The Central Bank of Bahrain in Manama. Hamad I Mohammed/Reuters
The Central Bank of Bahrain in Manama. Hamad I Mohammed/Reuters
The Central Bank of Bahrain in Manama. Hamad I Mohammed/Reuters
The Central Bank of Bahrain in Manama. Hamad I Mohammed/Reuters

Bahrain launches major fintech hub


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The Bahrain Economic Development Board (EDB) and FinTech Consortium recently announced the launch of Bahrain FinTech Bay, among the largest dedicated financial technology (fintech) hubs in the Middle East and Africa.

“Fintech Bay is not just a space, it is a whole ecosystem that sits on top of the space,” says FinTech Bay chief executive Khalid Saad, referring to the 10,000 square foot space in Manama’s Arcapita building.

The public-private initiative aims to support the development and acceleration of Fintech firms, as well as the interaction between investors, entrepreneurs, government bodies and financial institutions.

The offices house co-working spaces, communal areas and workstations, but also offer extensive support for companies interested in the fintech sector. Services for start-ups include one-stop business setup through the EDB, as well as support for attracting customers and investment. The hub also creates a space for existing companies to learn about fintech and test out new ideas.

To date, more than two dozen corporations, including Cisco, Microsoft and Batelco, have signed on as sponsors.  “Our partners all bought into the vision that fintech touches upon everybody,” says Mr Saad.

“It is important to embrace innovation, and it is important to collectively move together.”

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While Bahrain has seen a decline in oil prices over the past few years, it has also seen growth in non-oil sectors, which expanded by 4.8 per cent in the first three quarters of 2017. “By global standards, Bahrain has a highly diversified economy,” says EDB chief economist Jarmo Kotilaine. “The oil sector comprises less than 20 per cent of GDP in real terms, financial services are at around 17 per cent, manufacturing is at around 14 per cent, and a number of other sectors are pushing towards the 10 per cent mark.”

The launch of FinTech Bayfollows on the heels of the Central Bank of Bahrain’s (CBB) fintech regulatory sandbox, established in June to allow start-ups and fintech firms to test and experiment with their banking ideas and solutions. The framework provides a virtual space for local and foreign companies to test new products and services on a limited number of customers, for a duration of nine months, with a maximum extension of three months.

“We are the only regional jurisdiction with dedicated financial technology regulations in the whole region,” says Mr Saad, arguing that Bahrain continues to be the most appealing location for fintech across the Middle East and North Africa.

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Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The specs

Engine: 2.0-litre four-cylinder turbo

Power: 178hp at 5,500rpm

Torque: 280Nm at 1,350-4,200rpm

Transmission: seven-speed dual-clutch auto

Price: from Dh209,000 

On sale: now

UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

UAE currency: the story behind the money in your pockets
'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

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