Bahrain: Golden licence initiative attracts $2.4bn in investments

Bahrain has reported a substantial influx of $2.4bn in investment across nine major projects.

These initiatives, set to generate 3,000 employment opportunities, have been catalysed by Bahrain’s innovative golden licence initiative introduced in April last year. The programme offers streamlined processes and priority treatment for key project milestones such as land allocation.

It underscores Bahrain’s commitment to maintaining its status as an attractive destination for impactful businesses across various industries.

A conducive place to do business

Bahrain has cemented its position as an investment hotspot, boasting a skilled, bilingual, and future-ready workforce supported by government-backed training programmes. With Bahrain’s foreign direct investment (FDI) stock relative to GDP surpassing the global average at over 81 per cent, international investors continue to place robust trust in Bahrain’s competitive value proposition, solidifying its strategic economic significance within the region.

The newly awarded large-scale projects span diverse sectors, including Bahrain Titanium, the pioneering facility of its kind in the region set to be established by Switzerland-based Interlink Metals & Chemicals, the construction of the inaugural greenfield head office of National Bank of Kuwait (NBK) outside of Kuwait, the installation of a data centre facility and regional submarine cable by Bahrain-born technology company Beyon, and the vibrant urban waterfront development, Bahrain Marina.

Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of Bahrain Economic Development Board (Bahrain EDB), said: “Bahrain’s golden licence initiative reflects our commitment to being business-friendly and fostering long-term success for companies, both local and global. These initiatives, aligned with Bahrain’s national vision, are poised to usher in new employment opportunities, innovation, and niche expertise across priority sectors.”

Abdulla bin Adel Fakhro, Minister of Industry and Commerce, emphasised Bahrain’s reputation for ease of doing business, progressive legislation, and the agility of Team Bahrain. He said: “The golden licences awarded signify a convergence of home-grown and international projects, strengthening Bahrain’s ties with key global markets and creating new prospects for companies worldwide.”

Bahrain: Robust growth figures are a key factor

Bahrain’s economic prowess is underscored by impressive growth figures, with nominal GDP surging from $9.6bn in 2002 to $44.4bn in 2022, representing an average annual growth rate of 8 per cent.

Moreover, the non-oil sector has emerged as a driving force, accounting for 83.6 per cent of real GDP in Q3 of 2023, with the financial services sector overtaking oil as the largest contributor to real GDP, standing at 18.1 per cent in the same period.