Latest news with #AliAlMudaifa
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
Fintech News ME
11-07-2025
- Business
- Fintech News ME
Bahrain Ranked as Most Cost-Efficient Fintech Hub in the GCC
Bahrain has been identified as the most cost-competitive location to operate a financial services firm with a tech hub in the Gulf Cooperation Council (GCC), offering a 48% cost advantage. This finding comes from a report published by Ernst & Young's (EY) US office. According to TradeArabia, the report examined the increasing significance of technology and innovation in shaping the financial services sector across the region. The study compared direct and indirect annual operating costs across Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. Key areas analysed included office space, talent acquisition, business set-up fees, taxes, and visa and residency costs. 'In today's digital economy, establishing robust tech hubs is essential for financial services firms to innovate, compete, and stay ahead,' said Ali Al Mudaifa, Chief of Business Development at the Bahrain Economic Development Board. '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 report positions Bahrain as an emerging hub for financial technology and innovation, supported by international rankings and the presence of global financial institutions. The IMD World Competitiveness Ranking placed Bahrain 4th globally for skilled labour and 6th for digital and technological skills. Notable multinational firms have established a presence in the country, including Citi's Global Tech Hub, which aims to employ 1,000 Bahraini coders, and JP Morgan's Global Technology Centre, expected to create 200 high-skilled roles. The EY report noted that in financial services tech hubs, over half of the workforce typically consists of software developers, web developers, and data analysts. Labour costs in Bahrain were found to be up to 24% lower compared to other GCC countries. Businesses can also save significantly on other operational costs, including an 85% reduction in annual business and licensing fees and up to 60% savings on office rental costs. Al Mudaifa added: 'The country's financial services sector not only provides cost advantages but also creates opportunities for sustainable growth and technological leadership in the GCC.' Bahrain's regulatory environment, overseen by the Central Bank of Bahrain, offers a category-based licensing structure that enables firms to engage in a range of activities under a single regulatory framework.
Daily Tribune
11-07-2025
- Automotive
- Daily Tribune
Bahrain pitches AI Supply Chain plan to UK Titans
TDT| Manama Bahrain is stepping up efforts to position itself as a next-generation logistics and manufacturing hub, spotlighting artificial intelligence, regulatory agility, and location advantages in high-level discussions with UK industry leaders. During a two-panel event hosted in collaboration with Financial Times Live in London, the Bahrain Economic Development Board (EDB) made a strategic pitch to British investors, framing Bahrain as an emerging centre for AI-powered, sustainable, and cost-efficient supply chains. The panels, held under the theme 'Shaping the Next Generation of Manufacturing and Logistics Hubs', brought together top executives from major UK firms in automotive, ports, technology, and advanced manufacturing. AI and access The discussions focused on two core trends disrupting global logistics: the rise of AI in supply chain operations and the geographic shift of hubs closer to critical resources and consumer markets. Officials from Bahrain emphasised that the island nation's simplified regulations, mature digital infrastructure, and direct access to Gulf markets offer a compelling case for companies seeking alternatives to overstretched or cost-heavy supply routes. Ali AlMudaifa, Chief of Business Development at Bahrain EDB, and Ahmed Sultan, Executive Director for Manufacturing, Transport & Logistics, joined a panel that also featured Geraint Evans, CEO of UK Major Ports Group. Together, they examined how tariff shifts and sustainability pressures are driving a re-evaluation of traditional logistics corridors. Industry voices weigh in The first panel included Steven Armstrong, Chair of Morgan Motor Company, Lina Huertas from Microsoft UK, and Riddhi Karambelkar of Brompton Bicycle. They explored trends like time-to-market acceleration and cost-effective manufacturing consolidation. Microsoft's Huertas discussed how digital twins and predictive analytics are reshaping factory floor decisions, while Armstrong highlighted the need for closer proximity between manufacturing sites and emerging markets. Moderated by Financial Times' Benjamin Parkin, the sessions also included insights from Bahrain's Minister of Sustainable Development and EDB Chief Executive, H.E. Noor bint Ali Alkhulaif, who underscored Bahrain's commitment to sustainable industrial growth. Future-ready vision The event was part of a broader visit by Bahrain's EDB to the United Kingdom, aimed at strengthening bilateral investment ties and showcasing Bahrain's readiness to accommodate next-gen industrial ecosystems. As companies seek resilience and operational efficiency amid mounting global pressures, Bahrain's leadership is betting on digital innovation and geographic agility to turn the Kingdom into a regional command centre for manufacturing and logistics. Bahrain's pitch in London marks a calculated move to attract firms rethinking their global supply chain architecture.
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.
Zawya
10-07-2025
- Business
- Zawya
Financial Services Firms Operating in Bahrain enjoy up to 48% cost advantage
Bahrain's financial services sector is 85% more cost-effective in business and licensing fees than the GCC average Manama - Kingdom of Bahrain: 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. About Bahrain Economic Development Board (Bahrain EDB) Bahrain Economic Development Board (Bahrain EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate. Bahrain EDB works with the government and both current and prospective investors to ensure that Bahrain's investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment. Bahrain EDB focuses on several economic sectors that capitalise on Bahrain's competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, logistics, ICT and tourism
