MANAMA: Citi is setting up a new technology hub in Bahrain that aims to create 1,000 jobs for Bahrainis over the next 10 years.
Launched as part of a long-term strategic partnership with Tamkeen and the Economic Development Board (EDB), the centre will be based in the Citibank House in Seef District.
It will also be the firm’s first tech hub in the Middle East and North Africa (Mena) region and support many of Citi’s global businesses and clients while accelerating the development of digital solutions.
Speaking during the launch event yesterday, Citi Bahrain’s chief executive Michel Sawaya said the kingdom was chosen as the location of the new hub for several reasons, including availability of a skilled workforce, transparent regulations and government support.
“We are thrilled to have the hub here and tap into Bahrain’s pool of diverse talent to hire advanced technologists with a strong business background, and I am certain that the hub will succeed in creating technology that will benefit our clients globally,” he added.
It was also announced that Citi’s global foreign exchange (FX) business will be the first to recruit software coders at the hub, which is likely to start by October-end this year.
The initial focus in Bahrain will be on engineering for Citi’s flagship proprietary platforms, working to enhance execution and connectivity capabilities across FX trading and analytics systems.
Over time, the technology hub in Bahrain will scale to support Citi Markets and Citi’s Institutional Client Group more broadly, extending the scope of capabilities developed locally even further.
In a statement, Citi head for Mena Elissar Farah Antonios said: “The new technology hub brings us a step closer to providing a better client experience in a world that is highly digitised and contributing significantly to our clients’ success. It also highlights our commitment to Bahrain as a strategic hub for innovation.”
Central to this programme is Tamkeen, the labour fund, which has creation of new job opportunities and upskilling of Bahrainis as its mandate.
Also speaking during the event was Tamkeen’s chief executive Hussain Rajab who highlighted the importance of such programmes for potential investors to realise the depth of quality talent available in Bahrain.
“Bahrain has a proven track record that reflects the readiness and global competitiveness of its local workforce, enhancing the kingdom’s position in attracting direct investment across all priority sectors. We highly value the strategic partnership with EDB and all stakeholders in Team Bahrain where Tamkeen aims to achieve economic growth and impact by supporting the private sector towards productivity, innovation, digitisation, internationalisation, and building the human capital advantage, especially in technology and emerging skills,” Mr Rajab added.
The EDB, the national investment promotion agency, played a key role in attracting Citi to enhance its operations in the kingdom.
Noting the country’s “world-class infrastructure and talent” as a key advantage, EDB chief executive Khalid Humaidan said: “Bahrain has been renowned for its solid foundations in the financial services sector for decades. The programme that we have agreed with Citi is a perfect example of the strides we are taking to evolve our economy and remain at the forefront of digital transformation. The opportunity this presents us is that we can impact the world from Bahrain, with local talent supporting Citi’s ambitions to deliver results all across the globe.”
Also present at the launch was Central Bank of Bahrain governor Rasheed Al Maraaj.
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