Bahrain has granted its first ‘golden licences’, offering incentives and streamlined services to foreign and local companies that have made large-scale investment projects into the country worth more than $1.4bn.
Citi, Eagle Hills Diyar, Infracorp, Saudi Telecommunication Company (stc) and Whampoa Group were recipients of the licence awards.
Bahrain’s Economic Development Board (EDB) said companies eligible to obtain golden licences created openings for over 500 local jobs or pledged investments of more than $50 million in their first years in Bahrain.
Greenfield and expansion projects will contribute over 1,400 job opportunities over the next three years.
“The golden licence scheme is a pivotal step towards successfully achieving the objectives of Bahrain’s Economic Recovery Plan, which aims to attract $2.5bn in foreign investment by the end of 2023,” said Adel Fakhro, the Minister of Industry and Commerce.
Read: Bahrain’s economic recovery plan expected to narrow budget deficit
Singapore’s Whampoa Group, an investment firm with stakes in global tech firms, announced that it would set up the headquarters of its new digital bank in Bahrain in May.
Khalid Humaidan, CEO of Bahrain EDB, said:. “New investment projects are expected to create over 1,400 new job opportunities across Bahrain’s financial services, tourism and technology sectors, cementing the country’s position on an international playing field.”
Bahrain’s economic recovery plan launched in October 2021 aims to create over 20,000 jobs annually for citizens by 2024.
The golden licence scheme provides eligible companies with many privileges and benefits, including prioritized allocation of land for investments, infrastructure and services, easier access to government services, support and development funds, and integrated cooperation with various government departments.
Bahrain was bailed out by Saudi and the UAE in 2018 with an aid package of $10 billion tied to reforms aimed at attaining fiscal balance by 2024.
Higher oil prices and real gross domestic product growth of 4.9 percent in 2022 provided needed financial support for the country. Its non-oil GDP growth was 6.2 percent in 2022, above the 5 percent target the recovery plan had set for the year.
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