Golden license will be given to local and foreign companies. Local media.
Manama: The Gulf country of Bahrain has introduced a golden license for investors. According to Gulf Business, Bahrain has said it is introducing a new golden license for companies bringing major investment projects to the country. These include easy access to land, infrastructure and government services and support from government development funds.
In this regard, the media office of the government has said that companies with major investments and strategic projects that will create more than 500 jobs in Bahrain or whose investment value is more than 50 million dollars, will be eligible for the license. Bahrain’s move is part of an economic recovery plan launched in October 2021 to boost growth and job creation, while Bahrain’s major Gulf neighbors, the United Arab Emirates and Saudi Arabia, have also attracted talent over the past few years. and reforming its visa system and laws for foreign investment.
Bahrain is said to have been one of the most indebted states in the Gulf and was bailed out by wealthy neighbors in 2018 with a $10 billion aid package aimed at achieving fiscal balance by 2024. Bahrain’s economy is fueled by oil. Aided by high oil prices, real gross domestic product grew by 4.9 percent in 2022, the highest rate since 2013. Excluding oil revenues, GDP growth in 2022 was 6.2 percent, reflecting the recovery. was more than the 5 percent target set by the plan.