Citi Bank operates in Bahrain for the past 50 years or more. The bank has always contributed to the Bahrain business sector and client experience. The bank engages in corporate & investment banking, capital markets, equity research, and Islamic banking. Its consumer banking services in MENA cover the UAE and Bahrain. Citi opened up a technology hub in its Bahrain branch on Monday with the support of Tamkeen and Bahrain EDB.

The hub aims to strengthen its position in the financial market and develop its digital platforms. The first-of-its-kind initiative in Bahrain is launched in cooperation with a government-funded labour fund (Tamkeen) and the Bahrain Economic Development Board.

“Under the plan, Citi will hire at least 100 people in coding-related roles each year over the next 10 years,” said Ala’a Saeed. Ala’a Saeed is Citi FX’s Global Head of Electronic Platforms and Distribution.

Citi Velocity and Citi FX Pulse is the bank’s important duo platform where the newly hired will work initially.

Furthermore, Tamkeen Chief Executive Hussain Mohammed Rajab says the salaries will be subsidized for the new employees and their training costs will be covered too. One major reason for Citi to choose Bahrain to set up the hub seems to be the availability of a skilled workforce, transparent regulations, and government support. So far, it is known that Citi’s global foreign exchange business will be the first to recruit job seekers at the technology hub.

In the meantime, what Tamkeen aims to achieve partnering with Citi is the employability score; since a tech hub launch is directly proportional to new job opportunities. Also, another advantage is to upskill Bahraini’s in order to boost their competitiveness and employability in the private sector.

Bahrain is known for its solid foundations in the Financial Services sector for decades says EDB’s Chief Executive, Khalid Humaidan. “The program 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,” he added.

Indeed this project will allow Citi to rapidly meet increasing global client demand for electronic solutions. Certainly, the hub will succeed in innovating technology and benefit the bank’s global client. In fact, over the past two years, Bahrain has seen a boom in the automation and digitalization of all the Fintech industries which will in turn fuel the hub’s success.

Resources — The Daily Tribune   |   Khaleej Times   |    Reuters.com