Bahrain Emerges as Most Cost-Competitive GCC Hub for FinTech Services, Says Global Report
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.
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