Bahrain unveils $2.4bn in investment and 3,000 jobs thanks to Golden License
Following the announcement of the Golden License initiative last year, Bahrain has announced an infusion of $2.4 billion from nine projects across the island nation.
More than 3,000 new jobs are expected to be created in the nation as a result of these recently launched projects. The nine initiatives represent a diversification plan meant to promote economic growth, spanning across a number of industries, including financial services, manufacturing, ICT, and tourism. The Golden Licence Programme was introduced in April 2023 with the aim of promoting economic expansion and diversification.
Businesses are eligible for special benefits under the Golden Licence concept, including priority access to important project milestones like land allocation and preferential treatment. With the help of government-sponsored training programmes, Bahrain has been aggressively pursuing digital transformation and the growth of its economic sectors, with a key component being the country's highly qualified and future-ready workforce.
The nation has a foreign direct investment (FDI) stock that is over 81 percent of GDP, which is significantly higher than the global average. Bahrain's superior value proposition has garnered the trust of international investors, thereby underscoring the country's economic relevance in the region.
Among the significant projects recently awarded is Bahrain Titanium, founded by Switzerland-based Interlink Metals & Chemicals and set to be the region's first of its kind. Other projects include the construction of the National Bank of Kuwait's (NBK) inaugural greenfield head office outside Kuwait, a data centre facility and regional submarine cable installation by Bahrain-based technology company Beyon, and the urban waterfront development Bahrain Marina, all of which are expected to contribute to Bahrain's economic growth.
The Minister of Sustainable Development and CEO of the Bahrain Economic Development Board (Bahrain EDB), Noor bint Ali Alkhulaif, emphasised the importance of the Golden Licence initiative in creating a favourable business environment and long-term prosperity. She went on to emphasise Bahrain's reputation as a trustworthy location for both domestic and international businesses.
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, underscoring the significance of the Golden Licence awards in attracting both domestic and international projects and solidifying trade ties with key global markets.
Over the past two decades, Bahrain has witnessed substantial economic growth, with its GDP soaring from $9.6 billion in 2002 to $44.4 billion in 2022. The non-oil sector, particularly the financial services sector, has emerged as a key driver of this growth, surpassing oil as the largest contributor to real GDP.
