A KPMG report on \u2018The Cost of Doing Business in the GCC\u2019 in the ICT sector has found that Bahrain has the most liberalised and competitive IT sector in the region. It also leads on most indicators for cost of doing business in the GCC region \u2013 a market worth US$1.5 trillion. Crucially, the report revealed that Bahrain has lower costs than any other GCC country for cross-border internet connectivity, a critical metric for an ICT hub. The report also found the average cost of living to be significantly lower in Bahrain than the GCC average. <\/p>\n
Overall, the total average cost of operating in Bahrain for ICT dependent enterprises was 16% less than the GCC\u2019s average, and the total average cost of living was 23% lower. Key findings from the report include: <\/p>\n
The average annual cost of operations for cross-border internet connectivity in Bahrain is US$126,000, compared to the average for GCC which is US$233,400 <\/p>\n
Commercial rental costs for office space in Bahrain are lower, compared to other GCC countries \u2013 US$43,800 for Bahrain, compared to an average of US$86,480 for the GCC region<\/p>\n
Overall commercial utility costs (electricity and water, internet and telephone services) in Bahrain are 25% lower compared to the average GCC utility costs.<\/p>\n
These statistics further substantiate Bahrain\u2019s ambition in addressing the needs of overseas investors and enterprises looking to take advantage of advanced digital business infrastructures, free from stringent regulation. Recent policy reforms have been introduced to enable startups to test, innovate and scale quickly, establishing Bahrain as a fast growing, highly-connected business hub with accessibility at its core. Examples include improvements to the regulatory environment, such as updating the bankruptcy law, introducing the data protection law, adopting a cloud first policy, and reducing the minimum capital requirements for starting a business. All of the above are important steps the Government has taken to enable a thriving digital economy. <\/p>\n
Dr Simon Galpin, Managing Director, Bahrain Economic Development Board, said: \u201cOur liberal and advanced ICT infrastructure, supported by a strong track record of reform and deregulation, has ensured Bahrain is consistently positioned at the top of global ICT readiness indices, including being ranked first in MENA by the ICT Development Index. Our cloud first commitment and the launch of the Middle East\u2019s first hyperscale data centre by AWS will further advance our ICT readiness, opening up new sectors, increasing productivity and enabling businesses of all sizes to scale faster at a lower cost. This recent report from KPMG is a testament to our innovative and progressive approach.\u201d<\/p>\n
In addition to analysing the cost of business and living, the report from KPMG further comments on the incentives for the IT sector in GCC jurisdictions, revealing that EDB has recently won the United Nations\u2019 Investment Promotion Award for its partnership with Amazon Web Services\u2019 (AWS). Additionally, the Government has recently launched a “Cloud Computing Scheme” that will provide 100% financing support of the cost for any Bahrain-registered business subscribing to a hyperscale data centre for 18 months. This offer forms part of a wider initiative to position Bahrain as regional ICT hub, an effort unique to a region which has historically relied upon oil prices to generate wealth.<\/p>\n","protected":false},"excerpt":{"rendered":"
A KPMG report on \u2018The Cost of Doing Business in the GCC\u2019 in the ICT sector has found that Bahrain has the most liberalised and competitive IT sector in the region. It also leads on most indicators for cost of doing business in the GCC region \u2013 a market worth US$1.5 trillion. Crucially, the report […]<\/p>\n","protected":false},"author":10,"featured_media":9010,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":0,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-9011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\n