MANAMA: Bahrain today announced the launch of a Golden Licence, providing incentives and streamlined services to foreign and local businesses with large-scale investment projects in Bahrain, in an important step in the country's pursuit to incentivise investments and boost job creation under its fiscal and economic reforms, Bahrain News Agency (BNA) reported.
The move builds upon the growing investment attractiveness of Bahrain, which has recently recorded its highest Real GDP growth rate in almost a decade.
Companies with major investment and strategic projects that will create more than 500 jobs in Bahrain, or those with investment value exceeding US$ 50 million, will be eligible for the Licence.
With the Licence, companies will enjoy a wide range of privileges and benefits, including prioritised allocation of land for investments, infrastructure services and utilities. They will also have streamlined 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.
Introduced by Bahrain's Cabinet, which was chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Bahrain's Crown Prince and Prime Minister, the Licence aims to attract investments from local and international companies, and create jobs locally. 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.
Further advantages under the Licence include integrated cooperation with various government departments, a designated account manager from Bahrain's Economic Development Board, as well as potential review of existing laws or regulations where necessary and applicable.