MANAMA, Bahrain, June 16, 2023 /PRNewswire/ -- The Kingdom of Bahrain has granted the first five Golden Licenses to projects presented by Citi, Eagle Hills Diyar W.L.L, Infracorp, Saudi Telecommunication Company (stc), and Whampoa Group. With a collective investment of upwards of USD 1.4 billion into Bahrain, the greenfield projects and expansions are expected to create more than 1,400 job opportunities within the next three years in support of the Kingdom's Economic Recovery Plan goals.
The licenses were presented at the headquarters of each company to Michel Sawaya, Bahrain CEO for Citi; Dr. Maher Al Shaer, Managing Director of Eagle Hills Diyar W.L.L.; Majed AlKhan, CEO of Infracorp; Nezar Banabeela, Chief Executive Officer (CEO) of stc Bahrain; and Shawn Chan, Group CEO of Whampoa Group. and a virtual signing event was organised for Singapore-based Whampoa Group.
The Golden License will enhance Bahrain's competitiveness for investment, and economic growth, and encourage the digital transformation of Bahrain's economy. The Golden License 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 the Kingdom while contributing to strengthening the Kingdom's overall development.
In recognition of the Golden licenses' launch, HE Abdulla Adel Fakhro, Minister of Industry and Commerce, 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."
The Minister of Industry and Commerce added, "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 Khalid Humaidan, Chief Executive at the (Bahrain EDB), 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 Chief Executive added, "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."
A number of senior officials also attended the ceremonies.
About Bahrain Economic Development Board
The Bahrain Economic Development Board (Bahrain EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.
The Bahrain EDB works with the government and both current and prospective investors, to ensure that Bahrain's investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.
The Bahrain EDB focuses on several economic sectors that capitalise on Bahrain's competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, logistics, ICT and tourism. For more information on the Bahrain EDB visit www.bahrainedb.com
