The Kingdom of Bahrain reported on 7 March that its 'Golden Licence' initiative had attracted a total of USD2.4 billion in investment from nine major projects across diverse sectors including financial services, manufacturing, ICT and tourism. These local and international ventures were expected to generate 3,000 jobs.
The initiative, which was introduced in April 2023 to boost the Gulf state's post-Covid economic recovery, provides incentives and streamlined services to foreign and local businesses with large-scale investment projects in Bahrain. It aims to attract impactful businesses across industries to contribute to Bahrain's positive trajectory of sustained economic growth.
Eligibility for the Golden Licence applies to companies with major investment and strategic projects that will create more than 500 jobs in Bahrain, or those making an investment valued at more than USD50 million.
The Licence offers companies a wide range of privileges and benefits, including prioritised allocation of land for investments, infrastructure services and utilities. They also enjoy streamlined access to government services – including business licensing and building permit approval, as well as support from Bahrain's Tamkeen labour fund and the Bahrain Development Bank.
Further advantages include integrated cooperation with various government departments, a designated account manager from Bahrain's Economic Development Board (Bahrain EDB), as well as potential review of existing laws or regulations where necessary and applicable.
The newly awarded large-scale projects span across diverse sectors, including: Bahrain Titanium, a subsidiary of Swiss-based Interlink Metals and Chemicals which plans to build a USD200 million titanium production facility, the first of its kind in the region; the construction of the first greenfield head office of National Bank of Kuwait (NBK) outside Kuwait; the installation of a data centre facility and regional submarine cable by Bahrain-based tech company Beyon; and Bahrain Marina, a new urban waterfront development to strengthen Bahrain's real estate and tourism sectors.
"In alignment with Bahrain's national vision, the licences awarded span across priority sectors, ushering into each industry a new wave of employment opportunities, innovation and niche expertise. We are excited to witness the impact of these collective investments in contributing towards Bahrain's ongoing journey to economic diversification and prosperity," said Noor bint Ali Alkhulaif, Minister of Sustainable Development and chief executive of the Bahrain Economic Development Board.
From 2002 to 2022, Bahrain's nominal GDP grew from USD9.6 billion to USD44.4 billion, the equivalent of an average annual rate of 8%, surpassing the global rate of 5.5%. Bahrain has also diversified its economy, with the non-oil sector accounting for 83.6% of real GDP in the third quarter of 2023, when the financial services sector overtook oil as the largest contributor to real GDP with a contribution of 18.1%.
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