Bahrain aims to attract investors and stimulate investments and job creation, as evidenced by issuing its first golden licenses, which provide incentives and streamlined services to five companies undertaking significant investment projects amounting to over $1.4 billion.
Citi, Eagle Hills Diyar W.L.L, Infracorp, Saudi Telecommunication Company, and Whampoa Group were among the recipients of the granted licenses, enabling them to enjoy benefits such as expedited approvals and other advantages.
According to a statement, the projects that qualified for the golden licenses have created over 500 local job opportunities or committed to investing more than $50 million within their initial five years in Bahrain.
The granting of the golden licenses is a component of Bahrain’s economic recovery plan, initiated in October 2021, which aims to stimulate growth and job creation within the country.
HE Abdulla Adel Fakhro, Minister of Industry and Commerce, said, “The Golden License is a pivotal step towards successfully achieving the objectives of Bahrain’s Economic Recovery Plan, which aims to attract $2.5 billion in foreign investment by the end of 2023.”
The golden license is accessible to local and foreign businesses, offering a range of advantages, including priority land allocation, streamlined infrastructure and services, simplified access to government services, and support from government development funds. Furthermore, companies would receive assistance from Bahrain’s Labour Fund, Tamkeen, and Bahrain Development Bank.
In recent years, Bahrain’s neighboring countries within the GCC, such as the UAE, Qatar, and Saudi Arabia, have been actively implementing economic and legal reforms to encourage talent creation and attract investments.
According to the Bahrain Economic Development Board, Bahrain successfully attracted a record-breaking $1.1 billion direct investment in 2022. This investment came from 88 companies and is expected to generate over 6,300 job opportunities within the country over the next three years.