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Bahrain boosts startup ecosystem with new laws

Bahrain boosts startup ecosystem with new laws
The four laws set to be implemented in the coming months

Mubasher: Bahrain is pushing ahead with endorsing investment ecosystem by implementing new laws officially issued by King Hamad bin Isa Al Khalifa, according to a recent statement.

The four new laws highlight various issues and are expected to have a strong impact on Bahrain’s economy in addition to its growing startup ecosystem.

The implemented legislative reforms include competition and data protection laws that are foreseen to encourage innovation, as well as a new bankruptcy law that aims at supporting growth in the startup ecosystem in the kingdom.

Bahrain’s four new laws are expected to create new opportunities for investors looking to access the $1.5 trillion GCC economy.

“Government initiatives implemented in recent years have helped spur strong growth in FDI. Bahrain EDB attracted a record $810 million of investment during the first nine months of the year compared to $733 million in 2017 as a whole,” according to the statement.

The four laws set to be implemented in the coming months are Personal Data Protection Law, Competition Law, Bankruptcy Law, and Health Insurance Law.

“The four laws are accompanied by a flexible regulatory framework which ensures their implementation meets the goals and objectives of Bahrain’s Vision 2030, maintains Bahrain’s status as a favorable destination for world-wide investors, and raises the Kingdom’s appeal to international financial and economic institutions,” Bahrain’s industry, commerce, and tourism minister Zayed Alzayani, commented.