Bahrain’s innovative Golden Licence scheme has catalyzed a staggering $2.4 billion influx of investments, marking a significant milestone in the Kingdom’s economic evolution. Introduced just last year in April, the Golden Licence has emerged as a beacon of opportunity, attracting nine major projects and paving the way for the creation of 3,000 new job opportunities nationwide.
The initiative, characterized by its white-glove treatment and first-priority allocation on crucial project milestones such as land allocation, underscores Bahrain’s unwavering commitment to fostering a conducive environment for business growth and expansion. According to the Bahrain Economic Development Board (Bahrain EDB), this initiative aims to sustain Bahrain’s momentum of economic prosperity by attracting impactful businesses across diverse sectors.
Bahrain’s steadfast focus on digital transformation and economic sector development has yielded remarkable success stories, buoyed by a highly skilled, bilingual, and future-ready workforce bolstered by government-backed training initiatives. With Bahrain’s Foreign Direct Investment (FDI) stock relative to GDP surpassing the global average rate at over 81%, the Kingdom’s strategic economic significance within the region is further reinforced, symbolizing the trust international investors place in Bahrain’s competitive value proposition.
The recently awarded large-scale projects span various sectors, including the establishment of Bahrain Titanium by Switzerland-based Interlink Metals & Chemicals, the construction of the first greenfield head office of National Bank of Kuwait (NBK) outside Kuwait, the installation of a data center facility and regional submarine cable by Bahrain-born technology company Beyon, and the vibrant urban waterfront development Bahrain Marina.
In a series of ceremonial meetings, key stakeholders including industry leaders and project heads were honored, acknowledging their pivotal role in driving Bahrain’s economic transformation forward. Minister of Sustainable Development and Bahrain EDB CEO, Noor bint Ali Alkhulaif, emphasized Bahrain’s commitment to being business-friendly, ensuring a seamless journey for investors, and acting as partners in long-term success.
Minister of Industry and Commerce, Abdulla bin Adel Fakhro, lauded Bahrain’s reputation for ease of doing business, progressive legislation, and the agility of Team Bahrain. He highlighted the Golden Licences as a testament to Bahrain’s attractiveness to both home-grown and international projects, further strengthening trade ties with key markets worldwide.
The Bahrain EDB reported substantial economic growth, with nominal GDP soaring from $9.6 billion to $44.4 billion from 2002 to 2022, surpassing the global rate. The non-oil sector’s robust performance, accounting for 83.6% of real GDP in Q3 of 2023, underscores Bahrain’s successful diversification efforts, with the financial services sector emerging as the largest contributor to real GDP.
The Golden Licence initiative stands as a testament to Bahrain’s unwavering commitment to economic diversification and prosperity, paving the way for sustained growth and development in the Kingdom and beyond.
