Bahrain grants inaugural golden licenses to five projects with a cumulative investment of upwards of USD 1.4bln

Bahrain grants inaugural golden licenses to five projects with a cumulative investment of upwards of USD 1.4bln

MANAMA, Bahrain/PRNewswire/ -- The Kingdom of Bahrain has granted the first five Golden Licenses to projects presented by Citi, Eagle Hills Diyar W.L.L, Infracorp, Saudi Telecommunication Company (stc), and Whampoa Group. With a collective investment of upwards of USD 1.4 billion into Bahrain, the greenfield projects and expansions are expected to create more than 1,400 job opportunities within the next three years in support of the Kingdom's Economic Recovery Plan goals.

The licenses were presented at the headquarters of each company to Michel Sawaya, Bahrain CEO for Citi; Dr. Maher Al Shaer, Managing Director of Eagle Hills Diyar W.L.L.; Majed AlKhan, CEO of Infracorp; Nezar Banabeela, Chief Executive Officer (CEO) of stc Bahrain; and Shawn Chan, Group CEO of Whampoa Group. and a virtual signing event was organised for Singapore-based Whampoa Group.

The Golden License will enhance Bahrain's competitiveness for investment, and economic growth, and encourage the digital transformation of Bahrain's economy. The Golden License targets local and international companies by providing a set of advantages and facilities for investment projects.

Companies eligible to obtain the Golden License must create more than 500 local jobs or make an investment of over USD 50 million in their first years in the Kingdom while contributing