Bahrain grants golden licences to five investment projects worth over $1.4bn

Bahrain grants golden licences to five investment projects worth over $1.4bn

Bahrain has granted its first ‘golden licences’, offering incentives and streamlined services to foreign and local companies that have made large-scale investment projects into the country worth more than $1.4bn. The licences were awarded to Citi, Eagle Hills Diyar, Infracorp, Saudi Telecommunication Company (stc) and Whampoa Group. Bahrain’s Economic Development Board (EDB), the country’s investment body, said companies eligible to obtain golden licences created more than 500 local jobs or pledged investments of more than $50m in their first years in Bahrain while contributing to strengthening the country’s overall development. EDB said the greenfield projects and expansions are expected to create over 1,400 job opportunities over the next three years in support of the kingdom’s economic recovery plan. “The golden licence scheme is a pivotal step towards successfully achieving the objectives of Bahrain’s Economic Recovery Plan, which aims to attract $2.5bn in foreign investment by the end of 2023,” said Adel Fakhro, the Minister of Industry and Commerce. The golden licence scheme is expected to enhance the country’s competitiveness and boost growth while encouraging the digital transformation of the economy. “The golden license targets local and international companies by providing a set of advantages and facilities for investment projects,” the