Bahrain has taken a significant step towards incentivizing investments and job creation by launching a new initiative, the Golden Licence.
The Golden Licence is designed to provide streamlined services and benefits to local and foreign businesses with large-scale investment projects in Bahrain. This initiative is a testament to Bahrain’s growing investment attractiveness, as the country has recently achieved its highest real GDP growth rate in almost ten years.
Companies with significant strategic projects and investments exceeding US$50 million or those creating more than 500 jobs in Bahrain will be eligible for the Licence.
The Golden Licence offers various benefits, including prioritized land allocation for investments, infrastructure services, utilities, and streamlined access to government services like business licensing and building permit approval, as well as support from Tamkeen and Bahrain Development Bank.
This initiative was introduced by Bahrain’s Cabinet, chaired by Prince Salman bin Hamad Al Khalifa, Bahrain’s Crown Prince and Prime Minister, and aims to attract local and international investments to create job opportunities, in line with Bahrain’s Economic Recovery Plan.
Under the Licence, companies will enjoy integrated cooperation with different government departments and a designated account manager from Bahrain’s Economic Development Board. There may also be a review of existing laws and regulations where necessary and applicable.
Overall, the Golden Licence is an essential step for Bahrain’s fiscal and economic reforms to attract and incentivize investments that promote job creation and contribute to the country’s economic growth where Indians constitute the country’s largest expatriate groups with a population of 350,000.