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Bahrain is small, but vibrant economy, with a population estimated to be more than half a million with one of the most open economics in the world. With a stable macroeconomic environment and exchange rate, no restriction on capital repatriation, no personal or corporate income taxes and a very sophisticated business infrastructure. Bahrain Development Bank's (BDB) objective as the main SME's funding institute in Kingdom of Bahrain is the economic development of the country, especially the diversification of the economy and job creation. The establishment of Bahrain Business Incubator Centre (BBIC) was intended to further these objectives. BBIC has been initiated, financed and fully owned by BDB, as a pioneering project, which is the first of its kind in Bahrain and the GCC.
BBIC's main mission is to support the small and medium business activity in the Kingdom of Bahrain. To add further quality to the initiative, the services of UNIDO have been taken on to design and implement the project. BBIC is an organization that helps through its programs to accelerate the successful development of entrepreneurial companies via an array of business support resources and services, developed or orchestrated by incubator management and offered both in the incubator and through its network of contacts.
The Business incubator concept dates back to the 'sixties' and is particularly relevant today for countries such as Bahrain where the infra-structure and the economic policies support the development of Small and Medium Enterprises (SMEs). BBIC's establishment is a continuation of the Kingdom's policy to improve efficiency and foster the growth of small and medium enterprises through its team of experts and its affiliation with national & international entities, thus ensuring the success of the program by having firms leaving the program financially viable and freestanding. This will strengthen the economy in a way that Kingdom of Bahrain becomes an Industrial force to reckon with in the GCC.
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