Bahrain unveils golden licence programme to draw investors and create jobs

Bahrain unveiled a golden licence initiative on Monday to attract investment and boost job creation in the Gulf country.

Companies with strategic projects that will create more than 500 jobs in Bahrain, or those with an investment value exceeding $50 million, will be eligible for the licence.

The programme will offer various incentives and streamline services to foreign and local businesses with large-scale investment projects in the Gulf nation.

“The move builds upon the growing investment attractiveness of Bahrain,” the government said.

Some of the benefits include priority in the allocation of land for investments, infrastructure services and utilities. The companies will also have easy access to government services, including business licensing and building permit approvals, as well as support from Bahrain’s labour fund Tamkeen and the Bahrain Development Bank.

Other advantages include integrated co-operation with various government departments, a designated account manager from Bahrain’s Economic Development Board, as well as a potential review of existing laws or regulations where necessary and applicable.

Bahrain’s economy grew by 4.9 per cent last year, the highest rate since 2013, underpinned by a robust performance in its non-oil sectors that were the focus of its economic reform plan.

The country’s growth was led by a 6.2 per cent jump in non-oil real gross domestic product. It was the highest rate since 2012 and more than the 5 per cent annual target set by the economic reform plan.

“Introduced by Bahrain’s Cabinet … the licence aims to attract investments from local and international companies, and create jobs locally,” the government said.

“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.”

Bahrain’s major economic reform plan launched in 2021 seeks to invest about $30 billion in strategic projects to drive post-coronavirus growth, boost employment for citizens and attract foreign direct investment.

Under the multi-year plan, the government adopted measures to rationalise costs. It also aims to create more than 20,000 jobs for citizens annually until next year and train 10,000 more through its Tamkeen programme.

The move is aimed at improving the ease of doing business in Bahrain and is expected to help the Gulf country to balance its budget by next year.