Bahrain has been ranked first in the price index category of the World Competitiveness Yearbook 2022, published by Switzerland-based International Institute for Management Development (IMD).
The Yearbook assesses and ranks 63 economies around the world and bases its classification typically on four main indicators – economic performance, government efficiency, business efficiency and infrastructure. Bahrain’s 1st position in the Price Index category is an indication of the country’s balanced cost of living.
Bahrain is ranked among the top ten performing ecosystems in Mena in the 2022 Global Start-up Ecosystem Report (GSER). In line with the growing economy and entrepreneurship in the country, Tally Solutions, an international business management software provider initiates a campaign titled #BuildingBahrain honoring the SMEs that take the nation forward. Recognizing 16 Bahraini entrepreneurs on the occasion of Bahrain National Day, celebrated on December 16 each year, the campaign aims to support the entrepreneurial journey and ambition of Bahraini business owners.
Bahrain’s ecosystem is steadily moving towards maturity as its total valuation increased by four folds this year, from under $100 million (BD37 million) to $564 million (BD213 million). In addition, investments in the kingdom surged almost eightfold to $116 million in the first half of 2022, placing the country in fourth place in Mena, according to Magnitt. Studies suggest that Bahrain is banking on the technology sector to drive its economy and has emerged to become one of the region's top destinations for entrepreneurs.
“Technology is disrupting the entrepreneurial ecosystem and this transformation has paved way for entrepreneurs to grow and scale. In this context, our campaign #BuildingBahrain is an effort to recognize the efforts of the entrepreneurs who are serving as game changers for the economic growth of the country,” said Vikas R Panchal, General Manager – Mena, Tally Solutions.
“Tally has always been committed to leading the transition to digital growth, and we are glad that entrepreneurs in Bahrain understand the importance of this shift. Digital tools not only help businesses scale and speed their operations, but also power the growth of the economy. Through our solutions, support programs and partnerships with associations and tax experts, we are hoping to continue building on this momentum and furthering the Bahraini ecosystem in a way that allows entrepreneurs to thrive and succeed,” Panchal said.
The entrepreneurs recognized during the campaign included business leaders from varied sectors including Dadabhai Travels, Guide Me Learn, The Daily Tribune, Al Hilal Hospital, Al-Barq Electrical Services, Hilal Computers, Integrated Bell Systems, Al Hawaj, The Collective Creative agency, Veritas Public Relations, Hustle Kitchen, Tap Payments, National Trading House, Al Wardi Security Trading and Al Wardi Contracting Cleaning & Maintenance, UniGrad Education Center and Hashout Bahrain.
Global spending on digital transformation is set to reach $1.8 trillion by 2022 and is predicted to increase to $2.8 trillion by 2025. With over 90% of organizations having some form of digital initiative, 70 percent organizations use tech to simplify workflows and manual processes.
With a key focus to assist these entrepreneurs in their digitization journey, Tally is working closely with the chartered accountant’s community and tax practitioners. Additionally, the company has an extensive partner ecosystem to support the entrepreneurs in a seamless transition to digitization addressing all their accounting, inventory, and compliance needs.
