Bahrain launches gold licenses to attract major investment projects
Manama: Bahrain today announced the launch of the Golden License to provide incentives and streamline services for foreign and local businesses undertaking large-scale investment projects in Bahrain, an important step in the country’s efforts to encourage investment and boost job creation under its fiscal and economic policies Reforms, Bahrain News Agency (BNA) reported.
The move builds on Bahrain’s growing investment attractiveness, which recently recorded its highest real GDP growth rate in nearly a decade.
Companies with major investments and strategic projects that will create more than 500 jobs in Bahrain, or companies with investments worth more than $50 million, will be eligible for a license.
With the license, the company will enjoy a wide range of privileges and benefits, including priority allocation of land for investment, infrastructure services and utilities. They will also simplify access to government services – including business permits and building permit approvals, as well as support from the Bahrain Labor Fund, Tamkeen and the Bahrain Development Bank.
The license, proposed by the Bahraini Cabinet chaired by His Highness Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain, aims to attract investment from local and international companies and create jobs locally. These are the priorities of the Economic Recovery Plan, Bahrain’s blueprint for fiscal and economic reforms to be rolled out in 2021 that has been the driving force behind the country’s recent strong economic performance.
Other advantages of this license include integrated cooperation with multiple government ministries, an account manager appointed by the Bahrain Economic Development Board, and potential review of existing laws or regulations where necessary and applicable.