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Investment in innovation

Leading The Region’s Innovation In The Digital Economy

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Tamkeen supports individuals by financing training programs, professional certification, and wage support.

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Bahrain's FinTech Bay is one of the Kingdom's most important initiatives that focus on investing in innovation.

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Economic environment that supports investing in business incubators and accelerators

Investment in innovation

The Kingdom of Bahrain aims to have a better and more sustainable future for all, so its efforts have been focused on its economic growth by leading the Gulf Area in the digital economy. The Kingdom has made significant strides in investing in financial technology (fintech).

Bahrain's FinTech Bay  is the largest financial technology center in the Middle East and one of the Kingdom's most important initiatives that focus on investing in innovation such as advanced laboratories, business accelerators, and educational opportunities.

Innovative Government

The Kingdom of Bahrain has always believed in strong institutions and partnerships, which is required to achieve sustainable community goals. In 2006, the Kingdom established a labor fund called Tamkeen .  This was used as a vehicle to promote investment in innovation and was used as an engine to strengthen the Bahraini economy by supporting and nurturing the private sector.

Support for Innovation

Tamkeen supports individuals by financing training programs, professional certification , and wage support .  It also financially supports companies that are in the process of establishing enterprises, startups, and companies that are in the process of expansion. From its establishment until October 2018, Tamkeen has supported more than 234,000 individuals and institutions, including 183,000 individuals and 51,000 organizations. It has launched 339 initiatives to support institutions and individuals and spent 130 million Dinars on subsidies in 2018 alone.

The Economic Development Board’s (EDB)  main tasks are to attract investments, support the private sector, develop the economy, provide suitable conditions for investment and create job opportunity for the Bahraini youth. The EDB  allows 100% ownership of foreign investment in most business sectors. It has attracted investments of BHD 314,000,000 in 2018 alone, which resulted in the creation of innovation and entrepreneurship.

Incubators and Accelerators

The Bahrain Development Bank  also supports business incubators and accelerators.  This led to the establishment of the Bahrain Business Incubator Centre  in 2003. It became the first diversified incubator in the Gulf Cooperation Council (GCC) region. Bahrain Development Bank (BDB) also focuses on strengthening Bahraini women's capacity through the "Riyadat " center, which aims to increase the creativity and entrepreneurship of Bahraini women and bridge the gender gap.

The Ministry of Industry, Commerce, and Tourism (MOIC)  encourages the private sector to invest in incubators and accelerators by providing business incubators and accelerators licenses. MOIC has issued terms, conditions and legislation  regulating incubators and accelerators activities.

The Kingdom of Bahrain currently has more than 75 innovative startups and above 34 accelerators, incubators and co-working spaces. All these efforts are aimed to grow the economy and increase the share of industry as a percentage of GDP.

Registering Patents

A patent is an exclusive right granted to the inventor against his invention, which may be a product or a process for a new way of doing something, provided that the patent owner discloses the technical information related to his invention in the patent publication. The protection period is 20 years from the date of application in the Kingdom of Bahrain. The patent application is submitted online to the Ministry of Industry, Commerce and Tourism's  Patent Office by the applicant if he is a national or resident in the Kingdom of Bahrain; foreign applicants who are not resident in the Kingdom must apply through the Intellectual Property Registration Office or a law firm in the Kingdom of Bahrain.

The Ministry of Industry, Commerce and Tourism offers Trademark and Patent eServices  that facilitates online filing for patents and allows uploading all required documents. Patent applicants can process all their “Requests for changes” such as change of owner, change of agent, change of owner details or change of agent details as well as annual payments for all of their application.

 

Bahrain Space Team

The Kingdom of Bahrain is keen to invest in space science and its diverse applications. The participation of a group of students from the Kingdom in the space camp held annually in the United States of America (USA) within the program of the Bahrain Space Team. The program aims to achieve the objectives of the National Space Science Authority (NSSA) , and provide the opportunity to learn about for space journeys and selecting astronauts.
This participation supports the national approach to achieve comprehensive, sustainable development and prosperity in line with Bahrain Vision 2030.


Page Last Updated: 31 May, 2020