovative regulatory environment with a highly competitive taxation system, 100% foreign ownership, and the lowest operating costs in the region. The Central Bank of Bahrain (CBB) has pushed forward initiatives that are playing a vital role in creating a favourable environment for digital businesses ranging from data privacy and competition laws to open banking, and the most recent, robo advisory & Insurance aggregators.The Kingdom was ranked first in MENA for ICT readiness and 11thglobally by the UN for Telecoms Infrastructure.

Fajer Al Pachachi, Senior Manager, Business Development – ICT, Bahrain EDB, said: “The Kingdom has long been recognised for its innovation and tech-friendly regulatory environment, having passed a number of laws to further encourage digital disruption, including data protection and data jurisdiction laws, the region’s first nation-wide cloud-first policy, and one of the first countries to roll-out commercial 5G.  This has made Bahrain one of the first choices for tech companies looking at expanding into the region’s $1.5trillionmarket. At the EDB we focus on a number of priority sub-sectors where the Kingdom offers competitive advantages, including gaming, cyber-security and cloud computing. We look forward to working with potential investors to introduce them to the numerous opportunities available both in Bahrain and the wider region.”

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