Bahrain attracts $52 million in venture capital
MANAMA: Bahrain was one of the first countries to attract venture capital worth $52 million last year, an economic report has revealed.
Venture capital investment in Bahrain increased 167% last year from a year earlier, with funding for startups in the Middle East rising 138% to $2.5 billion.
A report by Magnitt, a company that specializes in publishing data on startups and project investments in emerging markets, said the UAE ranks first in attracting venture capital worth of 1.1 billion dollars, registering a growth of 93%, followed by Saudi Arabia with 548 million dollars, registering a growth rate of 270 pc, then Egypt with a value of 502 million dollars, i.e. an increase of 176 pc.
In recent years, venture capital has played an important role in improving economic, social and scientific life in many countries. GCC states have embraced venture capital investment as part of their strategy to diversify their economy and move away from reliance on crude oil revenues.
Venture capital investing is a form of financing that provides funds to early-stage startups with high growth potential, in exchange for ownership rights or equity.
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