Bahrain launched a 'Golden Licence' initiative on Monday to attract new investment projects and boost job creation in the country.
Companies with strategic projects that will create more than 500 jobs in Bahrain, or those with an investment value exceeding $50 million, will be eligible for the licence, a government statement on Monday said.
The new scheme will offer various incentives and streamline services to foreign and local businesses with large-scale investment projects in the Gulf nation.
“The move builds upon the growing investment attractiveness of Bahrain,” the statement said.
It will offer various benefits, including prioritised allocation of land for investments, infrastructure services and utilities.
The companies will also have easy access to government services, including business licencing and building permit approval, as well as support from Bahrain’s Labour Fund, Tamkeen and Bahrain Development Bank, the statement added.
Other advantages include integrated co-operation with various government departments, a designated account manager from Bahrain’s EDB, as well as potential review of existing laws or regulations where necessary and applicable.
Bahrain's economy grew by 4.9 per cent last year, the highest rate since 2013, underpinned by a robust performance in the country's non-oil sectors that were targeted under its economic reform plan.
The country’s growth was led by a 6.2 per cent jump in non-oil real gross domestic product.
It was the highest rate since 2012 and more than the five per cent annual target set by the economic reform plan.
“Introduced by Bahrain’s Cabinet … the licence aims to attract investments from local and international companies, and create jobs locally,” the statement said.
“These are priorities of the Economic Recovery Plan, the blueprint of Bahrain’s fiscal and economic reforms introduced in 2021 that has been the driving force of the country’s recent robust economic performance.”
Bahrain's major economic reform plan launched in 2021 seeks to invest about $30 billion in strategic projects to drive post-coronavirus growth, boost employment for citizens and attract foreign direct investment.
As per the multiyear plan, the government adopted cost rationalisation measures and aims to create more than 20,000 jobs for citizens annually until 2024 and train 10,000 more through its Tamkeen programme.
The move is aimed at improving the ease of doing business in Bahrain and expected to help the country balance its budget by 2024.
Bahrain's golden licence comes as other GCC countries, including the UAE and Saudi Arabia, have also announced several labour reform programmes as well new initiatives to boost foreign investment.
Last year, the UAE government announced its biggest labour law shake-up in years, allowing for more flexible working for employees and less red tape for businesses.
It lifted the three-year cap on the duration of private sector fixed-term contracts and introduced provisions to make it easier for companies to hire people for part-time work.
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