By Yousef Saba

DUBAI (Reuters) – Citi launched on Monday a global technology hub at its Bahrain offices, the first of its kind in the region and with the aim of employing 1,000 coders over the next decade.

Citi executives said that the hub was established in partnership with Tamkeen (a government-funded labour fund) and Bahrain’s Economic Development Board.

Citi intends to employ at least 100 people each year in programming-related positions over the next ten years, according to the plan.

Ala’a Saeed is Citi FX’s global head for electronic platforms and distribution. The initial hires will work on Citi Velocity (Citi FX Policy), one of Citi’s major platforms.

His statement was a big endorsement of Bahrain’s talent and quality of its people.

Tamkeen chief executive Hussain Mohammed Rajab said that Tamkeen would cover some of the training expenses and subsidise part of the salaries.

Citi Bahrain is a country that Citi has been operating for over 50 years. In an effort to boost its status as a regional bank and business center, Tamkeen has tried to position itself as a financial hub in the Middle East, North Africa, and North Africa.

In 2018, some Gulf allies provided a $10 million bailout to the state that is heavily indebted and does not possess the gas or oil resources of their Gulf neighbor. This was done in order to prevent a credit crunch.