Bahrain Rated Number One In MENA Region and In Top Three Emerging Hubs Globally for PropTech Entrepreneurs

MANAMA, Bahrain, Sept. 26, 2019 /PRNewswire-PRWeb/ -- The report for the Global PropTech Time Survey 2019, conducted by HexGn was unveiled at the GCC PropTech Time event on September 17th in Bahrain. International Delegates from 25 plus countries attended the summit to share their perspectives on how technology can be leveraged to make their real estate business more efficient and effective. The summit attracted participation from government officials, family offices, investors, VC funds, PropTech entrepreneurs and real estate developers from different countries.

The report featured the survey results and the findings from independent research conducted by HexGn to feel the pulse of the global PropTech ecosystem. The HexGn Global PropTech Survey 2019 was conducted across 40 countries. 406 respondents from different segments of the real estate life cycle participated in the survey. The target of this survey was to get global voices and opinions, however diverse, in order to present a comprehensive picture of PropTech to the industry.

During the course of the research By HexGn, Bahrain emerged as the top destination regionally and among the top three emerging destinations globally for PropTech.

Bahrain is at the helm of leading a PropTech revolution in the MENA region. It is carefully building up a strong base that can serve in the creation of a fast-growing PropTech ecosystem catering to the region, that was previously served by service-providers from either Europe or the Americas.

Bahrain Laying a Strong Foundation for PropTech

Bahrain finds itself among the up and coming destinations for PropTech because of the friendly government policies for business. It adopts a highly evolved approach of various entities working as a unified team, to solve any issues that an incoming company may face. The rising #TeamBahrain of the Bahrain Economic Development Board (EDB) is helping make the country a propelling ecosystem for technology businesses, which is to be reckoned with in the Middle East and North Africa. It has established itself as the initial supporting entity for startups and investors who want to revel in the benefits that Bahrain has to offer. EDB extends its support in a number of areas that makes setting up a business in Bahrain a smooth process. Known as the gateway to the MENA region, the country presents all the right elements for the making of a successful PropTech hub.

With one of the highest internet penetration rates globally, Bahrain is one of the best living labs for PropTech startups to test their products and refine them before launching into the trillion dollars plus MENA market. The establishment of the Amazon Web Services (AWS) data center in Bahrain has further strengthened its digital economy and put the country on the global map.

"With over a trillion dollars in the construction project pipeline, the Middle East offers untapped opportunities for PropTech players, and Bahrain offers the entry point for such ventures," says Ali Ghulam Murtaza, Director of Real Estate, PropTech, Tourism & Leisure Investment Development at Bahrain Economic Development Board.

Jappreet Sethi, the CEO of HexGn, commented, "Bahrain holds the potential to challenge the slow pace of tech adoption in the MENA region in real estate. The journey of the real estate industry in recent years has culminated to a point where it is making technology a necessity rather than a choice for the property developers in the MENA region."

Best Place to Live and Work in the MENA Region

Another one of the many reasons for Bahrain being named in the top three emerging PropTech hubs globally is due to the ease of living and working in Bahrain. For several years, Bahrain has held a prestigious spot among the best places for expats to work in. It is far more comfortable and more cost-effective for technology startups to set up a business in Bahrain in comparison to other sites in the GCC region, with no capital gains tax, free flow of capital and stable currency that is pegged to the dollar.

Resources Galore for Startups

One of the top reasons that have propelled Bahrain to become the top emerging hubs globally is the efforts made at all levels for developing high-quality tech talent. Students in the country are now offered courses in technologies like blockchain and cloud computing at different levels. That aside, free and subsidized training for cloud technologies is also helping in the creation of a highly-skilled local workforce. Due to such initiatives, the supply of locally available tech talent is increasing at a more impressive rate than the rates of other countries in the region.

The setting up of Al Waha, a $100 million Fund of Funds has been a welcoming move for driving venture capital activities in the Bahraini ecosystem. The strategic move has boosted the venture capital community in the Kingdom and offers support services for startups in the form of mentorship, market access and capital. Four globally renowned funds, BECO Capital, MEVP, 500 Falcons and Finch Capital, have set up their Bahrain presence under this initiative.

About PropTech Time

PropTech Time by HexGn is a digital lab, focused on technologies dedicated to the real estate industry. We assist in developing property tech services and products covering every step of the property cycle, so that your business is future ready and effective. If you are looking to invest in PropTech startups or want to set up a corporate accelerator, lets connect, we specialize in setting up corporate accelerators or scouting for high potential startups. To know more about the Global PropTech Survey 2019, visit our website http://www.PropTechtime.com or write to us at info[at] hexgn[dot]com.

SOURCE HexGn

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