Bahrain's financial services industry added more than 2,200 new jobs during 2007, raising total employment in the sector to a record 11,960 last year, according to a Central Bank of Bahrain (CBB) annual survey on employment in the financial sector.
The 2007 employment figures represented a 22.6% increase over 2006, continuing a recent trend
of double-digit growth in the financial sector workforce, which has more than doubled
since 2000 when the CBB began conducting the survey annually.
The Bahrain financial sector employment survey is conducted by the CBB's Directorate
of Financial Stability.
The survey for 2007 found that of the 2,208 new jobs created, 1,230 (or 55.7%)
went to Bahrainis, raising the number of Bahrainis employed in the financial
sector to 8,248 last year, from 7,019 in 2006.
"Bahrain's growth in financial sector employment in 2007 was the strongest
in recent years, reflecting the unprecedented economic growth taking place in
the region," observed Shaikh Salman bin Isa Al Khalifa, Director, Financial
Stability, at the CBB.
Bahrain's financial services industry has been a major beneficiary of the strong
economic activity in the country and in the region.
The industry, which at the end of 2007 comprised 400 institutions, in addition to the CBB,
BSE and BIBF, is one of the largest contributors to Bahrain's economy, accounting
for 25.5% of GDP in 2006.
The banking industry, the bedrock of Bahrain's financial sector, remained the
largest employer within the financial services industry, adding 1,470 new jobs
during 2007. This resulted in a 20.6% increase in employment in the banking
sector to 8,608, which constituted 72% of all financial sector jobs in 2007.
The insurance industry also posted a strong increase of 25.8% in employment,
with insurance firms employing a total of 1,529 people in 2007, compared with
the revised 2006 figure of 1,215.
"The 2007 employment numbers are a strong demonstration of Bahrain's continued
development as the leading international financial centre in the Middle East
region," commented Shaikh Salman.
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