Manama, September 27 (BNA) Citi inaugurated a global technology center at its headquarters in Bahrain.
The City Technology Center, launched as part of a long-term strategic partnership with Tamkeen and the Bahrain Economic Development Board (EDB), will be one of the most progressive in the region with the goal of creating 1,000 crypto jobs over the next 10 years.
Technology centers support many global companies for Citi clients and accelerate the development of digital solutions. Citi chose Bahrain as the location for its new technology hub for several reasons, including the availability of a skilled workforce, transparent regulations and government support.
“Citi’s industry-leading global foreign exchange business will be the first to hire technology center technologists,” said Alaa Saeed, Global Head of Electronic Platforms and Distribution at Citi FX.
“Our initial focus in Bahrain will be on engineering the platforms proprietary to leading Citi company, working to enhance implementation and connectivity capabilities across FX analytics and trading systems. Over time, the technology hub in Bahrain will expand to support Citi Markets and Citi’s institutional client group more broadly, expanding capabilities Developed locally even further.”
The focus of this program is Tamkeen, the Bahraini Labor Fund, which aims as part of its efforts to create new job opportunities and raise the skills of individuals in order to enhance their competitiveness and employment in the private sector, and enhance their career development through programs that enable them to do so. Entering international markets, to become leaders in their fields.
“The pace of automation and digitization has accelerated rapidly in the past two years across the financial industry,” said Citi Bahrain CEO Michael Sawaya.
“Our new technology hub in Bahrain will allow us to rapidly expand to meet the growing global customer demand for electronic solutions. We are pleased to have the center here and to tap into Bahrain’s diverse talent pool to hire advanced technicians with a strong business background, and I am sure that the center will succeed in creating Technology that will benefit our customers globally.”
Elissar Farah Antonios, President of Citi for the Middle East and North Africa, said: “The new technology hub brings us closer to delivering a better customer experience in a highly digitized world and contributes significantly to the success of our customers. It also highlights our commitment to the Kingdom of Bahrain as a strategic hub for innovation.”
Tamkeen’s CEO, Hussain Mohammed Rajab, highlighted the importance of such programs for potential investors to realize the depth of high-quality talent available in Bahrain.
He said, “Bahrain has a proven track record that reflects the global readiness and competitiveness of its local workforce, which enhances the Kingdom’s position in attracting direct investment across all priority sectors.”
“We highly value the strategic partnership with the Economic Development Board and all stakeholders in Team Bahrain as Tamkeen aims to achieve economic growth and impact by supporting the private sector towards productivity, innovation, digitalization, internationalization and building a human capital advantage, particularly in technology and emerging skills.”
The CEO of the Bahrain Economic Development Board, Khalid Humaidan, said that Bahrain is famous for its solid foundations in the financial services sector for decades.
“The program we have agreed with Citi is an excellent example of the big steps we are taking to develop our economy and stay on the cutting edge of digital transformation,” he said.
“The opportunity this presents for us as a kingdom is where we can impact the world from Bahrain, where Bahraini talent supports Citi’s ambitions to deliver results around the world. At the EDB, we continue to go around the world in search of world-class companies like Citi To establish its operations in the Kingdom and benefit from our world-class infrastructure and talent. We are very excited to enter the next phase of our relationship with Citi and look forward to seeing it thrive in the Kingdom.”
Citi has been present in the Middle East and North Africa region for over 50 years. Its institutional capabilities in the region include corporate and investment banking, capital markets, sales and trading, transaction services, equity research, and Islamic banking. Citi’s retail banking services in the Middle East and North Africa cover the UAE and Bahrain, while maintaining close relationships with wealthy and high-income clients in the region through Citi Global Wealth.