MANAMA, Bahrain, April 4, 2023 /PRNewswire/ -- Bahrain today announced the launch of a Golden License, 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.
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 USD 50 million, will be eligible for the License.
With the License, 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 License 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 License 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.
About Bahrain Economic Development Board
The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.
The EDB works with the government and both current and prospective investors, in order to ensure that Bahrain's investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.
The EDB focuses on several economic sectors that capitalise on Bahrain's competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, technology and innovation, tourism, education, healthcare, logistics and transport.
For more information on the Bahrain EDB visit www.bahrainedb.com