Bahrain to go for Cloud
Roping in world class organisations to collaborate and paving the way for a Silicon-Valley modelled entrepreneurship culture in the Kingdom, the Economic Development Board announced the establishment of the first “Cloud Accelerator” in the Middle East and Africa, in Bahrain.
EDB will collaborate with C5 Accelerate Limited, the London- and Bahrain-based technology investment specialist, and Amazon Web Services (AWS) for the new initiative. Amazon is among the world leaders in cloud services.
DT News had earlier reported about the imminent announcement of a new technology hub, quoting the EDB CEO.
Bahrain entrepreneurs and companies have a lot of scalable ideas, which can be nurtured by providing access to capital and technology. “Pilot project ran last month in Bahrain proved to us that the human capital in the Kingdom is promising, it needs the right guidance, technology and capital,” C5 Accelerate Ltd CEO Daniel Freeman told DT News.
The Cloud Accelerator aims to drive growth in the local and regional business ecosystem by enabling the rapid adoption of cloud technology, which offers many distinct advantages over traditional IT infrastructure.
The programme will develop and fund businesses from across the region with a focus on technologies that align with the economic priorities of the Gulf Cooperation Council (GCC), including, but not limited to, manufacturing, financial services and technology sector-development.
For a small business to scale up, it requires better technology, strong regulatory environment, connectivity to global market and capital, he added.
“We will support through early-stage funding, private equity and venture capital. There are wonderful risk adjusted opportunities available here.”
“We hope a number of outside companies will choose Bahrain in the future because of the entrepreneurship culture and good regulation. Anyone who has a good idea, has the execution ability and has built a team, I will welcome them to be in touch,” he told DT News.
“We can see the government of Bahrain moving at pace. We are seeing good promise here,” he added, noting that technology will fuel further innovation in Bahrain.
The fund will be looking to invest in companies and idea with concentration on software services, cloud- environment enablers, and in old companies where technology hasn’t been leveraged much.
The fund will be looking to invest in 20 companies divided into two cohorts.
Bahrain Economic Development Board Chief Executive Khalid Al Rumaihi said that the private sector is better at allocating capital than the government and a thriving entrepreneurship that could be scaled through imbibing technology is an immediate priority in Bahrain.
“The GCC technology sector is expected to grow by 10 per cent per annum over the next five years, whilst sector spending in the Middle East will reach nearly $200 billion in 2015. However, the region faces a number of challenges around attracting investment in the technology sector, including start-up costs and access to funding; regulatory barriers; and attracting, training and retaining human capital. Bahrain is addressing these challenges and building on its broader strengths to develop a strong ecosystem that encourages technology focused entrepreneurship. The launch of the Cloud Accelerator programme is one important step towards achieving this.”
He also shared the vision that Bahrain will become the entrepreneurship hub for the region as it has the right talent pool and strong regulation.
Amazon Web Services Worldwide Public Sector VP Teresa Carlson said that the Middle East region is adopting cloud technology faster than other parts of the world. Tremendous opportunities are here as well as the right education and access to capital. We consider Bahrain to be the right place for us to collaborate, due to such reasons. Modern innovations are disrupting the archaic methods of doing this, “why can’t we do the disruption here?” she asked. Tamkeen Chief Operating Officer Amal Kooheji commented during the announcement that entrepreneurs in Bahrain require further assistance to scale up their business in terms of technology and knowhow. She added, “Tamkeen continues to support businesses and startups as a catalyst for entrepreneurial innovation and to encourage the establishment of new businesses, which is a prerequisite for developing a mature and sustainable private sector in modern economies. This project will play a role in creating a cloud ecosystem in Bahrain that becomes an engine of economic growth, innovation and enhanced global competitiveness.”
Photo Caption:Bahrain Economic Development Board Chief Executive Khalid Al Rumaihi (2nd Left), along with important delegates, at the announcement
Related Posts