Latest news with #BahrainEconomicDevelopmentBoard
Gulf Insider
11-07-2025
- Business
- Gulf Insider
Bahrain Emerges As Most Cost-Competitive GCC Hub
Bahrain has been named the most cost-efficient destination in the Gulf for running financial services firms with tech hubs, according to a new report by Ernst & Young (EY). The report, titled 'Cost of Doing Business in the GCC – Financial Services', highlights that Bahrain offers up to 48% lower operational costs compared to other GCC countries. Among the standout figures: Annual labor costs for FinTech centers in Bahrain are 24% lower than the GCC average. Business and licensing fees are 85% cheaper than regional counterparts. Office rental costs provide up to 60% better value. The study analyzed key financial metrics such as office space expenses, talent attraction, licensing, taxes, and visa/work permit costs. It also underscored Bahrain's role in supporting innovation through its advanced tech infrastructure and favorable regulations. Ali Al Mudaifa, Chief Business Development Officer at the Bahrain Economic Development Board, said:'Financial firms are increasingly investing in tech hubs to innovate and stay competitive in the digital economy. Bahrain leads the region in this space by offering a powerful mix of low costs, strong infrastructure, and clear regulations.' He added that Bahrain's cost advantages are matched by its focus on long-term, sustainable growth and its ability to attract global financial institutions. The report also praised Bahrain's single regulatory body, the Central Bank of Bahrain, which simplifies licensing processes and enables firms to operate across multiple sectors flexibly. Andrew Phillips, Partner and Co-Head of EY's Economics and Statistics Division (QUEST), said: 'FinTech centers are the backbone of modern financial services. Bahrain's competitive costs allow firms to channel resources into innovation, rather than administrative overheads.' Bahrain's Growing Reputation Bahrain is fast becoming a preferred regional hub for financial and tech talent. It ranks 4th globally for skilled labor and 6th for digital and tech skills, according to the International Institute for Management Development's global competitiveness rankings. This reputation has attracted global financial players like: Citi Global Tech Hub, aiming to hire 1,000 Bahraini programmersJ.P. Morgan Global Technology Hub, expected to create 200 high-quality jobs locally The EY report also noted that Bahrain's FinTech talent is mostly concentrated in data analysis, software development, and web technologies-fields that make up over half of the workforce in financial tech centers. With its unique cost advantages, tech-savvy workforce, and progressive regulatory environment, Bahrain continues to cement its position as a regional leader in financial innovation and digital transformation. Also read: 50 Illegal Fishing Traps Seized By Coast Guard
Mid East Info
10-07-2025
- Business
- Mid East Info
Financial Services Firms Operating in Bahrain Enjoy Up to 48% Cost Advantage - Middle East Business News and Information
Financial Services Firms Operating in Bahrain Enjoy Up to 48% Cost Advantage Annual labour costs of a financial services tech hub in Bahrain are up to 24% more competitive than the GCC Bahrain's financial services sector is 85% more cost-effective in business and licensing fees than the GCC average Manama – Kingdom of Bahrain, 10 July 2025: Bahrain has been ranked as the most cost-competitive location to operate a financial services firm with a tech hub within the Gulf Cooperation Council (GCC) countries, with a 48% cost advantage, in the 'Cost of Doing Business in the GCC' financial services sector report published by Ernst & Young LLP's United States office. In view of the growing importance of technology and innovation in developing the financial services industry in the GCC region, the in-depth study analysed key data, factoring in direct and indirect annual costs associated with yearly operating costs. The categories benchmarked included office space, talent acquisition, business set up fees, taxes, as well as visa, work authorisation and residency costs comparing locations in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Commenting on the findings, Ali Al Mudaifa, Chief of Business Development at the Bahrain Economic Development Board (Bahrain EDB), said, 'In today's digital