As Bahrain forges ahead with its transformation into a digital economy, leading UK-based technology company Innervate has chosen the Kingdom to open its first regional office servicing the financial sector.
The move is a welcome boost for Bahrain, which sees information technology and the digital highway as a core pillar of the nation’s Vision 2030 economic diversification plans.
At the official launch event held at the British Embassy in Bahrain’s capital Manama later today, His Excellency Zayed R. Alzayani, Minister of Industry, Commerce and Tourism, and senior management from the Bahrain Economic Development Board (EDB) joined the British Ambassador, His Excellency Simon Martin, Innervate CEO Andy Startin, representatives from the Department of UK Trade & Industry, Bahrain Fintech Bay and Microsoft, together with members of the local business community welcomed the opening of Innervate Technology.
Innervate specialises in developing customer relationship management technology across different sectors, where finance is its core area of expertise. Innervate’s main clients in the region include the Saudi British Bank, Mitsubishi Bank, Aspen Insurance and Carnival Cruise. With an initial investment of almost US$ 1m, Innervate plans to recruit employees across various skill-sets ranging from system integrators, data scientists, business analysts and system architects. As a result, Innervate has become the first Microsoft Dynamics 365 Gold partner in Bahrain that mainly focuses on the financial services sector.
Bahrain EDB’s Executive Director – Business Development – ICT John Kilmartin, said: “We are delighted that Innervate has chosen Bahrain to establish a permanent office in Bahrain that will service clients across the region. This is indicative of their confidence in Bahrain’s rapidly-moving strategy to develop as a regional ICT hub and highlights Bahrain’s attractive environment where companies can experience some of the lowest costs of doing business in the Gulf.”
He adds: “Innervate’s decision follows their attendance of the Gateway Gulf investor forum held in Bahrain last year, where companies from around the world were invited to learn more about Bahrain’s attractive business incentives, helped by decades of economic policy to drive reform and diversification.”
Innervate Chief Executive Officer, Andy Startin explained: “I’m very excited about the opportunities for us in Bahrain and across the Gulf and pleased to have chosen the capital Manama as our regional headquarters. The Bahrain Economic Development Board, Fintech Bay, Microsoft and the Department of UK Trade & Industry have truly been inspirational partners to help get our venture off the ground in Bahrain. We are proud to be a part of Vision 2030 and thank the various authorities for their support.”
Innervate’s Business Development Director Arun Murria commented: “Over the past few months, Team Bahrain worked with us and gave us the confidence to decide on Bahrain. They have warmly welcomed and actively supported us in our plans across the region, and I have no doubt we will see success in bringing Innervate’s British and international financial services expertise to customers and prospective clients across the Middle East market.”
Bahrain’s liberal and advanced ICT infrastructure has consistently ranked the country at the top of the global ICT readiness index, including first in the GCC for ICT readiness by the World Economic Forum, thanks to its strong track record of reform and early deregulation. This has meant businesses like Innervate can benefit from strong connectivity and an ecosystem enabling start-ups to test, innovate and scale quickly.