As per the StartupBlink’s annualized Listing for the top 100th most superior hubs for promoting or initiation of a business, Jordan, Lebanon, as well as Bahrain make the best inroads.
As per the report, UAE, the Arab League’s Second-Major Economy was positioned amongst the topmost 50 hubs for the Start-Ups globally. The nation attained out the topmost ranking amongst Arab Nations at 43rd position, although it was three places lesser than the previous year, as per the list of 100 best nations for the start-ups from the Zurich backed Research firm StartupBlink.
The Chief Executive of StartupBlink, Eli David stated out further that; “As an entrepreneur, location will greatly influence the chances your start-up will succeed.”
He further added it out that; “Good start-up ecosystems are fundamental … they create jobs, boost the economy, increase tax revenue, improve quality of life and urban innovation and attract talent.”
StartupBlink, which distributes start-up ecosystem rankings every year, computes the score for each nation based on numerous factors such as the commercial environment, quantity of start-ups and quality of products. It assembles the data from more than 50,000 respondents employed as venture capitalists, founders and workforces.
The report also stated out that; “Dubai is now the undisputed tech leader city in the Arab world, becoming a popular relocation destination among Arab entrepreneurs from all over the Middle East.”
It added, that, “Considering the size of the Arabic-speaking market, the potential is high … continued reforms by the government can provide much needed legal and financial infrastructure, with laws favouring entrepreneurs and a banking system that supports innovation.”
The topmost gainers within the Arab League comprised of Jordan, that notched up six places to end at 67th Position, Lebanon, that surged eight positions above to end up at 74th Position, Bahrain that surged up 20 places to end at 75th Position.
Egypt at (81st position), Morocco at the (83rd position), Qatar at the (84th position), Saudi Arabia at (88th position) and Kuwait at (92nd position) also made it to the top 100 rankings.
The report further added out that; “Dubai is now the undisputed tech leader city in the Arab world, becoming a popular relocation destination among Arab entrepreneurs from all over the Middle East.”
It also added out that; “Considering the size of the Arabic-speaking market, the potential is high … continued reforms by the government can provide much needed legal and financial infrastructure, with laws favouring entrepreneurs and a banking system that supports innovation.”
The organization applauded the Arab nations for their dependable efforts to fascinate global talents and generate a favourable ecosystem obligatory for the fruitful scaling of dealings.
The Head of the Start-Ups at the Bahrain Economic Development Board (EDB), Pakiza Abdulrahman, stated out that, “Picking a start-up location is one of the most important choices a founder can make.”
She further added up that; “Start-ups coming to Bahrain join a thriving ecosystem that combines pro-enterprise regulation with competitive costs, backed by the support of government … not to mention our unrivalled access to the $1.5 trillion [Dh5.5tn] GCC market.”
The report also stated out further that, Bahrain has the potential to rank even higher, as it enjoys a “collaborative start-up community, is tax-free for most private companies and has established a framework of legal and support systems” for entrepreneurs.
As per the Data Platform Magnitt, it stated up that, Start-ups within the Middle East and North Africa territory secured Dh1 billion in funding through the initial quarter of the year, upsurged by 2 percent on the same period the preceding year.
The island nation encourages enterprises like that of the StartUp Bahrain, Tamkeen and Bahrain FinTech Bay, and in 2019 fascinated 134 fresh firms to the nation. Investments accounted out to $835 million, as according to the EDB.
While funding augmented marginally, the quantity of dealings in the initial three months of this year declined 22 percent to 108. Egypt accounted for 37 percent of overall dealings in the territory while the UAE accounted for 25 percent and Saudi Arabia 12 percent.