Citigroup Launches Global Technology Hub in Bahrain

Citigroup launched a global technology hub at its Bahrain office on Monday. The first of its kind in the region, the hub will employ a thousand coders within the next ten years.

According to a Citi executive, the hub was jointly funded with Tamkeen, and Bahrain’s Economic Development Board (EDB). Under the plan, the New York lender will hire at least 100 people in coding-related roles each year over the next 10 years.

In a statement by Ala’a Saeed, Citi FX’s global head of electronic platforms and distribution, the new employees will commence work on two of the bank’s main platforms, Citi Velocity and Citi FX Pulse, Citi’s global foreign exchange unit. The Bahrain technology hub will eventually expand to support Citi’s markets and institutional client group.

“The pace of automation and digitalisation accelerated rapidly in the past two years across the financial industry.” said Citi Bahrain’s chief executive, Michel Sawaya. Sawaya stated that the new technology hub in Bahrain will allow Citi to scale up operations to meet increasing global client demand for electronic solutions.

Saeed said, “Selecting our two flagship systems to develop out of here in Bahrain is a huge endorsement of the talent and the calibre of people that we’ve found here.”

Why Citi Selected Bahrain for Its Global Technology Hub

Citi has operated from out of Bahrain for about 50 years. It decided on Bahrain as the center for the technology hub because of government support, transparent regulations, and a skilled workforce. This has helped the country to get acting direct investment across all priority sectors.

In 2018, the state got a $10 billion bailout fund to settle some of its accumulated debt. Since then Bahrain has marketed itself as a fintech hub for the Middle East, and North Africa. This is in a bid to revive its reputation as a regional banking and business center.

According to Tamkeen Chief Executive, Hussain Mohammed Rajab, the partnership with EDB and all stakeholders is highly valued. Tamkeen will cover a part of the salaries, and also training costs locally and abroad. Exact figures were not disclosed.

Rajab said, “Where Tamkeen aims to achieve economic growth and impact by supporting the private sector towards productivity, innovation, digitisation, internationalisation, and building the human capital advantage, especially in technology and emerging skills.”