Al-Futtaim, Johnson Controls to launch smart building platform in UAE
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Biz Bahrain
3 days ago
- Biz Bahrain
EDB: Financial services firms operating in Bahrain enjoy up to 48% cost advantage
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. Given 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. Ali Al Mudaifa, Chief of Business Development at the Bahrain Economic Development Board, said that strong technology hubs are crucial for financial services firms to innovate and remain competitive in the digital economy. He highlighted Bahrain's efforts to become a regional leader by providing a supportive environment that features cost-effectiveness, advanced infrastructure, and progressive regulations. Al Mudaifa highlighted that Bahrain's financial services sector offers both cost benefits and opportunities for sustainable growth and technological leadership in the GCC. He emphasised that the aim is to enable global financial institutions to take advantage of Bahrain's strengths and skilled workforce to drive technological progress across the region. Bahrain has become 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 labour 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 (CBB), which 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 and Co-leader of Quantitative Economics & Statistics (QUEST) at Ernst & Young, noted that technology hubs are central to the modern financial services sector, enabling firms to create innovative solutions, attract skilled professionals, and enhance their digital capabilities. He pointed out that Bahrain's competitive cost structure offers a favourable environment for financial services innovation, allowing tech hubs to allocate more resources to innovation rather than operational expenses. Phillips highlighted that, compared to other GCC locations, Bahrain's cost advantages make it an attractive destination for establishing financial services technology hubs. 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. BNA(R)
Trade Arabia
3 days ago
- Trade Arabia
Al-Futtaim, Johnson Controls to launch smart building platform in UAE
Al-Futtaim Technologies, a leading provider of business and digital transformation solutions under Al-Futtaim Contracting, has announced a strategic partnership with Johnson Controls to bring the global smart building platform OpenBlue to the UAE market. This collaboration marks a significant milestone in delivering intelligent infrastructure and energy-efficient solutions to businesses and government entities across the region. The announcement was made during a live showcase event hosted by Al-Futtaim Technologies, offering clients and industry stakeholders an in-depth look at the OpenBlue platform and Johnson Controls' Facility Explorer FX. The event highlighted how these technologies can help organizations transition toward smart, data-driven building management, said the statement. The platform will enable businesses to achieve real-time operational insights, predictive maintenance, and improved occupant experiences – all while advancing sustainability goals. By integrating digital intelligence with energy optimization, the platform addresses rising demand across the GCC for smarter, more efficient, and future-ready infrastructure, it stated. Razi Hamada, General Manager, Al Futtaim Technologies, said: "Our partnership with Johnson Controls marks a major step forward in our mission to deliver smarter, more efficient, and sustainable buildings across the region. With the launch of OpenBlue, we are empowering our clients to embrace digital transformation through real-time intelligence, energy optimization, and seamless occupant experiences." "This collaboration reinforces Al-Futtaim Technologies' commitment to shaping the future of intelligent infrastructure in the UAE," he noted. Evgenia Ostrovskaya, Digital Region Leader EMEALA at Johnson Controls, said: "We are thrilled to collaborate with Al Futtaim Technologies in bringing OpenBlue to the region. Together, we're defining the future of smart buildings with real-time analytics, energy efficiency, and seamless occupant experience." According to her, this launch also builds on Al-Futtaim Technologies' track record in systems integration and its strategic focus on smart building solutions. The company's portfolio includes infrastructure, ELV systems, AV solutions, and managed services, serving sectors such as real estate, education, finance, and government across the UAE, Qatar, and Saudi Arabia, she stated. As smart city development accelerates in the Middle East, this partnership positions Al-Futtaim Technologies and Johnson Controls as key enablers of next-generation digital buildings – driving operational excellence, environmental responsibility, and future-ready infrastructure across the region, she added.-TradeArabia News Service
Gulf Insider
4 days ago
- Gulf Insider
Egypt Introduces Pre-departure Training
In a move to better prepare its citizens for employment abroad, Egypt has introduced a mandatory pre-departure training programme for workers heading to Kuwait, aimed at equipping them with both vocational skills and knowledge of local labour laws. Under the initiative, each worker will complete a three-month training course in Egypt before travelling. The programme includes orientation on job responsibilities and a detailed overview of Kuwait's labour regulations, with the goal of reducing legal violations that often stem from a lack of awareness. 'This step is designed to ensure that workers are not exposed to exploitation or contractual misunderstandings once they arrive,' said Osama Shaltout, Egyptian Ambassador to Kuwait. 'By familiarising them with their rights and responsibilities in advance, we're setting them up for success and safeguarding their welfare.' The initiative follows a recent meeting between the Egyptian Embassy in Kuwait and the Kuwaiti Public Authority of Manpower, during which both sides reaffirmed their commitment to deeper coordination on labour issues. To support the rollout of the training programme, Egyptian authorities have established 85 vocational training centres across the country. These centres will serve as hubs for skill development, legal education, and pre-departure orientation. The move signals a broader effort by Egypt to modernise its labour export policies and strengthen protection mechanisms for its workforce abroad—particularly in GCC countries where large numbers of Egyptians are employed. Also read: SR200,000 Fine For Saudi And Egyptian In Cover-Up Case
