The Kingdom of Bahrain aims to have a better and more sustainable future for all. Therefore, 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) and other emerging technologies.
Bahrain is home to the largest financial technology centre in the Middle East known as Bahrain’s FinTech Bay, and it’s one of the Kingdom's most important initiatives that focus on investing in innovation such as advanced laboratories, business accelerators, and educational opportunities.
The Kingdom of Bahrain has always believed in strong institutions and partnerships, which are required to achieve sustainable community goals. In 2006, the Kingdom established a labour 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.
The Government Innovation Competition aims to stimulate creativity and innovation among the government sector employees and provide them with the opportunity to compete in making effective proposals to develop government performance. Fikra, which means ‘idea’ in Arabic, invites proposals on how to improve government performance and public service quality in Bahrain, in line with the Economic Vision 2030 and the Sustainable Development Goals.
The best ideas are implemented by the relevant governmental entities:
Support for innovation in the Kingdom of Bahrain is facilitated by government entities, the private sector, and educational institutions:
The Bahrain Development Bank(BDB) supports business incubators and accelerators. Bahrain Development Bank (BDB) also focuses on strengthening Bahraini women's capacity through the "Riyadat" centre, which aims to increase the creativity and entrepreneurship of Bahraini women and bridge the gender gap.
The Ministry of Industry and Commerce (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 accelerator’s 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.
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 Patent Office by the applicant if he is 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 offer Trademark and Patent eServices that facilitate online filing for patents and allow uploading of 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 applications.
The Kingdom of Bahrain is keen to invest in space science and its diverse applications. A group of students from the Kingdom participated in the space camp which is 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 space journeys and selecting astronauts.
This participation supports the national approach to achieve comprehensive, sustainable development and prosperity in line with Bahrain Vision 2030.
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Content Last Updated: 28 Aug, 2023