Bahrain has awarded its first golden licences to five projects with a cumulative investment of more than $1.4 billion as the Arabian Gulf’s smallest oil producer aims to attract more investment into its economy to boost growth.
The licences were granted to projects presented by Citi, Eagle Hills Diyar, Infracorp, Saudi Telecom and the Whampoa Group, the Bahrain Economic Development Board (Bahrain EDB) said.
The greenfield projects and expansions are expected to create more than 1,400 jobs in the next three years to support the kingdom’s economic recovery plan launched in 2021.
“The golden licence 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,” said Abdulla Fakhro, Bahrain’s Minister of Industry and Commerce.
“Bahrain possesses an attractive and flexible investment environment, in addition to its advanced legislative system, which contributes to making this country one of the best investment destinations globally.”
Bahrain launched the golden licence initiative in April this year. It aims to enhance the Gulf country’s competitiveness for investment and economic growth, as well as support the digital transformation of its economy.
Companies eligible to obtain the licence must create more than 500 local jobs or make an investment of more than $50 million in the kingdom while contributing to strengthening the kingdom’s overall development.
The initiative offers various benefits, including prioritising the allocation of land for investors, infrastructure services and utilities.
The companies will also have easy access to government services, including business licensing and building permit approval, as well as support from Bahrain’s Labour Fund, Tamkeen and Bahrain Development Bank, Bahrain EDB said.
Other advantages include integrated co-operation with various government departments, a designated account manager from Bahrain EDB and a potential review of existing laws or regulations where necessary and applicable.
“The golden licence is a successful public-private partnership that has created bespoke solutions for investors and start-up companies,” Bahrain EDB chief executive Khalid Humaidan said.
“It has provided them with fast-tracked approvals and several features and facilities that have enabled them to secure a global footprint from Bahrain.”
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 are the target of 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 5 per cent annual target set out by the economic reform plan.
