Dubai: Bahrain on Monday said it was introducing a new ‘golden licence’ offering benefits to companies bringing large-scale investment projects to the Gulf state.
The move is part of an economic recovery plan launched by the oil producing state in October 2021 to boost growth and job creation.
“Companies with major investment and strategic projects that will create more than 500 jobs in Bahrain, or those with investment value exceeding $50 million, will be eligible for the licence,” the government’s media office said.
The golden license will be offered to local and foreign businesses and benefits include prioritised allocation of land, infrastructure and services, easier access to government services and support from government development funds, the statement said.
Bahrain’s Gulf neighbours the UAE and Saudi Arabia have in the past few years been reforming their visa systems and making rafts of economic and legal reforms as regional competition for talent and investment heats up.
Bahrain has been helped by higher oil prices and real gross domestic product grew 4.9% in 2022, its fastest rate since 2013.
Non-oil GDP growth was 6.2 per cent in 2022, above the 5 per cent target the recovery plan had set for the year.