Bahrain’s Golden Licence Attracts $2.4 Billion in Investment in First Year
Last Updated on 31 December 2024
The Kingdom of Bahrain has reported a significant milestone for its ‘Golden Licence’ initiative, which has attracted a total of $2.4 billion in investment in its first year.
This initiative, introduced in April 2023 to boost Bahrain’s post-Covid economic recovery, offers incentives and streamlined services to foreign and local businesses with large-scale investment projects in the country.
The Golden Licence aims to attract impactful businesses across various sectors and contribute to Bahrain’s sustained economic growth.
Attracting Major Projects and Creating Jobs
The Golden Licence initiative has successfully attracted nine major projects across diverse sectors, including financial services, manufacturing, ICT, and tourism.
These projects are expected to generate around 3,000 jobs, providing a significant boost to Bahrain’s employment landscape.
Eligibility and Benefits of the Golden Licence
The Golden Licence is available to companies with major investment and strategic projects that will create more than 500 jobs in Bahrain or make an investment valued at over $50 million.
Companies awarded the Golden Licence receive a range of privileges and benefits, including prioritized allocation of land for investments, infrastructure services, and utilities. They also enjoy streamlined access to government services, such as business licensing and building permit approval, along with support from Bahrain’s Tamkeen labor fund and the Bahrain Development Bank.
Additional advantages of the Golden Licence include integrated cooperation with various government departments, a designated account manager from Bahrain’s Economic Development Board (Bahrain EDB), and potential review of existing laws or regulations where necessary and applicable.
Diverse Projects and Economic Growth
The newly awarded large-scale projects span across diverse sectors, showcasing Bahrain’s commitment to economic diversification. Some notable projects include Bahrain Titanium, a subsidiary of Swiss-based Interlink Metals and Chemicals, which plans to build a $200 million titanium production facility—the first of its kind in the region.
The National Bank of Kuwait (NBK) is also constructing its first greenfield head office outside Kuwait in Bahrain. Additionally, Bahrain-based tech company Beyon is installing a data center facility and regional submarine cable, while Bahrain Marina is a new urban waterfront development aimed at strengthening the real estate and tourism sectors.
Bahrain’s Economic Development Board CEO, Noor bint Ali Alkhulaif, expressed excitement about the impact of these investments on Bahrain’s ongoing journey to economic diversification and prosperity.
The awarded projects align with Bahrain’s national vision and bring new employment opportunities, innovation, and niche expertise to various industries.
Bahrain’s Economic Progress and Diversification
Bahrain has made significant strides in economic growth and diversification. From 2002 to 2022, the country’s nominal GDP grew from $9.6 billion to $44.4 billion, surpassing the global growth rate. The non-oil sector now accounts for 83.6% of Bahrain’s real GDP, with the financial services sector overtaking oil as the largest contributor to real GDP.
The success of the Golden Licence initiative further solidifies Bahrain’s position as an attractive destination for investment and highlights its commitment to creating a favorable business environment for both local and foreign companies.
