Latest news with #TechnologyCentre
Fintech News ME
3 days ago
- 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
4 days ago
- 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.
Arabian Business
12-06-2025
- Business
- Arabian Business
FUJIFILM opens new Dubai office, technology centre at Expo City
FUJIFILM Middle East and Africa has opened new offices at Expo City Dubai, including a Technology Centre designed to showcase the company's offerings and provide training across multiple regions. The Japanese firm announced the move on June 11, 2025, establishing the FUJIFILM Technology Centre (FTC) to support training for employees, business partners, and end-users across the Middle East, Africa, Europe, and Asia. 'We welcome the inauguration of FUJIFILM's new offices and Technology Centre in Expo City Dubai. This new investment by Japan's top company in healthcare, imaging and printing reflects the excellent relations between Japan and the UAE as well as the strategic position of the UAE as a global hub for business. I look forward to FUJIFILM's technologies contributing to better healthcare, promotion of industries and human capacity development,' Ken Okaniwa, Ambassador of Japan to the UAE said. FUJIFILM expands with Dubai tech hub The company supplies diagnostic imaging systems to the UAE and plans to launch AI-driven screening centres called NURA in the region. FUJIFILM operates as a provider of healthcare, imaging and printing technologies. Over five years, the company has doubled its staff numbers across offices in the UAE, Saudi Arabia, Qatar, Egypt, Morocco, and South Africa. The company recorded performance gains in 2024 and expects double-digit growth this year. The Technology Centre features FUJIFILM solutions for live demonstrations, allowing visitors to test products and services. The facility will host hands-on training and lectures delivered by professionals in the UAE, Egypt, and Morocco. 'With its technologies used in vital sectors and its commitment to knowledge-sharing, FUJIFILM's choice of Expo City Dubai for its new offices and Technology Center reinforces the city's position as a hub for global businesses driving innovative solutions in the UAE and beyond. We are proud to welcome FUJIFILM to our innovation- and sustainability-focused community – an ecosystem where like-minded entities collaborate to drive meaningful progress,' Manal AlBayat, Chief Engagement Officer, Expo City Dubai added. The company signed six Memorandums of Understanding with healthcare and medical institutions in Saudi Arabia at the end of 2024. These partnerships aim to enhance healthcare solutions through digitalisation and improved efficiency. 'Our investment in the new offices and FUJIFILM Technology Center is a powerful enabler for product showcases, including a full-fledged center with hands-on training and lectures delivered by professionals in the UAE, Egypt, and Morocco. We are now also inviting imaging and printing experts to our new Dubai office space to facilitate the exchange of ideas and support the delivery of unrivaled solutions to our customers. The FUJIFILM Technology Center will be invaluable asset in the efforts to leverage our rich heritage of innovation and continue to serve as a benchmark for progress in the region,' Masataka Akiyama, President and CEO of FUJIFILM Europe said. The company plans to hire staff to support FTC operations and expand its role in knowledge sharing across the region. FUJIFILM Middle East and Africa operates as part of FUJIFILM Corporation, which has over 90 years of experience in healthcare, photography, graphics, printing, and digital imaging sectors. 'With the opening of our new offices at Dubai Expo City, FUJIFILM is starting the next exciting chapter of our success story in the Middle East. As we look to deepen our contribution to the region's prosperity and the wellbeing of its people by providing value through innovation and purpose-driven growth, our new space will be a focal point for co-creation, training, new partnerships, and the development of high-tech solutions to help enhance lives and economies,' Michio Kondo, Managing Director of FUJIFILM Middle East and Africa concluded.
