The Kingdom of Bahrain has granted the Golden License to five projects presented by Citi, Eagle Hills Diyar W.L.L, Infracorp, Saudi Telecommunication Company (stc), and Whampoa Group.
With a combined investment of over USD 1.4 billion into Bahrain, the projects and expansions are expected to generate more than 1,400 job opportunities within the next three years, which will support the goals of Bahrain’s Economic Recovery Plan.
The Golden Licenses were presented at the headquarters of each company to Bahrain CEO for Citi, Michel Sawaya, Managing Director of Eagle Hills Diyar W.L.L., Dr. Maher Al Shaer, CEO of Infracorp, Majed AlKhan, Chief Executive Officer of stc Bahrain, Nezar Banabeela, and Group CEO of Whampoa Group, Shawn Chan. Meanwhile, a virtual signing event was organised for Singapore-based Whampoa Group.
Commenting, Minister of Industry and Commerce, Abdulla Adel Fakhro said, “The Golden License is a pivotal step towards successfully achieving the objectives of Bahrain’s Economic Recovery Plan, which aims to attract $2.5 billion in foreign investment by the end of 2023.”
“Bahrain possesses an attractive and flexible investment environment in addition to its advanced legislative system, which contributes to making this country one of the best investment destinations globally,” he added.
Chief Executive of Bahrain’s Economic Development Board (EDB), Khalid Humaidan, said, “The Golden License is a successful public-private partnership that has created bespoke solutions for investors and start-up companies. It has provided them with fast-tracked approvals and several features and facilities that have enabled them to secure a global footprint from Bahrain.”
“The new investment projects are expected to create over 1,400 new job opportunities across Bahrain’s financial services, tourism, and ICT sectors, cementing Bahrain’s position on an international playing field,” he also said.
The Golden License aims enhance Bahrain’s competitiveness for investment, and economic growth, as well as encourage the digital transformation of the kingdom’s economy.
It 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 Bahrain, while contributing to strengthening the Kingdom’s overall development.