In an important step towards encouraging investments and accelerating job creation as part of its fiscal and economic reforms, Bahrain announced the launch of a Golden License, offering incentives and streamlined services to foreign and domestic businesses with large-scale investment projects in Bahrain.
The action builds on Bahrain's rising investment appeal, which recently had its greatest real GDP growth rate in in a decade.
Businesses will be eligible for the License if they have significant investments and strategic plans that will generate more than 500 jobs in Bahrain or investments worth more than USD 50 million.
Companies will get access to a variety of advantages and benefits with the License, including priority allocation of land for investments, infrastructure services, and utilities. In addition, they will benefit from faster access to government services including Tamkeen, the Bahrain Development Bank, and the Labor Fund of Bahrain, as well as company registration and building permit approval.
The License, which was presented by Bahrain's Cabinet, which was presided over by His Royal Highness Prince Salman bin Hamad Al Khalifa, Bahrain's Crown Prince and Prime Minister, intends to draw investments from domestic and foreign businesses and generate employment in Bahrain. These are the top targets of Bahrain's Economic Recovery Plan, the 2021 introduction of which served as the catalyst for the current strong economic performance of the nation.
A dedicated account manager from Bahrain's Economic Development Board, integrated interaction with multiple government ministries, and prospective revision of current laws or regulations when appropriate and necessary are additional benefits provided by the License.