economy, establishing robust tech hubs is essential for financial services firms to innovate, compete, and stay ahead. Bahrain is positioning itself as a regional leader in this space, offering a supportive environment that combines cost-efficiency, cutting-edge infrastructure, and a forward-looking regulatory framework. The country's financial services sector not only provides cost advantages but also creates opportunities for sustainable growth and technological leadership in the GCC. Our goal is to empower global financial institutions to leverage Bahrain's unique advantages and highly skilled talent to drive technological advancement across the region.' The island nation of Bahrain is fast becoming a regional hub for financial services firms looking to set up global operations, providing significant savings in various operational areas. According to the EY report, annual labor costs for a financial services tech hub in Bahrain are up to 24% more competitive than the GCC. Additionally, businesses can save 85% on annual business and licensing fees and enjoy 60% better value for office space rental. Financial services in Bahrain are regulated by a single regulator, the Central Bank of Bahrain, that provides a simplified, streamlined process where the country's category-based licensing procedure for financial services firms allows companies the flexibility to engage in various activities. Andrew Phillips, Partner/Principal & Co-leader of Quantitative Economics & Statistics (QUEST) at Ernst & Young said, 'Tech hubs are the heartbeat of modern financial services, enabling firms to develop innovative solutions, attract top talent, and expand their digital capabilities. Bahrain's competitive costs provide an advantageous business climate for financial services innovation. Bahrain's cost advantages relative to other GCC locations allow financial services tech hubs to direct their financial resources toward innovation rather than basic operating expenses.' Bahrain's reputation as a regional hub for financial technology, tech talent, and innovation is exemplified by the Kingdom's performance in international rankings and the presence of several global financial institutions that have established or expanded their operations in the country. According to the World Competitiveness Ranking by IMD, Bahrain ranked 4th globally for skilled labour and 6th globally for digital and technological skills. Notable firms that have selected Bahrain for its tech talent include Citi's Global Tech Hub, which pledged to employ 1,000 Bahraini coders, and J.P. Morgan's Global Technology Centre, expected to create 200 high-quality job opportunities for the local workforce. In the financial services sector, talent is a major cost factor, in the EY case study of financial services tech hub, the most common occupations are highly skilled data analysts as well as software and web developers, who collectively represent over half of the total talent employed.
Fintech News ME
10-07-2025
- Business
- Fintech News ME
Bahrain Introduces Regulatory Framework for Stablecoin Issuers
The Central Bank of Bahrain (CBB) has introduced a regulatory framework for licensing and overseeing stablecoin issuers, aimed at supporting the secure integration of stablecoins into the financial system. Under the new guidelines, licensed issuers may offer single-currency stablecoins backed by the Bahraini Dinar (BHD), United States Dollar (USD), or other fiat currencies approved by the CBB. The framework is designed to address the risks posed by unregulated stablecoins and create a safer, more transparent environment that supports investor confidence and sector stability. Mohamed Al Sadek, Executive Director of Market Development at the CBB, said, 'By encouraging the development and adoption of innovative financial technologies, the CBB aims to enhance Bahrain's position as a leading financial hub in the MENA region. This milestone reflects the pioneering role the CBB continues to play in overseeing the crypto-asset market and ensuring that the Kingdom's financial services landscape is equipped for future developments.' The announcement was made during the FS Horizons: Doubling Down on Digital event, hosted in partnership with the Bahrain Economic Development Board, where industry leaders gathered to highlight Bahrain's advancements in digital banking, payments infrastructure, and talent development.
