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How Bahrain is seeking to attract investment
Perks include prioritized allocation of land, infrastructure and services, easier access to government services, and support from government development funds.
Investors and entrepreneurs, it’s time to set your eyes on Bahrain.
The country launched a Golden License initiative to attract new large-scale investment projects and accelerate job creation in the Gulf state.
According to Bahrain News Agency, companies with major investment and strategic projects that will create more than 500 jobs in Bahrain, or those with investment value exceeding $50 million, will be eligible for the license.
And if your company fits the bill, the country is offering a range of perks- open to local and foreign businesses, advantages include prioritized allocation of land, infrastructure, and services, easier access to government services (such as business licensing and building permit approval) and support from government development funds, including Bahrain’s Labor Fund, Tamkeen, and Bahrain Development Bank.
Other benefits include integrated cooperation with various government departments, a designated account manager from Bahrain’s Economic Development Board, and a potential review of existing laws or regulations when necessary and applicable.
The initiative, introduced by Bahrain’s Cabinet and chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Bahrain’s Crown Prince and Prime Minister, is part of an economic recovery plan to boost growth and job creation.
According to a study from the National Bank of Kuwait, Bahrain’s economy grew by 4.9% last year, its highest since 2013, influenced by the country’s non-oil sectors it pushed under its economic reform plan.
Launched in 2021, Bahrain’s economic reform plan aims to invest nearly $30 billion in strategic projects to nurture post-coronavirus growth, boost employment for citizens, and attract foreign investment.
In recent years, neighboring Gulf countries, especially Saudi Arabia and the UAE, have reformed their visa systems and offered new visa schemes to nurture regional talent and foreign investment opportunities.
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