The Labour Fund (Tamkeen) has released an updated Financial Services Sector Skills Report under its ‘Skills Bahrain’ initiative.
Developed with private sector, government and education partners, it aims to boost workforce skills, productivity, and sustainable economic growth in the kingdom.
Building on 2022 findings, the latest report reflects the sector’s dynamic evolution. Updated content aligns with current labour market trends and the Core Skills Framework (2024). It meticulously categorises sector activities – including banking, insurance, asset management, financial markets, and FinTech – using international standards adapted for Bahrain.
The financial services sector is key to the national economy, now exceeding oil and gas as the largest GDP contributor at 17.8 per cent. As of 2023, it employs roughly 14,362 individuals, with Bahrainis making up a strong 70pc, per the Central Bank of Bahrain’s Labour Force Survey.
The report highlights pivotal sector trends: rapid digital transformation and the rise of FinTech. It underscores a growing demand for specialised skills in cybersecurity, data analytics, and financial risk management.
Emerging roles include actuaries, data analysts, compliance officers, and credit officers. There’s also significant emphasis on Environmental, Social, and Governance (ESG) practices, with sustainability officers becoming a priority as financial institutions integrate ESG into strategies and risk management.
Amer Marhoon, managing director of Skills Bahrain, emphasised the report’s importance: “This report highlights investing in skilled national talent for a rapidly changing sector. As digital transformation accelerates, the need for advanced technical skills in cybersecurity, AI, and data analysis grows. Guiding the next generation towards emerging specialisations like ESG can further strengthen Bahrain’s position as a leading financial hub,” he added.
The report advocates for ongoing collaboration among government, financial institutions, and education providers to ensure Bahrain’s labour market has agile, future-ready talent. It serves as a vital reference for those entering or advancing in the sector and will shape Tamkeen’s future programmes, aligning them with sector priorities.
Skills Bahrain, under Tamkeen, bridges the local talent skills gap driven by global labour market changes. It collaborates with employers, educators, and government stakeholders, providing essential intelligence and data. The initiative facilitates the transition from education to employment, offering clear career paths and fostering skilled, globally competitive Bahraini talent.
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