Daily Tribune
09-07-2025
- Business
- Daily Tribune
Bahrain Emerges as Most Cost-Competitive GCC Hub for FinTech Services, Says Global Report
Bahrain has been named the most cost-efficient destination in the Gulf for running financial services firms with tech hubs, according to a new report by Ernst & Young (EY). The report, titled "Cost of Doing Business in the GCC – Financial Services", highlights that Bahrain offers up to 48% lower operational costs compared to other GCC countries. Among the standout figures: Annual labor costs for FinTech centers in Bahrain are 24% lower than the GCC average. Business and licensing fees are 85% cheaper than regional counterparts. Office rental costs provide up to 60% better value. The study analyzed key financial metrics such as office space expenses, talent attraction, licensing, taxes, and visa/work permit costs. It also underscored Bahrain's role in supporting innovation through its advanced tech infrastructure and favorable regulations. Ali Al Mudaifa, Chief Business Development Officer at the Bahrain Economic Development Board, said: 'Financial firms are increasingly investing in tech hubs to innovate and stay competitive in the digital economy. Bahrain leads the region in this space by offering a powerful mix of low costs, strong infrastructure, and clear regulations.' He added that Bahrain's cost advantages are matched by its focus on long-term, sustainable growth and its ability to attract global financial institutions. The report also praised Bahrain's single regulatory body, the Central Bank of Bahrain, which simplifies licensing processes and enables firms to operate across multiple sectors flexibly. Andrew Phillips, Partner and Co-Head of EY's Economics and Statistics Division (QUEST), said: 'FinTech centers are the backbone of modern financial services. Bahrain's competitive costs allow firms to channel resources into innovation, rather than administrative overheads.' Bahrain's Growing Reputation Bahrain is fast becoming a preferred regional hub for financial and tech talent. It ranks 4th globally for skilled labor and 6th for digital and tech skills, according to the International Institute for Management Development's global competitiveness rankings. This reputation has attracted global financial players like: Citi Global Tech Hub, aiming to hire 1,000 Bahraini programmers J.P. Morgan Global Technology Hub, expected to create 200 high-quality jobs locally The EY report also noted that Bahrain's FinTech talent is mostly concentrated in data analysis, software development, and web technologies—fields that make up over half of the workforce in financial tech centers. With its unique cost advantages, tech-savvy workforce, and progressive regulatory environment, Bahrain continues to cement its position as a regional leader in financial innovation and digital transformation.
Daily Tribune
09-07-2025
- Business
- Daily Tribune
Bahrain Secures British Investment
Carbon-linked deal drives momentum • USD 250m in three years • New £2bn sustainability pact • Growth in trade, logistics, tech Bahrain has quietly become one of the UK's fastest-growing economic gateways in the Gulf, securing over USD 250 million in British investment over the past three years, with a bold £2 billion private-sector deal now steering focus toward green growth and industrial reinvention. The announcement came during a high-level visit to the United Kingdom by a Bahraini delegation led by H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of the Bahrain Economic Development Board (EDB). The delegation met with British businesses and investors, showcasing opportunities in Bahrain's evolving financial, ICT, tourism, and education sectors. Strategic Expansion Ties between the two kingdoms have intensified in recent years, with the Strategic Investment and Collaboration Partnership (SIP2) signed in June marking a major step forward. The agreement commits over £2 billion from the Bahraini private sector into projects linked to carbon reduction and sustainability. It follows the UK's inclusion in the Comprehensive Security Integration and Prosperity Agreement (C-SIPA), which aligns the two countries on economic integration and technology partnerships. 'Bahrain remains a trusted gateway for UK companies seeking growth in the Middle East, backed by a business-friendly environment, agile regulation, and high-growth sectors,' said H.E. Noor bint Ali Alkhulaif. 'The increased confidence from UK investors is a testament to our enduring partnership, and we look forward to building on this momentum.' Future-Focused Sectors The EDB's visit also features two panel discussions in collaboration with the Financial Times under the theme 'Shaping the Next Generation of Manufacturing and Logistics Hubs'. The sessions will explore how supply chain shifts, sustainability mandates, and technology trends are influencing decisions about where global companies site their facilities. UK-based firms such as Standard Chartered, HSBC, Deloitte, Reckitt Benckiser, and the University of Strathclyde already have a presence in Bahrain. Their footprint reflects the Kingdom's appeal as a base for expansion across the Gulf. Non-oil trade between Bahrain and the UK rose by 45 percent in 2024, reaching USD 645 million from USD 443 million the year before. The growth adds further weight to Bahrain's positioning as a regional node for innovation-driven, low-carbon, and service-based industries.
