Latest news with #AndrewPhillips
Toronto Star
a day ago
- Politics
- Toronto Star
I just returned from a French town with the perfect weekly summer ritual. If only we could have such a thing in Toronto
By Staff Columnist Andrew Phillips is a Toronto-based staff columnist for the Star's Opinion page. Reach him via email: aphillips@ For the past couple of summers I've had the good fortune to spend time in a lovely town in southwestern France called Nérac. It's half-way between Bordeaux and Toulouse, set in an idyllic rolling landscape of prosperous farms and vineyards. There is, as you can imagine, an awful lot to like. One of the nicest things happens every Tuesday evening in the summer. That's when the town holds what they call a 'night market,' which is basically a communal dinner held in a park near the centre of town. Other towns in the area stage similar events on other nights of the week.
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.
Daily Tribune
10-07-2025
- Business
- Daily Tribune
Bahrain outpaces GCC with 48% Fintech cost advantage
TDT| Manama Bahrain has emerged as the Gulf's most cost-effective base for financial services firms operating tech hubs, with a commanding 48 percent cost advantage over its regional peers, according to a new Ernst & Young LLP report. Published by EY's US office, the 'Cost of Doing Business in the GCC' study benchmarked Bahrain against five other GCC states across key expense categories such as business setup, labour, office space, and regulatory fees. The report found Bahrain led in every major category, offering companies a chance to reduce operational costs while accelerating innovation. Office Space, Talent, Licensing According to the report, businesses in Bahrain enjoy 60 percent better value for office rentals, while labour costs for tech professionals - such as data analysts and developers - are 24 percent more competitive than the GCC average. Licensing and business setup fees were also found to be 85 percent lower than in peer states. Ali Al Mudaifa, Chief of Business Development at the Bahrain Economic Development Board, said the Kingdom is positioning itself as a 'regional leader' by providing 'a supportive environment that combines cost-efficiency, cutting-edge infrastructure, and a forward-looking regulatory framework.' '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,' he said. Momentum for Innovation Bahrain's regulatory structure - overseen by the Central Bank of Bahrain - simplifies financial operations under a single licensing system. This approach allows fintech firms to operate with flexibility and reduced administrative burden. Andrew Phillips, Partner at EY and co-leader of its QUEST unit, said Bahrain's cost profile offers a powerful incentive. 'Tech hubs are the heartbeat of modern financial services... Bahrain's cost advantages allow firms to direct financial resources toward innovation rather than basic operating expenses,' he said. The report noted that tech hubs typically employ large numbers of data analysts and software developers, whose salaries represent a major cost driver in the industry - a factor that tilts decisions in Bahrain's favour. Global Firms Bet on Bahrain Bahrain's global competitiveness has already drawn major players. Citi's Global Tech Hub has pledged to hire 1,000 Bahraini coders, while J.P. Morgan's Global Technology Centre is expected to create 200 high-quality tech jobs in the country. According to the IMD World Competitiveness Ranking, Bahrain ranks 4th globally for skilled labour and 6th for digital and technological skills - reinforcing its growing reputation as a digital finance hub. With its strategic location, future-focused regulation, and measurable cost advantages, Bahrain appears to be pulling ahead in the GCC's fintech race.
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.
