Bahrain has unveiled a new program called the Golden Licence, aimed at attracting large-scale investors, both local and foreign, by offering them streamlined services and incentives.
This initiative is part of the country’s ongoing efforts to encourage investments and job creation as part of its fiscal and economic reforms. The Golden Licence program will provide a host of benefits and privileges to companies that meet the eligibility criteria, which includes the creation of at least 500 jobs in the country or an investment of over $50M.
The benefits of the program include priority access to land for investment, infrastructure services, and utilities. Bahrain’s move follows its recent economic growth and increased investment attractiveness, according to Arabian Business.
They will also have streamlined access to government services, including business licencing and building permit approval, as well as support from Bahrain’s Labour Fund, Tamkeen, and Bahrain Development Bank.
Introduced by the Cabinet, which was chaired by Prince Salman bin Hamad Al Khalifa, 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 the Kingdom’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 the Economic Development Board, as well as potential review of existing laws or regulations where necessary and applicable.