As part of the strategic collaboration with the Economic Development Board
The Labour Fund “Tamkeen” announced its support for GIG Gulf, previously known as AXA Gulf Insurance, towards the recruitment of around 120 Bahrainis. This is in line with Tamkeen’s mandate of empowering individuals to become the employee of choice locally and internationally. GIG Gulf offers talented Bahrainis the opportunity to obtain greater exposure and acquire skills within the insurance industry, boosting their competitiveness.
This initiative comes in partnership with the Bahrain Economic Development Board (EDB), the organization responsible for attracting direct investment into the Kingdom. GIG Gulf’s new regional headquarters in Bahrain Bay was completed in 2020 and continues to serve four different countries within the region. This is evidence of the company’s successful experience following the initial establishment of operations in Bahrain, which, alongside the Kingdom’s favorable business environment and the availability of experienced local talent, resulted in GIG Gulf increasing its employment and service offerings in the country.
The new regional headquarters is home to 250 employees with a 60% Bahrainization rate. GIG Gulf has committed to growing their operations in the Kingdom, which currently hosts several departments including actuarial, finance, human resources, procurement, customer contact center, IT, and a regional training center which supports key business lines including motor, healthcare, property insurance and several other services to serve both individuals and enterprises.
With the company’s objective of enhancing productivity and continuous development, it has achieved several key milestones including a 90% Bahrainization rate amongst employees serving personal lines customers, as well as a diverse workforce made up of 50% women. This project will support the company’s future growth plans across the region, enabled even more by a customer-centric workforce.
On this occasion, His Excellency Husain Mohamed Rajab, Chief Executive of Tamkeen, said: “Our core mandate at Tamkeen is to support Bahrainis to become the employee of choice and enterprises to become the engine of economic growth, by enabling them to successfully seize opportunities that the new economic realities present in order to boost their contributions to the local economy, in line with the Kingdom’s national priorities. We are fully committed to these objectives, and we welcome GIG Gulf’s efforts in hiring and developing Bahraini talent. We look forward to seeing their continued growth and positive impact in the Kingdom’s economy especially within the high potential sectors, which includes the Financial Services sector, the largest non-oil contributor to GDP, which offers numerous growth opportunities.”
His Excellency Khalid Humaidan, Chief Executive of the Bahrain EDB added: “The decision by GIG Gulf to invest in their new regional Headquarters in the Kingdom is a testament to Bahrain’s strengths as a regional financial services hub and reflects the positive attributes that make Bahrain attractive to international companies. Bahrain’s strategic location at the heart of the gulf, its highly skilled local workforce, and competitive operating costs are just some of the reasons that encourage leading companies to establish operations in the Kingdom.”
Additionally, Paul Adamson, Chief Executive Officer, of GIG Gulf said: “We have seen from our own employees how talented the Bahraini workforce is, and we are eager to continue to support the recruitment of highly qualified locals to build our talent pool within GIG Gulf. We are proud of our history of over 70 years operating in Bahrain and very excited by this new commitment and investment, which creates new employment opportunities for nationals and is key to building sustainable operations.”
In line with Tamkeen’s commitment to upskill locals and create quality job opportunities within high-potential sectors like the financial services industry, Tamkeen recently announced an initiative in partnership with the Central Bank of Bahrain, the London-based Institute and Faculty of Actuaries, and the Bahrain Institute of Banking and Finance (BIBF) to train and employ Bahrainis in the field of actuarial science which will support their growth within the insurance industry.
Earlier this year Tamkeen unveiled an organization-wide strategic transformation plan that included the launch of 16 support programs. The transformation initiative focuses on creating greater impact for the national economy in response to market needs. Tamkeen’s programs were developed following a series of consultation sessions with representatives from various sectors and thus catering to the market requirements. The transformation initiative focuses on creating greater impact for the national economy in response to market needs, in line with the direction of the national economic recovery plan.