Reported by: banking|Updated: September 26, 2018
Bahrain Economic Development Board’s ED – Financial Services, David Parker says the Al Waha Fund, which the Board had facilitated, would offer funding to non-Bahraini enterprises too. Funding is not restricted to Bahrain, he told Banking Frontiers, adding while the funds need to have a presence in Bahrain, they are not restricted to investing only in Bahrain. Therefore, startups based across the Middle East can gain access to the capital they need in order to expand.
Parker was very appreciative of Indian startups, which he said has demonstrated immense potential over the years and he believed they have a lot to offer the kingdom, which is why the Board has heightened its efforts to attract the best and the brightest from what the Indian market has to offer. “Our greatest success story so far in this regard is GetBaqala, a mobile grocery purchasing and delivery application, and one of Bahrain’s most flourishing startups. It was founded by Indian entrepreneur Amjad Puliyali, who had previously worked for Bengaluru-based growth marketing platform Vizury, helping set up the Middle East operations based in Dubai. He moved to Bahrain to set up his own business because of the lower operational costs – which are 30% and 40% lower than Qatar and Dubai respectively – along with its increasingly supportive regulatory environment,” Parker recounted.
He also pointed out that Bahrain has a number of other Indian startups in the process of setting up in the Kingdom, and the Board is looking forward to announcing their establishment soon.
– Manoj Agrawal, Group Editor, [email protected]